update, page-9

Good homework guys.

Does anyone have an idea what has happened to Chinese industrial prices over the last 11 years or so since the Carsan Shunde property was built.

The Hong Kong property was in the books at $2.72m and was sold for an amazing $11.78m. I don't think it is unreasonable to expect that Chinese properties have gone up more in value over that period than Hong Kong properties.

The Carsan Shunde property seems to be in the books at around $6m to $7m and I wouldn't mind betting that it is worth considerably more than the whole company market cap of $16.3m. Won't it be nice if it gets valued at four and a half times the book value as the Hong Kong property came out for sale. Already the net tangible assets for the company are around 43 to 44c a share. The latest accounts do not show the profit from the Hong Kong sale in the balance sheet as the money was not received until after the close of the six month report.

If anyone has any access to Chinese industrial property figures it would be good to hear about them. I have looked around but not got anywhere.

After all these positive comments I should just say that the company does seem to be having trouble making a quid lately from its chinese manufacturing. The full year result will not be particularly good and will be announced before the end of May. It will be interesting to hear how the new developments in the US have gone.

GPASAS