PegBio Co., Ltd. — Capital/Financing Update 2007

Dec 3, 2007

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss however arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [43 x 39] intentionally omitted <==

XIN CORPORATION LIMITED **新 創 綜 合 企 業 有 限 公 司 ***

(Incorporated in Bermuda with limited liability)

(Stock Code: 1141)

EXTENSION OF LONG STOP DATE IN RELATION TO FORMATION OF A JOINT VENTURE COMPANY

The Board announces that the Long Stop Date in relation to the formation of the JV has been extended for 90 days from 4 December 2007 to 3 March 2008.

Reference is made to the announcement of the Company dated 13 September 2007 and the circular of the Company dated 4 October 2007 (the “Circular”) in relation to, among other things, the formation of the JV which will be principally engaged in setting up and operating budget hotels under the brand name of “ 金獅 100 超市化賓館 ” (“Gold-lions 100 Supermarket Style Budget Hotel”) in the PRC. Unless the context otherwise requires, terms used herein have the same meanings as defined in the Circular.

The formation of the JV is subject to and conditional upon, among other things, the Group being satisfied with the results of its due diligence work in connection with the formation of the JV, including the preparation of the corporate documents of the JV, on or before 90 days from the date of the JV Agreement (the “Long Stop Date”), which falls on 4 December 2007.

On 3 December 2007, the Subsidiary and the JV Partners entered into a supplemental agreement to extend the Long Stop Date for 90 days from 4 December 2007 to 3 March 2008. All other terms of the JV Agreement shall remain unchanged.

On behalf of the Board Lo Ming Chi, Charles Deputy Chairman and Chief Executive Officer

Hong Kong, 3 December 2007

• 1 -

At the date of this announcement, the board of directors of the Company comprises Mr. Suen Cho Hung, Paul (Chairman), Mr. Lo Ming Chi, Charles (Deputy Chairman and Chief Executive Officer), Mr. Yu Wai Man, Mr. Zhang Zhidong and Mr. Sue Ka Lok as executive directors and Mr. Wong Kwok Tai, Mr. Weng Yixiang, Mr. Lu Xinsheng and Mr. Xiong Wei as independent non-executive directors.

• For identification only

• 2 -