CNC Development Ltd. (CNC), formerly InterAmerican Acquisition Group, Inc., was a blank check company. The Company was formed as a vehicle for an acquisition of an operating business. CNC�s purpose was to merge with InterAmerican Acquisition Group, Inc. (IAG) for purposes of changing domicile and, as the surviving company in the merger, to hold a 100% interest in Sing Kung upon the completion of the Sing Kung acquisition (a reverse acquisition transaction). On September 9, 2009, CNC acquired 94.9% of Sing Kung Limited (Sing Kung). Between September 9, 2010 and October 2, 2010, CNC acquired all of the remaining interest in Sing Kung, giving it 100% ownership of Sing Kung. As of December 31, 2009, the Company�s subsidiaries include Sing Kung, Century City Infrastructure Co., Ltd. (Century City), Shanghai New Century Urban Infrastructure, Construction Co., Ltd. (SNC) and Jiaohe Century Urban Construction Co. Ltd. (Jiaohe Project Co).