The Company and its subsidiaries (The "Group") announced the annual results for the year ended 31 December 2008, the audited loss was HK$33,956,826 (2007: the profit of HK$35,414,291). The net asset value per share of the Group was HKD0.274 (2007: HKD0.343).
The Group experienced profits in 2006 and 2007 from the investment in China Property Development (Holdings) Limited, ("CPDH"). CPDH completed the sale of Beijing Richmond Park Project in December 2007 and distributed dividend to shareholders in 2008, inclusive dividend declared in previous year. In 2008, the Hong Kong stock market slipped in the global downturn. The loss of the Group was mainly recognized from the investment in securities in Hong Kong stock market.