$泰克飞石(CNTF)$ We currently have a real estate projectlocated in each of Hangzhou, Beijing and Shenyang. As part of our strategy to expand, we acquired land use rights in these three cities beginning with the acquisition of land use rights in Hangzhou in 2008. We began constructing facilities on theHangzhou site in 2008, and finished the construction stage of our first two buildings in Hangzhou in 2010 and of a third building in 2013. We began constructing facilities on our Beijing site in March 2012, and have substantially completed theconstruction phase of 16 buildings thereon by the end of 2014. We also have begun constructing facilities in Shenyang, after acquiring land use rights to a piece of land in November 2011. In 2014, we finished the construction stage of two buildingsin Shenyang. The types of buildings and facilities being constructed on these sites are appropriate for research and development uses as well as for establishing internal manufacturing facilities for manufacturing plants and similar businesses. Formore details regarding our investments in real estate, see “—D. Plant, Machinery and Equipment.”

Although they have not generated littlerevenue to date, our real estate projects are part of our strategy to diversify our revenue streams. As of December 31, 2014, we had invested an aggregate of US$62.5 million (RMB388.1 million) in the construction of our buildings and facilitiesin Hangzhou, US$59.7 million (RMB370.4 million) in the construction of our buildings and facilities in Beijing, and US$29.1 million (RMB180.4 million) in the construction of our buildings and facilities in Shenyang. We believe that our currentpremises and facilities are more than sufficient to accommodate our existing production capacity needs, and as a result, we intend to lease or sell the unutilized buildings and facilities we construct.