10:00     CGD HOLDINGS<00162> - Announcement & Resumption (3)                 

    the Long Stop Date. In the event that any of the above                    
    conditions shall not have been fulfilled on or before                     
    the Long Stop Date, then the Agreement shall lapse                        
    and be of no further effect, and no party of the                          
    Agreement shall have any claim against or liability                       
    to other parties of the Agreement save in respect of                      
    any antecedent breaches of the Agreement. Any                             
    payments made by the Participant to the Operator in                       
    relation to the Agreement will be refunded but without                    
    interest.                                                                 
                                                                              
    The conditions of the Agreement are expected to be                        
    fulfilled not later than Long Stop Date.                                  
                                                                              
    2.      INFORMATION ON THE OPERATOR                                       
                                                                              
    Anglo View is a company incorporated on 1 October 2001                    
    in the British Virgin Islands and is beneficially                         
    wholly-owned by Mr. Cai. Mr. Cai is a businessman with                    
    about 7 years' experience and good contacts in the                        
    leisure and hospitality industry in the PRC. Before                       
    commencing the operation of Anglo View, Mr. Cai had                       
    been involved in different businesses in the leisure                      
    and hospitality industry in the PRC including travel                      
    agency and hotel management between 1994 and 2001.                        
    Anglo View entered into a licensing agreement with                        
    the Group on 28 March 2003 (as supplemented by a                          
    supplemental agreement dated 2 March 2004) (the                           
    "Existing Licensing Agreement") whereby Anglo View                        
    was licensed by the Company to operate the Gaming                         
    Facility on an exclusive basis for a term of 2 years                      
    commencing on 1 April 2003 at a monthly license fixed                     
    fee of HK$7,600,000. Under the Existing Licensing                         
    Agreement, the Group will be responsible for the                          
    provision of the premises, basic utilities (such as                       
    electricity and water), the gambling equipment and                        
    the personnel for the operation of the Gaming Facility                    
    whereas, the Operator will be responsible for the                         
    overall management of the Gaming Facility. As a                           
    general policy towards its primary licensee which                         
    could enhance the relationship between the Group and                      
    Anglo View, the Group from time to time has given Anglo                   
    View a license fee relax period of a few months' time.                    
    Anglo View has been generally remitting its monthly                       
    license fee within the license fee relax period.                          
    Negotiations are currently under way between Anglo                        
    View and the Group with respect to the renewal of the                     
    Existing Licensing Agreement for a term of not less                       
    than 5 years upon the expiry of the current term on                       
    31 March 2005. In the event of the non-renewal of the                     
    Existing Licensing Agreement, the Participant has the                     
    right to terminate the Agreement whereupon Anglo View                     
    will be obliged to refund all monies already paid by                      
    the Participant under the Agreement but without                           
    interest. Further announcement will be made by the                        
    Company regarding the renewal or non-renewal of the                       
    Existing Licensing Agreement as and when appropriate.                     
                                                                              
    Anglo View is solely engaged in the operation of the                      
    Gaming Facility. Based on the management accounts of                      
    Anglo View provided by Mr. Cai, as at 30 November 2004,                   
    the major assets of Anglo View mainly comprised cash                      
    and bank balances and other receivables and the                           
    liabilities mainly comprised shareholder's loan and                       
    other payables.                                                           
                                                                              
    Based on the management accounts of Anglo View                            
    provided by Mr. Cai, the turnover, net profit before                      
    and after tax of Anglo View for the periods referred                      
    below were as follows:                                                    
                                                                              
    For the