Gale Changsha Announcement

Gale International Signs On To Develop State-of-the-Art New Ecological City, Meixi Lake District in Changsha, Hunan Province

CHANGSHA February 5, 2009 – Gale International, LLC and the Changsha Municipal People's Government of Hunan Province today signed a Framework Agreement to plan, develop and operate Meixi Lake District, a 10,168 mu (1,675 acres) state-of-the-art, new ecological city in Changsha, the capital city of Hunan Province. Meixi Lake District will form the core of the West Changsha Pioneer Zone, a 1,200 square kilometer, specially-designated resource-saving and environmentally friendly development zone recognized by the State Council of the People's Republic of China.

      Stan Gale, Chairman and Managing Partner of Gale International, commented from New York, "The natural beauty of Meixi Lake represents the ideal environment in which to create a green, environmentally sustainable, city-scale development where people can live, work and thrive. We are particularly impressed by the commitment, vision, and support of the Committee of West Changsha Pioneer Zone and the People's Government of Hunan Province to create a new standard in China for sustainable city development."

      John B. Hynes III, CEO and Managing Partner of Gale International visited Changsha on Thursday to formalize a framework agreement with Xie Jianhui, Standing Deputy Mayor of Changsha Municipal People's Government and Zhao Wenbin, Deputy Mayor of Changsha Municipal People's Government on behalf of both the Changsha Government and Committee of West Changsha Pioneer Zone. Chen Run'er, Member of Standing Committee of Hunan CPC Provincial Committee and Secretary of Changsha CPC Municipal Committee and Zhang Jianfei, Mayor of Changsha Municipal People's Government and Vice Secretary of Changsha CPC Municipal Committee also attended the signing ceremony.

      Meixi Lake District will include various sub‑projects including energy-efficient residential developments, schools, healthcare facilities, retail shopping complexes, high-tech office space, a five-star hotel, and a world‑class convention center, all set within an integrated, people-friendly lake environment and surrounded by abundant green space.

      Situated in the heart of central China, at the edge of the city of Changsha, the capital of Hunan Province, Meixi Lake will be easily accessible by subway, and in close proximity to the junction of two high-speed railways linking the north-south and east-west axes of China.

      Groundbreaking is expected by mid-2009.

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      Gale International, headquartered in New York City, with offices in Boston; Irvine, California; Seoul and Songdo, South Korea, is a premier, global, city‑scale development and investment company dedicated to creating dynamic, sustainable city‑scale living environments. The company is the culmination of decades of experience in commercial, mixed‑use and residential developments. Under the leadership of Managing Partners Stan Gale, Chairman and John B. Hynes, III, CEO, Gale International is actively pursuing and executing sustainable city-scale developments around the globe.

      The Meixi Lake project represents Gale International's first city‑scale development in China, and largest international commitment since the Songdo International Business District development in South Korea began in 2001. Gale International believes that the can‑do attitude of the Chinese people and deep commitment of the government to the success of the development will provide significant benefit to the Chinese economy and contribute to the advancement of its harmonious society.

      It is expected that key members of Gale International's Sustainable International Design Team will be engaged to contribute to this project. In the initial master plan development stage, possible partners include world renowned design, architecture and engineering firms like Kohn Pedersen Fox, HOK Architects and ARUP. These same firms are also contributing on 1,500 acre Songdo IBD Development that Gale International is currently co‑developing with POSCO E&C in South Korea.

      Compass Advisers, LLP, the international investment banking partnership, with offices in Shanghai, New York, London and Milan, is providing strategic and financial advice to Gale International.