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1 Press Release For Immediate Release FRANSHION PROPERTIES (CHINA) LIMITED Announces 2008 Interim Results Revenue Surged by 797% to HK$870.3 million Profit Attributable to Equity Holders Grew by a Substantial 682% to HK$937 million Further Consolidates Property Development, Property Operations and Hotel Operations Consolidates the Leading Position in High-End Commercial Property Market Financial Highlights For the six months ended 30 June 2008 (Unaudited) HK$ Million For the six months ended 30 June 2007 (Unaudited) HK$ Million Change % Revenue % Gross Profit % Profit attributable to equity holders % Profit attributable to equity holders (Excluded fair value gains on investment properties, net of deferred tax) % Earnings per share - basic (HK cents) (HK cents) 16%

2 (Hong Kong, 8 September 2008) Franshion Properties (China) Limited ( Franshion Properties or the Company, Stock Code: 00817) today announced its unaudited interim results for the six months ended 30 June During the period, the total revenue of Franshion Properties surged by 797% to HK$870.3 million. This was mainly due to the increased sale of properties. Profit attributable to equity holders amounted to HK$937 million, representing a substantial increase of 682% over the same period of last year. Basic earnings per share were HK19.06 cents, representing an increase of 16% from last year s HK$16.49 cents. The Board of Directors did not recommend the payment of an interim dividend for the six months ended 30 June 2008 (1H2007: Nil). Property sales, property operations and hotel operations were the Company's three sources of income during the interim period. They accounted for 69%, 24% and 7% of the Company s total revenue to HK$603.9 million, HK$208.8 million and HK$57.6 million respectively. The gross profit margin reached 68%, which was increased from the corresponding period of last year. Most of the increase in property sales was attributable to the sale of part of the East Tower of the Beijing Chemsunny World Trade Centre. Besides, thanks to the growth of leasing business of the Beijing Chemsunny World Trade Centre, revenue from property operations was increased by 370% compared to the same period of the previous year. In addition, income from hotel operations rose by 10% over the corresponding period of last year. Mr. Pan Zhengyi, Chairman of Franshion Properties, said, The three major operations of Franshion Properties have experienced rapid and smooth development for the first half of Despite short-term difficulties faced by enterprises due to macro-economic adjustment of the mainland s property market, we still recorded satisfactory growth in property development, property operations and hotel operations. They provided the Company with a stable source of revenue and sound foundation, whilst highlighting the strong foothold of Franshion Properties in the high-end commercial property market. Property Development The roofs of the six riverfront office buildings of Site B of the Shanghai Gaoyang International Passenger Transport Centre Project had been capped, whilst work on other buildings were progressing smoothly. In addition, the Company has acquired land use right of the Central Site of Huishan Dock Project, which is located in the North Bund of Shanghai Hongkou District. The Company planned to consolidate the development of the Eastern, Western and Central Sites of the project. Encouraging results were reported for the sales of the Beijing Chemsunny World Trade Centre during the interim period. The pre-sale of the residential project Zhuhai Every Garden Project also received good market response.

3 Franshion now owns the land use rights of the Eastern and Central sites of the Huishan Dock Project, which occupy a total area of 54,249 square metres. Meanwhile, pursuant to the non-competition undertaking, Sinochem Corporation, the parent company of Franshion Properties, granted the Company an option to acquire its 50% interests in Shanghai Yin Hui. Upon the completion of acquisition of the interests in Shanghai Yin Hui, Franshion Properties will obtain the land use right of the Western Site of the Project, which covers an area of 43,172 square metres. The Project, which is adjacent to the west wing of Shanghai Gaoyang International Passenger Transport Centre, will be used for offices, commercial purposes, convention centres, hotels and serviced apartments, along with the facilities of a yacht harbour. The Company is optimizing various comprehensive design proposals of the Project. It is expected to comprise a gross floor area of 584,000 square metres upon completion. Construction units are clearing up of the Eastern site of the Project. As at 30 June 2008, an accumulative floor area of 36,917 square metres out of the saleable area totaled 44,939 square metres in the East Tower of the Beijing Chemsunny World Trade Centre were sold. A total of 59 parking spaces were also sold during the period. About 12,436 square metres of floor area were sold for the first half of On the other hand, Company will hold the Central and West Towers as longterm investment for rental purposes, both towers offer some 102,739 square metres for rent. Zhuhai Every Garden Residential Project is expected to be completed for occupation by the second half of By June 2008, the Company has altogether pre-sold 574 units with approximately 79,574 square metres or corresponding to 77% of the total saleable area. Moreover, Phase 2 of the Project has been launched for sale with a total of 110 units were offered for sale for the first half of units were pre-sold, representing 62% of the units launched for pre-sale in Phase 2. Property Leasing and Property Services During the period, the Company had efficiently split and consolidated its property leasing and services businesses provided by its subsidiary companies, enhanced their professionalism and achieved optimization of resources allocation. As at 30 June 2008, the Company held a book value of about HK$6,156.1 billion regarding its investment properties which were mainly composed of the Beijing Chemsunny World Trade Centre and the Sinochem Tower. During the interim period, the occupancy rate of the Beijing Chemsunny World Trade Centre surged, whereas that of Sinochem Tower was still maintained at a relatively high level. As at 30 June, 2008, the occupancy rates of the Central and West Towers of the Beijing Chemsunny World Trade Centre and the Sinochem Tower were 94.2% and 95.1% respectively.

