09:07     FRIEDMANN<01226> - Results Announcement                             

    Friedmann Pacific Greater China Investments Limited announced on          
    27/11/2002:                                                               
    (stock codes: 1226)                                                       
    Year end date: 31/3/2003                                                  
    Currency: HKD                                                             
    Auditors' Report: N/A                                                     
    Review of Interim Report by: Audit Committee                              
                                                                              
                                                                              
                                               (Unaudited)                    
                                               Current                        
                                               Period                         
                                               from 26/4/2002                 
                                               to 30/9/2002                   
                                                                              
    Turnover                                 : -                              
    Profit/(Loss) from Operations            : 1,864,235                      
    Finance cost                             : Nil                            
    Share of Profit/(Loss) of Associates     : Nil                            
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities            : Nil                            
    Profit/(Loss) after Tax & MI             : 1,864,235                      
    % Change over Last Period                : N/A                            
    EPS/(LPS)-Basic                          : 0.17                           
             -Diluted                        : N/A                            
    Extraordinary (ETD) Gain/(Loss)          : Nil                            
    Profit/(Loss) after ETD Items            : 1,864,235                      
    Interim Dividend per Share               : $0.05                          
    (Specify if with other options)          : (with option to elect scrip    
                                                dividend and subject to       
                                                approval by an ordinary       
                                                resolution)                   
    B/C Dates for Interim Dividend           : 23/12/2002  to 24/12/2002 bdi. 
    Payable Date                             : 21/01/2003                     
    B/C Dates for Extraordinary General                                       
      Meeting                                : 23/12/2002  to 24/12/2002 bdi. 
    Other Distribution for Current Period    : Bonus issue of shares on the   
                                               basis of one bonus share for   
                                               every one existing shares.     
    B/C Dates for Other Distribution         : 23/12/2002  to 24/12/2002 bdi. 
                                                                              
    Remarks:                                                                  
                                                                              
    1. Friedmann Pacific Greater China Investments Limited was listed on The  
    Stock Exchange of Hong Kong on 19 September 2002.                         
                                                                              
    2. Basis of preparation                                                   
                                                                              
    The financial statements are prepared in accordance with the requirements 
    of the Rules Governing the listing of Securities ("Listing Rules") on The 
    Stock Exchange of Hong Kong Limited (the "Stock Exchange"), including     
    compliance with Statement of Standard Accounting Practice ("SSAP") No. 25,
    "Interim Financial Reporting", issued by the Hong Kong Society of         
    Accountants except that, in this first year of implementation of the      
    Standard, as permitted by the Listing Rules, no comparative figures have  
    been presented as the company was incorporated on 26 April 2002.          
                                                                              
    3. Accounting Policies                                                    
                                                                              
    The financial statements have been prepared in accordance with the        
    generally accepted accounting principles in Hong Kong ("HKGAAP").         
                                                                              
    4. Earnings per share                                                     
                                                                              
    The calculation of earnings per share is based on the net profits for the 
    period of HKD1,864,235 and the weighted average number of ordinary shares 
    of 10,716,000 shares in issue during the period. No diluted earnings per  
    share is presented as there were no dilutive effects on the basic earnings
    per share for the period.                                                 
                                                                              
    5. Bonus Shares                                                           
                                                                              
    The Directors have recommended a bonus issue of new shares on the basis of
    one bonus share for every one existing shares held on 24 December 2002,   
    subjected to the approval of ordinary resolution.                         
                                                                              
    For more details, please refer to the press announcement today.