Boston, MA, January 7, 2008

Intercontinental Announces the Appointment of Chow Chan to Accounts Payable Supervisor

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the recent appointment of Chow Chan to Accounts Payable Supervisor.

Ms. Chan is responsible for Accounts Payable for all Intercontinental related companies.  Ms. Chan ensures expense coding and check issuance are accomplished in an accurate and timely manner.  She tracks all construction job costs and prepares monthly billings.  She is also responsible for maintaining an electronic storage system for all past and current Accounts Payable files. 

Prior to joining Intercontinental, Ms. Chan worked for seven years in the Accounts Payable Group at Payton Construction Corporation.  In this role, she was responsible for reviewing subcontractor certificates of insurance, subcontracts, change orders, and purchase orders for compliance.  Ms. Chan worked extensively with Timberline to set up projects, perform daily check runs, and post subcontractor and vendor invoices.  She also reviewed and reconciled vendor statements and deposited and posted daily cash receipts.

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $1.8 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.