09:31     BJ CAPITAL LAND<02868> - Announcement(5)                            

                    Shares Issue                utilized at 31st              
                                                                              
    and the actual                   Utilisation of the                       
            Project        prospectus                December 2003            
                                                                              
    amount utilized                committed amount                           
                                                                              
    Project 1        The Center        120,000                89,050          
                                                                              
    (30,950        )        Partially utilized                                
                                                                              
    Project 2        Capital Development Tower        30,000                  
    30,000                -                Fully utilized                     
                                                                              
    Project 3        Sunshine Lotus        30,000                30,000       
                                                                              
    -                Fully utilized                                           
                                                                              
    Project 4        Vancouver Garden        100,000                          
    100,000                -                Fully utilized                    
                                                                              
    Project 5        Phase I of Beijing                                       
                                                                              
            International Business Park        120,000                -       
                                                                              
    (120,000        )        Unutilized                                       
                                                                              
    Repayment of a Shareholder loan        300,000                300,000     
                                                                              
    -                Fully utilized                                           
                                                                              
    Additional working capital        125,756                125,756          
                                                                              
    -                Fully utilized                                           
                                                                              
                                                                              
    Total                825,756                674,806                       
    (150,950        )                                                         
                                                                              
                                                                              
    As at 31st December 2003, no proceeds have been utilised on project 5     
    (Phase I of Beijing International Park). The progress of the other        
    items on which the proceeds have been utilised is as follows:             
                                                                              
    Project 1        :        The Center: the property is a Grade-A office    
    building project located in Finance Street, Xicheng District, Beijing.    
    The excavation work has been completed, together with the clearance of    
    site and resettlement, with temporary water and electricity supply and    
    road connection to the site. The preliminary preparation work for         
    construction has commenced;                                               
                                                                              
    Project 2        :        Capital Development Tower: the property is      
    an integrated office and commercial project located at the Western        
    Zone of Zhongguancun Science Park, Beijing. The main construction has     
    completed;                                                                
                                                                              
    Project 3        :        Sunshine Lotus: the property is an office       
    project located north of Sanyuanqiao, East Third Ring Road, Chaoyang      
    District, Beijing. The main construction has been completed and           
    services implementation has commenced. As a result of its premium         
    location and quality, this project has achieved an aggregate sale of      
    RMB363.59 million as of 31st December 2003; and                           
                                                                              
    Project 4        :        Vancouver Garden: the property is a project     
    located in the residential zone of Beiqijia Town, Changping District,     
    Beijing. An area of 40,000 sq. m. of work has commenced, with the         
    construction of an area of 32,000 sq. m. being completed.                 
                                                                              
    Since all the projects on which the proceeds have been utilised are       
    under construction, no gain or loss arise from such projects.             
                                                                              
    The repayment of the shareholder's loan of RMB300 million and the use     
    as addition working capital of RMB125.76 million from the proceeds        
    from the previous issue of shares have immensely improved the             
    financial position of the Company by alleviating its burden of            
    financial costs and boosting its operation flexibility.                   
                                                                              
    After deducting expenses on the above completed projects and work-in-     
    progress, a balance of RMB150.95 million (representing 18% of the         
    total proceeds) was not yet utilised. Such fund will be utilised by       
    the Company from 2004 onwards according to the respective progress of     
    the projects.                                                             
                                                                              
    1,312,299,454 shares were voted in the affirmative and 0 share were       
    voted in the negative, representing 100% and 0%, respectively, of the     
    total number of shares held by Shareholders (including proxies)           
    present at the EGM carrying voting rights. The resolution was duly        
    passed as an ordinary resolution.                                         
                                                                              
    5.        (a)        The utilization of proceeds from the A Share         
    Issue of the Company in the following investment projects was             
    approved: