10:45     PREMIUM LAND<00164>-Announcement & Resumption of Trading(17)        

    (v)     any governmental authority or agency condemns,                    
    seizes, compulsorily purchases or expropriates all                        
    or a substantial part of the assets of the Company;                       
    or                                                                        
                                                                              
    (vi)    the Shares (as a class) cease to be listed on                     
    the Stock Exchange or a recognised stock exchange (or                     
    are suspended from trading for a continuous period                        
    of fourteen (14) Business Days) due to the default                        
    of the Company.                                                           
                                                                              
    FUND RAISING ACTIVITIES IN THE 12 MONTHS IMMEDIATELY                      
    PRECEDING THE DATE OF THE SHARE SUBSCRIPTION                              
    AGREEMENT, PLACING AGREEMENT AND THE CB SUBSCRIPTION                      
    AGREEMENTS                                                                
                                                                              
    Actual use of net                                                         
    proceeds as at                                                            
    Date of         Net proceeds    Intended use of the date                  
    of this                                                                   
    announcement    Event   (approximately) net proceeds                      
            announcement                                                      
                                                                              
    20 February     Placing of      HK$36 million   General                   
    working fully utilised as                                                 
      2004    740,000,000             capital of the                          
    general working                                                           
      Shares at a             Company         capital of the                  
      price of                        Company                                 
      HK$0.05 per                                                             
      Share                                                                   
                                                                              
    17 November     Placing of      HK$17.7 million General                   
    working same as intended                                                  
      2004    902,280,000             capital of the          but not         
    yet utilised                                                              
      Shares at a             Company         at all up to the date           
      price of                        of this                                 
      HK$0.02 per                     announcement                            
      Share                                                                   
                                                                              
    8 December      Issue of        HK$32.4 million General                   
    working Not applicable as                                                 
      2004    convertible             capital of the          the             
    issue has not                                                             
      notes in an             Company         yet become                      
      principal                       unconditional                           
      aggregate                                                               
      amount of                                                               
      HK$32.4 million                                                         
      at the conversion                                                       
      price of                                                                
      HK$0.03 per                                                             
      Share (subject to                                                       
      adjustments)                                                            
                                                                              
    INCREASE IN TRADING VOLUME                                                
    The Board noted the recent increase in the trading                        
    volume of the Shares and wishes to state that the Board                   
    is not aware of any reasons for such increase save                        
    as the proposed issue of securities disclosed in this                     
    announcement. Save for the proposed issue of the                          
    Subscription Shares, the Underwritten Convertible                         
    Notes and the Guaranteed Convertible Notes, the Board                     
    confirms that there are no negotiations or agreements                     
    relating to intended acquisitions or realisations                         
    which are discloseable under rule 13.23 of the Listing                    
    Rules, neither is the Board aware of any matter                           
    discloseable under the general obligation imposed by                      
    rule 13.09 of the Listing Rules, which is or may be                       
    of a price-sensitive nature.                                              
                                                                              
    CLARIFICATION ON PRESS ARTICLE                                            
    It was set out in an article in Oriental Daily News