PROFIT ATTRIBUTABLE TO EQUITY HOLDERS ROSE BY 120.2% PER ANNUM

14.6 % HIGHER THAN IPO FORECAST

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A SOLID BUSINESS FOUNDATION IS BEING GRADUALLY LAID

Financial Summary (audited) (As the Year Ended December 31)

(Hong Kong News, April 21, 2010) China’s leading shopping mall developer Mingfa Group (International) Limited (“Mingfa” or "the Group", SEHK Code: 0846) announced its annual achievement as of December 31, 2009.

During the year under review, despite the global recession, the Group still recorded significant revenues and profits. The average cost of sales declined per annum by 25.3% to RMB 3,002.8 per square meter. The profit attributable to equity holders rose per annum by 120.2% to RMB 987.5 million, 14.5% higher than the profit forecast of RMB 861.5 million stated in the prospectus issued in November 2009 by the Group. Basic earnings per share were RMB 18.9 cents, up 114.8% as compared with that of 2008. Board of Directors recommended paying final dividend per share of HK 5 cents as of December 31, 2009.

President of Mingfa Group Mr. Huang Huanming said:" the year 2009 was a milestone in the process of Mingfa’s development. The Group was listed on the Main Board of SEHK on November 13, 2009. From then on, the Group has gone for the international capital markets. This achievement not only enhances the Group’s business governance, but also increases Mingfa’s brand awareness in China's real estate market. The Group began to develop its businesses starting from 1994 in Xiamen, and later in 2002 expanded the businesses to the country’s fastest-growing area – pan-Yangtze River Delta region, and we will further enhance the investments in this region over the next several years. In addition, we will develop real estate projects in 2010 in those areas with high economic growth such as Tianjin and Shenyang. In the first quarter of 2010, we have carried forward our growth strategies, successfully purchasing three pieces of lands with total building area of approximately 154,000 square meters, 221,000 square meters and 237,500 square meters respectively in Huai’an, Yangzhou and Xiamen.

In 2009, the total building area the Group sold and delivered to the customers was 692,271 square meters, an increase of 225.7% over the same period last year, the main causes for which was the launching of a large amount of completed residential units in Nanjing Mingfa Binjiang New Town with total building area of 653,854 square meters, resulting in soaring of home sales.

Total sales revenue from residential property accounted for 76.4% of the total sales revenue of property development business, becoming the Group’s main revenue source in 2009; while total sales revenue from commercial complex accounted for 23.6%. The average price per square meter in 2009 was RMB 5,150, dropped by 44.0% compared with 2008, mainly due to increase in the percentage of sales of housing, while the average selling price of which is generally lower than that of the commercial property.

During the year under review, the total building area the Group pre-sold was 316,694 square meters. The following is a breakdown of the Group’s pre-sales properties:

As at December 31, 2009, the total building area reserved by the Group reached 6,539,235 square meters, of which the total building area of the completed properties was 520,887 square meters, the total building area of the properties under development was 2,147,122 square meters, the total building area of the properties held for future development was 3,871,226 square meters. Distributed by region, the total building area the Group held in Jiangsu Province was 4,403,512 square meters, accounting for 67.28% of the Group's total land reserves in 2009; the total building area the Group held in Fujian Province and Anhui Province was 1,557,113 square meters and 578,610 square meters, accounting for 23.85% and 8.87% respectively of the Group’s total land reserves in 2009.

As at December 21, 2009, the total building area of properties the Group held for investment purpose was 302,431 square meters, of which the total building area in Xiamen and Nanjing reached 72.2% and 27.8% respectively.

In the future, the Group will continue to grasp the business opportunities brought by China’s rapid economic development. To this end, the Group has already singed seven letters of intent with several local governments on a number of projects. The related projects are located in Nanjiang City of Jiangsu Province, Tianjin City, and Shenyang City of Liaoning Province respectively, with the estimated total building area of 7,430,962 square meters.

Mr. Huang concluded: “we estimate that over the next several years, China’s rapid economic development and acceleration of urbanization will enable the heating property market to recover its steady growth. The Group will maintain a prudent investment and development strategy, focusing on the development of the pan-Yangtze River Delta and some provinces and cities with greater growth potential for economic and property value. The Group has already laid solid foundation with its leading market position, as well as high brand awareness in Fujian and Jiangsu Provinces, so we are ready to take full advantages of the rapidly growing and increasingly huge market demands of China’s second-tier and third-tier cities. With our position as listed on the Main Board of the SEHK, together with our excellent team of rich experience and expertise, we are confident that we can continue to expand the Group’s business and enhance profitability, and also make provision of the best return for our shareholders as our long-term goal.”

About Mingfa Group (International) Limited

Mingfa Group (International) Limited (“Mingfa") is China’s leading developer of large shopping mall and holds leading market position and brand reputation in Fujian and Jiangsu Provinces. The Group has diversified its businesses, including commercial complexes, residential properties, industrial complexes and hotels. Since its foundation in 1994, the Group has successfully expanded its real estate business over the past 15 years, up to now, it has already developed 34 property projects under different development stages in 12 cities of three provinces, totaling about 6.54 million square meters of land reserves, the total building area of properties held for investment purpose was 300,000 square meters. In addition, the Group has already signed seven framework agreements with relevant government authorities, with total building area of related projects of 7.43 million square meters. The Group will continue to dedicate to developing large shopping malls and integrated residential properties in China’s prosperous second-tier and third-tier cities through the growth strategy of focusing on developing selected areas.