Madison Property AG is a Germany-based primarily engaged in the real estate development business in the province of Shandong and the city of Chongqing, China. The Company diversifies its property portfolio into residential properties and travel, leisure, industrial and commercial properties portfolio. The residential properties portfolio includes high-rise apartments, sub-high rise apartments, low-rise apartments and villas, all built with amenities such as commercial spaces and car parking facilities. The travel, leisure, industrial and commercial properties portfolio includes typically low density villas and residential apartments, as well as other properties such as serviced apartments. The Company's portfolio covers in total 14 completed projects, eight projects under construction and 16 projects for future development. As of April 30, 2012, the Company operated nine subsidiaries, all based in China.