USI entered into a joint venture agreement with Hongkong Land Group in October 2007 to capture opportunities in comprehensive development with a strong residential focus in China.

USI holds 40% interest in the joint venture and Hongkong Land holds the remaining 60%. The JV holds 50.51% interest in the project, which is a site of 2 million sq ft in Shen Bei New District, with potential to expand the size of the development. The site is planned for high-rise residential development with a retail component.

The JV will be managed by a team of professionals appointed by the partners with significant expertise in investing and managing real estate developments in China. It will focus on comprehensive property development in first tier cities and fast-growing second tier cities, particularly those in the Pan Bohai Rim Region, the Yangtze River Delta and South Western China. The JV may acquire land for development or existing buildings for renovation and sale. It will also cooperate with local partners.