Shenzhen Investment Limited accepted a facility letter relating to a term loan facility of HKD 300,000,000 offered by a bank as lender. The term of the Facility is 3 years. Pursuant to the Facility Letter, it will be an event of default if (i) Shum Yip Holdings Company Limited ceases to own beneficially at least 35% of the issued share capital of the Company, ceases to be the single large shareholder of the Company or ceases to have control over the Board; or (ii) Shum Yip ceases to remain directly or indirectly beneficially owned as to at least 51% by the Shenzhen Municipal People's Government of the People's Republic of China.

If the above event of default occurs all outstanding advances and all interest and all other sums payable under the Facility Letter shall be immediately due and payable.