10:20     CAPITAL STRAT<00497>CAPITAL ESTATE<00193>-JA&<00193>Resume13        

    Hong Kong, 5 January 2005                                                 
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mr. Choo Yeow Ming, Mr. Ng Kai Man, Luke, Ms. Ma Wai Man,     
    Catherine and Mr. Chow Hou Man and the independent non-executive          
    directors are Mr. Miu Frank H. and Mr. Sin Chi Fai.                       
                                                                              
    As at the date of this announcement, Mr. Choo Yeow Ming and Ms. Ma Wai    
    Man, Catherine are the executive directors, Mr. Chung Cho Yee, Mico is    
    the non-executive director and Messrs. Liu Yeau-Hwan, Pete, Wong Sin      
    Just, Lam Lee G. and Cheng Yuk Wo are the independent non-executive       
    directors of Capital Strategic.                                           
                                                                              
    All of the directors of Capital Strategic jointly and severally accept    
    full responsibility for the accuracy of the information contained in      
    this announcement (other than that relating to the Company and the        
    Offeror) and confirm, having made all reasonable enquiries, that to       
    the best of their knowledge, opinions expressed in this announcement      
    (other than those relating to the Company) have been arrived at after     
    due and careful consideration and there are no other facts not            
    contained in this announcement (other than those relating to the          
    Company and the Offeror), the omission of which would make any            
    statement in this announcement misleading.                                
                                                                              
    The sole director of the Offeror accepts full responsibility for the      
    accuracy of the information contained in this announcement (other than    
    that relating to the Company and Capital Strategic) and confirms,         
    having made all reasonable enquiries, that to the best of his             
    knowledge, opinions expressed by him in this announcement have been       
    arrived at after due and careful consideration and there are no other     
    facts not contained in this announcement, the omission of which would     
    make any such statement in this announcement misleading.