Hua Yuan Property Co.,Ltd. is principally engaged in the development and operation of real estate. The Company mainly operates its businesses in Northwest China and North China. During the year ended December 31, 2010, the Company finished Chevalier project, Kunlun apartment project and the first phase of a Xi'an-based project, as well as had the second and third phase of a Xi'an-based project, one Qingdao-based project, one Beijing-based project and one Changsha-based project under construction. As of December 31, 2010, the Company had 13 major subsidiaries and two associates, mainly involved in real estate development and distribution, as well as primary land development business, among others.