10:18     CAPITAL STRAT<00497>CAPITAL ESTATE<00193>-JA&<00193>Resume9         

    1,300,000,000                24.21                                        
                                                                              
    Holders of 2% redeemable                                                  
      convertible notes                                                       
      with aggregate                                                          
      principal amount of                                                     
      HK$3,000,000        -                 0                -                
    0                -                 0                -                     
    0                150,000,000                2.79                          
                                                                              
    Public:                                                                   
      Placees        -                 0                650,000,000           
    19.88                650,000,000                16.59                     
    650,000,000                12.45                650,000,000               
    12.11                                                                     
                                                                              
      Others        2,409,534,668                73.70                        
    2,409,534,668                73.70                2,409,534,668           
    61.47                2,409,534,668                46.17                   
    2,409,534,668                44.88                                        
                                                                              
    Subtotal        2,409,534,668                73.70                        
    3,059,534,668                93.58                2,409,534,668           
    78.06                3,059,534,668                58.62                   
    3,059,534,668                56.99                                        
                                                                              
                                                                              
    Total        3,269,398,668                100.00                          
    3,269,398,668                100.00                3,919,398,668          
    100.00                5,219,398,668                100.00                 
    5,369,398,668                100.00                                       
                                                                              
                                                                              
    USE OF PROCEEDS                                                           
                                                                              
    The net proceeds from the Top-Up Subscription will be about HK$16.8       
    million. The net proceed raised per Top-Up Subscription Share will be     
    HK$0.0258 per Share.                                                      
                                                                              
    The net proceeds from the CB Placing will be about HK$35.6 million.       
                                                                              
    The aggregate net proceeds from the Top-Up Subscription and the CB        
    Placing, of about HK$52.4 million will be used for property               
    development and investment in Macau including retail shops and            
    commercial buildings.                                                     
                                                                              
    The Board considers that the Top-Up Subscription and the CB Placing       
    are in the interest of the Company and the Shareholders as a whole.       
                                                                              
    PROPOSED REFRESHMENT OF GENERAL MANDATE                                   
                                                                              
    The Top-Up Subscription Shares will be allotted and issued pursuant to    
    the general mandate to allot, issue and deal with Shares granted to       
    the Directors by a resolution passed at the annual general meeting of     
    the Company held on 16 December 2004 and such general mandate was         
    granted on the basis of the issued share capital of the Company           
    comprising 3,269,398,668 Shares on that date. At the date of this         
    announcement, the existing general mandate has not been utilized and      
    based on the number of Shares in issue as at the date of the said         
    resolution, 653,879,733 new Shares can be issued under the existing       
    general mandate. As a result, such existing general mandate will be       
    utilized by the Top-Up Subscription and the board of Directors            
    proposes to refresh the general mandate. The refreshment of the           
    general mandate is subject to the Shareholders' approval at the EGM.      
    Since there is no controlling shareholders of the Company and also        
    there is not any holding of Shares by the Directors nor the chief         
    executive existing as at the date of this announcement, no                
    Shareholders are required to abstain from voting to the refreshment of    
    the general mandate at the EGM. In event that, during the period from     
    the date of this announcement to the date of EGM, there is any