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| Chongqing Tourism Development Fund |
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| In May 2011, Aktis Chongqing signed a strategic cooperation agreement with the Chongqing Tourism Bureau (¡§CTB¡¨) and the Chongqing Financial Affairs Office (¡§CQFAO¡¨) to establish an onshore RMB 5 billion Chongqing Tourism Development Fund (¡§CTDF¡¨). The benefits of this fund include government endorsement in terms of passive co-investment from the government and access to the very best tourist-related projects that are currently held by the local government. We view the CTDF as yet another confirmation of the strength of our onshore platform and relationship with the Chongqing government, and anticipate that legal documentation for the CTDF will be completed in July 2011. |
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