(COPY)

CERTIFICATE OF INCORPORATION

OF

THE

HONG KONG MODEL HOUSING SOCIETY

44

1 bereby certify that "THE HONG KONG MODEL HOUSING SOCIETY" is this day incorporated under the Hong Kong Companies Ordinance, 1932, and that this Company is limited.

Given under my hand and seal of office this Thirteenth day of April, One Thousand Nine Hundred and Fifty.

L/S

Sd. W. ANEURIN JONES

Registrar of Companies

Hong Kong

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