Tunnel Corporation: Subsidiary invests in a land project in Putuo District, Shanghai.

Tunnel Corporation announced on the evening of September 9th that its wholly-owned subsidiary, Shanghai Ruiteng International Real Estate Co., Ltd., and its related party, Shanghai Urban Construction Real Estate Development Co., Ltd., recently jointly won the state-owned land use rights of Unit A03B-04 and A03B-05 in W060401 of Putuo District, Shanghai. Ruiteng Real Estate will jointly establish Shanghai Ruizhen Huicheng Real Estate Co., Ltd. with Urban Construction Real Estate as a project company to develop the Putuo project. Ruizhen Huicheng's registered capital is 2.5 billion yuan, with Ruiteng Real Estate contributing 1.225 billion yuan, holding 49% of the shares, and Urban Construction Real Estate contributing 1.275 billion yuan, holding 51% of the shares. The total investment of the Putuo project is 7.14 billion yuan, with Ruiteng Real Estate contributing 3.78 billion yuan, holding 49% of the shares, and Urban Construction Real Estate contributing 3.934 billion yuan, holding 51% of the shares. Both the company and the Urban Construction Real Estate are controlled by Shanghai Urban Construction Limited Company, making this transaction a related party transaction.