Sino Express Travel Limited announced that it has signed a Memorandum of Understanding with Eversun Limited to acquire 200,000 square-meter of premium land for a resort and villa development in Hunan province, China. The cost of the land acquisition, conditional upon receiving all the necessary regulatory approvals for site development, plus the first phase of development will be about $15 million in cash. Sino´s management believes the location of the Hunan property, near Lake Dongting and within walking distance from a commercial district, is ideal for a first class resort and villa complex. Development plans for the 200,000 square-meter land are divided into three phases: 1, villa development in phase one, 2, sports complex and recreation facilities in phase two, and 3, resort and hotel tower development in phase three. The Hunan property will be accretive to Sino´s leading portfolio of scenic spot and tourist destination developments in China.

Sino Express Travel Limited announced its unaudited earnings results for the first quarter ended March 31, 2006. Total income amount received from the customers was $1,521,748. Net agency revenue from operations was $139,188. Net profit from operations was $41,617.

Sino Express Travel Limited reported earnings results for the full year ended December 31, 2005. For the year, the company reported net loss of $1,153,160, or $0.03 per basic and diluted share on total income received of $2,928,612. The company announced that on May 30, 2006, Mr. Peter Sung submitted his resignation as the Chairman. Mr. Sung will concentrate his future efforts on directing the operations of GS Travel and other tourism related interests. Mr. Xia Chen will assume the role of chairman while the company reviews prospective candidates. The company has also appointed Mr. Zhichao Liao as the non-executive director as of June 7, 2006. Mr. Liao practices law in China and have worked for several public listed companies in Hong Kong on IPO projects. Mr. Liao brings to Sino Express 8 years of legal consulting experience in corporate mergers and acquisitions and foreign investments in China.