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Property Development and Investment
Facing the difficult business environment and challenges under segment of Information Technology, the
Group realised the risks of relying on a single market and has been proactively exploring to develop a new
business to mitigate this risk. During the year, the Group had invested considerable resources in developing
a piece of commercial land in Laoshan District, Qingdao City which was obtained through the acquisition
of 100% interest in 青島中天軟件園有限公司 (Qingdao Zhongtian Software Park Company Limited)
(“Zhongtian Software”) at the end of 2006. The Group intended to utilize part of the land for the development
of its R&D centre and the remaining for long term property investment or for sale. Through the development
of the abovementioned land, the Group aims to start a new line of business to reduce the risks derived
from its heavy reliance on a single market and diversify its business. During the reporting year, there was
still no contribution to the Group’s turnover and result from this project as it was still at the construction
stage.