10:00     CGD HOLDINGS<00162> - Announcement & Resumption (2)                 

      the Agreement:        "Pro Rata Entitlement") of the                    
    Gaming Facility for a period of 5 years commencing                        
    on 1 January 2005. The Pro Rata Entitlement shall be                      
    payable semi-annually and within 30 days after the                        
    end of each half-year. The Participant has the right                      
    to inspect the books and records and audit the                            
    accounts of the Operator during the continuance of                        
    the Agreement and the two years following the expiry                      
    or termination of the Agreement for the purpose of                        
    verification of the Pro Rata Entitlement.                                 
                                                                              
    The Operator guarantees to the Participant that the                       
    Pro Rata Entitlement payable to the Participant                           
    during any period in the table set out below shall                        
    not be less than the minimum amount (the "Guaranteed                      
    Pro Rata Entitlement") for that period specified in                       
    that table, and in the event of any shortfall, the                        
    Operator shall within 90 days after the end of such                       
    period pay to the Participant the amount of such                          
    shortfall:                                                                
                                                                              
    Guaranteed Pro Rata                                                       
    Period  Entitlement                                                       
                                                                              
    Year ending 31 December 2005    HK$5,000,000;                             
    Year ending 31 December 2006    HK$5,000,000;                             
    Year ending 31 December 2007    HK$10,000,000;                            
    Year ending 31 December 2008    HK$10,000,000; and                        
    Year ending 31 December 2009    HK$10,000,000.                            
                                                                              
    Consideration:  HK$40,000,000                                             
                                                                              
    Terms of payment:       An amount of HK$15,000,000 in                     
    cash is payable upon the signing of the Agreement to                      
    the Operator by the Participant. The remaining amount                     
    is payable in cash within nine months from the date                       
    of the Agreement. As at the date hereof, the amount                       
    of HK$15,000,000 has already been paid to the                             
    Operator.                                                                 
                                                                              
    Basis of        The Consideration was determined after                    
    arm's length negotiation                                                  
      determination of      between the parties to the                        
    Agreement, and with reference to various                                  
      the Consideration:    factors including the                             
    historical results of the Gaming Facility (details                        
    of which are disclosed in the section headed                              
    "Information on the Operator" in this announcement),                      
    the Guaranteed Pro Rata Entitlement, the earnings                         
    potential of the Gaming Facility and the growth                           
    prospects of the cruising industry. The Consideration                     
    will be settled in cash and funded by internal                            
    resources of the Company.                                                 
                                                                              
    Conditions:     The Agreement is conditional upon:                        
                                                                              
    i.      the Stock Exchange or any relevant government                     
    authorities or agencies in Hong Kong not having raised                    
    any objection to the Agreement and the transactions                       
    contemplated under the Agreement; and                                     
                                                                              
    ii.     such other consents or approvals from any third                   
    party or governmental or regulatory body or competent                     
    authority having jurisdiction over the transactions                       
    contemplated in the Agreement having been granted or                      
    obtained and not withdrawn or revoked, and if such                        
    consents or approvals are granted or obtained subject                     
    to any conditions, such conditions being acceptable                       
    to the parties of the Agreement.                                          
                                                                              
    The parties to the Agreement shall use their                              
    respective reasonable endeavours to procure the                           
    fulfillment of the above conditions on or before