COMPANY DESCRIPTION
Shanghai Jingrui Properties Co., Ltd. (Jingrui) builds and sells homes to middle-income and upper-middle income consumers and is one of the leading homebuilders in the Yangtze River Delta region. Jingrui has differentiated itself by developing high-quality, affordable homes located on the outskirts of major metropolitan areas and in third-tier cities of solid economic fundamentals. Currently, the Company has operations in nine cities: Shanghai, Chongqing, Tianjin, Changzhou, Nantong, Taicang, Taizhou, Huzhou and Zhoushan.

MARKET OVERVIEW
The massive urbanization and growth of the middle class in China have resulted in significant demand for housing, including in China’s third-tier cities with populations of more than one million people. Greater affordability, rising income levels, availability of consumer credit and strong demand for home ownership have resulted in considerable residential growth in Jingrui’s target markets. In addition, significant barriers such as capital constraints and complicated land acquisition and entitlement have historically limited new competition and adequate supply.