Continental Holdings Corp. (CHC), a new publicly listed company (TSE 3703) headquartered in Taiwan held its board meeting on June 2, 2010 to formally announce the spin off of the property development business operations of Continental Engineering Corp. (CEC). The new company will be named Continental Development Corporation under a separate business entity. CHC is established to provide a consolidated operational and investment management framework for Continental Engineering Corp. (CEC), Continental Development Corp. (CDC) and their subsidiaries in Asia and the Americas in four major business areas— Civil Construction, Building Construction, Real Estate Development, and Environmental Project Development.

Continental Engineering Corp. (CEC), CHC’s flagship company, is widely recognized for having completed over the last five decades a wide range of public infrastructure and private-sector construction projects across the whole of Taiwan. CEC has also extended its operations into the overseas markets of the Ryukus, Singapore, Malaysia, Saudi Arabia and India, where the infrastructure market is growing rapidly. Moreover, American Bridge Holding Company, CEC’s investment in the United States, has a highly distinguished track record for its many specialized and complex engineering achievements across the Americas. CEC also lays claim to a relatively long history in Taiwan’s real estate development market, having spearheaded many innovative real estate development projects and setting all-new standards in residential housing, commercial buildings and complexes, and large community developments. Although these two operations initially enjoyed mutually supportive business strategies, CEC’s executive management, in view of new market trends and international opportunities, has restructured CEC’s operations and spun off its real estate development division as Continental Development Corp. (CDC) to better position the businesses for competing in international markets.

Continental Development Corp. (CDC), a wholly-owned subsidiary of CHC established as of June 2, 2010, now has a mandate of pursuing a business model and development strategy focused specifically on property development. CDC, roughly valued at US$ 206 million (NT$ 6.6 billion), aspires to become a world class property development company whose mission is to create maximum value for its customers through innovation, product and service quality, and operational profitability.

Continental Engineering Corp. (CEC), now a wholly-owned subsidiary of CHC with a current net value of approximately US$ 275 million (NT$ 8.8 billion) and paid-in capital of US$ 133 million (NT$ 4.25 billion), is refocusing its business development strategy on its core strengths to accelerate technical, operational, and structural growth through the development of innovative engineering technologies to strengthen the company’s competitive position in strategic international markets.