Sanya Hai Tang Bay — Land Parcel 9 is located at Site No. 9, Hai Tang Bay, Sanya city, Hainan Province. This development comprises 189 luxurious villas for sale and a 5-star hotel. This site occupies a combined site area of 193,772 sqm and has a combined GFA of 102,659 sqm and a combined total saleable GFA of 102,014 sqm. We commenced construction of this development in December 2014 and completed construction of the entire development in June 2018. The 5-star hotel know as Crowne Plaza Sanya Haitang Bay Resort with a GFA of 79,264 sqm is held as fixed asset to generate hotel operation income.