Shui On Land Limited is an investment holding company. The Company and its subsidiaries are engaged in property development and provision of management services. The Company operates under two segments: property development and property investment. Property development includes development and sale of properties. Property investment includes property letting, management and operations of serviced apartments. As of year ended December 31, 2010, the Company had nine projects. They are located in Shanghai, Hangzhou, Chongqing, Wuhan, Dalian and Foshan. As of December 31, 2010, the Company had 511,000 square meters of completed properties on hand, of which 483,000 square meters were commerical properties and 28,000 square meters were residential. On March 5, 2010, Top Victory Development Limited (Top Victory), a wholly owned subsidiary of the Company, acquired the land located in Wujiaochang, Yangpu District, Shanghai, the People鈥檚 Republic of China.