August 2011, Beijing Ruijin Yangguang Investment Limited Company (Ruijin Yangguang), a subsidiary of Yangguang Limited Company, invested and incorporated Tianjin Xiqing Yangliuqing Forest & Green Field Construction Limited Company with its business partners, and obtained the state-owned land use right in the Yangliuqing Project at the cost of RMB 1.11241 billion.  The Yangliuqing Project is located in Tianjin Xiqing District and the gross investment in it is expected to reach RMB 1.8 billion.

Jingtian & Gongcheng acted for Ruijin Yangguang as legal counsel in the transaction.