4 Besides, the Company at present is providing property management services for no less than 6 properties with a total gross floor area of over 1.1 million square metres, including the Sinochem Tower and the Beijing Chemsunny World Trade Centre. During the period, the business of property services reported steady performance. Meanwhile, the uniform integrated operation for the real estate developing chain value of the Company was further intensified through consolidation. Such a move proves to be essential to lift the brand advantage of Franshion Properties and its asset value. Mr. Pan opined: In spite of the changes of the business environment of the mainland property market, the fact that there are new powers arising in the commercial property sector, particularly in high-end commercial projects, reflects a promising future for the market. Demand for offices, in particular those high-end, is still robust and the rent is still on an upward trend. We think that as developments worthy of acquisition in the first-tier commercial areas become scarce, there is still much room for growth in highend office prices. Hotel Operations Wangfujing Grand Hotel, operated by Franshion Properties, is located at the north of Wangfujing Street, which is the main commercial and shopping area in Beijing. It is also within walking distance of the Forbidden City, Tiananmen Square and Beihai Park. The Hotel provides 405 guestrooms along with several conference rooms, dining halls, restaurants and other facilities. During the interim period, progressively riding on the opportunities offered by the NPC and CPPCC meetings and the 2008 Beijing Olympics, the occupancy rate and rental income of Wangfujing Grand Hotel were boosted. As at 30 June, 2008, average occupancy rate of the Hotel was 70.1%. Acquisition of Options The resolution for 100% acquisition of Jin Mao Group was passed in the Extraordinary General Meeting held in July Jin Mao Group owns the Jinmao Tower, Hilton Sanya Resort & Spa, the Ritz-Carlton, Sanya, the Westin Beijing, Chaoyang, JW Marriott Shenzhen, the Jin Mao Li Jiang Projects and other businesses. In April this year, the Independent Board Committee of Franshion Properties unanimously resolved a resolution to exercise the option to acquire the equity interest of Shanghai Yin Hui held by Sinochem Corporation. The Company was undergoing negotiations with Sinochem Corporation to complete the acquisition as soon as possible.

5 Mr. Pan added, Looking ahead, we are confident about the prospects of the PRC commercial property market and the Company s future development. We will complete the acquisition of equity interests in Jin Mao Group and Shanghai Yin Hui, and to increase our land bank in cities like Beijing, Tianjin, Shanghai and Zhuhai. We are also going to further increase the ratio of hotel operations and investment properties, to achieve a more stable revenue source. We believe that the overall competitiveness of the Company will be greatly enhanced upon completion of the acquisition of Jin Mao Group. Franshion Properties will adhere to our strategy of developing and holding quality commercial properties in first-tier cities and prime locations to strengthen our leading position in the PRC high-end commercial property market as well as to generate greater value and returns for our shareholders. Mr. Pan concluded. - End - Note: Franshion Properties (China) Limited Franshion Properties is the flagship real estate development company of Sinochem Corporation. The Company was listed on the Main Board of the Stock Exchange of Hong Kong on 17 August Franshion Properties is developing or has successfully completed high quality property projects with an emphasis on commercial real estate, in Beijing, Shanghai and Zhuhai. The Company has completed and is developing a number of projects including Shanghai Fortune Plaza, partial development of the Shanghai Zhangyang Riverside Garden, Beijing Chemsunny World Trade Centre, Shanghai Gaoyang International Passenger Transport Centre and Zhuhai Every Garden. Franshion Properties is a constituent of Hang Seng Composite Index Series (including Hang Seng Composite Index, Hang Seng China-Affiliated Corporations Index, Hang Seng Mainland Composite Index, Hang Seng Composite Industry Index - Properties & Construction) and a constituent of Hang Seng Freefloat Index Series (including Hang Seng Freefloat Composite Index, Hang Seng Mainland Freefloat Index). Investor Enquiries: Mr. Hon Fung Christensen Tel: (852) / Fax: (852) Ms. Karin Chan Christensen Tel: (852) / Fax: (852)

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