10:45     PREMIUM LAND<00164>-Announcement & Resumption of Trading(18)        

    on 4 January 2005 that an US gaming fund will be placed                   
    with convertible notes of the Company. The board of                       
    Directors would like to clarify that none of the                          
    convertible notes mentioned in this announcement will                     
    be placed or issued to any gaming fund as at the date                     
    of this announcement. Regarding the placing of the                        
    Underwritten Convertible Notes, the Placing Agent,                        
    as at the date of this announcement, has not procured                     
    any placees nor has any intention to place to any                         
    specific investors, including gaming fund.                                
                                                                              
    GENERAL                                                                   
    Save for the interest rate of the Underwritten                            
    Convertible Notes and Guaranteed Convertible Notes                        
    and the giving of security by way of the Guarantees,                      
    the Share Mortgage and the SPV Assignment of Deposit                      
    for the issue of the Guaranteed Convertible Notes or                      
    otherwise set out herein, there is no material                            
    difference between the principal terms of each of the                     
    Underwritten Convertible Notes and Guaranteed                             
    Convertible Notes. The Share Subscription Agreement,                      
    the Placing Agreement, and the five sets of the CB                        
    Subscription Agreements are not inter-conditional to                      
    each other save that neither the Company nor any CB                       
    Subscriber shall be obliged to complete any CB                            
    Subscription Agreement unless the CB Subscription                         
    Agreements are completed simultaneously.                                  
                                                                              
    A circular containing, amongst other things, further                      
    details of the Share Subscription Agreement, the                          
    issue of Underwritten Convertible Notes and                               
    Guaranteed Convertible Notes, together with notice                        
    of SGM, will be despatched to the Shareholders as soon                    
    as practicable.                                                           
                                                                              
    An application will be made to the Stock Exchange for                     
    the listing of and permission to deal in the                              
    Subscription Shares and the Conversion Shares to be                       
    issued under the Underwritten Convertible Notes and                       
    Guaranteed Convertible Notes.                                             
                                                                              
    Pursuant to the Share Subscription Agreement, the                         
    Company shall procure the passing of necessary Board                      
    resolution(s) pursuant to which such nominee of the                       
    Share Subscriber will be validly appointed as a                           
    Director (subject to his being acceptable to the Stock                    
    Exchange) with effect from the date of completion of                      
    the Share Subscription Agreement. Currently, the                          
    Share Subscriber intends to nominate Mr. Wong Cho Fai,                    
    Nicholas to the Board as an executive Director upon                       
    completion of the Share Subscription Agreement. Save                      
    for the above, there is no change to the management                       
    of the Company.                                                           
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Dong Bo Frederic and Mr. Lau Man                        
    Tak. The independent non-executive Directors are Mr.                      
    Kan Kwok Shu, Mr. Shum Ka Hei, Mr. Pang Haiou and Mr.                     
    Zuo Guang.                                                                
                                                                              
    Shareholders should note that completion of the Share                     
    Subscription Agreement, the Placing Agreement and the                     
    CB Subscription Agreements are conditional.                               
    Shareholders and potential investors should exercise                      
    caution when dealing in the Shares.                                       
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING IN THE SHARES                        
    Trading in the Shares on the Stock Exchange was                           
    suspended with effect from 2:52 p.m. on 14 December                       
    2004 at the request of the Company pending the issue                      
    and publication of this announcement. An application                      
    has been made to the Stock Exchange for the resumption                    
    of trading in the Shares with effect