09:39     USI (U SUCCESS)<00369> - Announcement (3)                           

                                                                              
     of the joint venture through the JVCO and not to dispose of its          
    shareholding in USI before the holding of the SGM.                        
                                                                              
    The Major Shareholders beneficially own the following shares in the       
    Company:-                                                                 
                                                                              
             Percentage                                                       
       Number of       shareholding                                           
    Name of Major Shareholders   Shares      (as at 12 January 2005)          
                                                                              
    Brave Dragon Limited   106,345,862      20.21%                            
    Wing Tai Garment Manufactory   4,250,000      0.81%                       
      (Singapore) Pte Limited                                                 
    Bestime Resources Limited   68,747,996      13.06%                        
    Pofung Investments Limited   66,698,122      12.67%                       
    Broxbourne Assets Limited   14,962,968      2.84%                         
    Mr. Cheng Wai Chee, Christopher   2,075,999      0.40%                    
    Mr. Cheng Wai Sun, Edward   2,000,000      0.38%                          
                                                                              
    Total   265,080,947      50.37%                                           
                                                                              
    Mr. Cheng Wai Chee, Christopher JP is the Chairman of the Company and     
    controls more than one-third of the voting rights at general meetings of  
     the holding companies of Bestime Resources Limited, Pofung Investments   
    Limited and Broxbourne Assets Limited. Mr. Cheng Wai Sun, Edward is the   
    brother of Mr. Cheng Wai Chee, Christopher and is the chief executive of  
     the Company. Both Mr. Cheng Wai Chee, Christopher and Mr. Cheng Wai      
    Sun, Edward are also beneficiaries of a trust the assets of which         
    include indirect interests in shares in Brave Dragon Limited and Wing     
    Tai Garment Manufactory (Singapore) Pte Limited.                          
                                                                              
    GENERAL                                                                   
                                                                              
    USI is an investment holding company. Its principal subsidiaries are      
    engaged in garment manufacturing and trading, branded products            
    distribution, property rental and management, property development,       
    property development management and investing activities.                 
                                                                              
    Nan Fung is an investment holding company. Nan Fung together with its     
    subsidiaries are principally engaged in financing, securities, property   
    investment, property rental and development activities.                   
                                                                              
    The Company will make a further announcement after the results of the     
    tender are announced by MTRC.                                             
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following expressions have the following        
    meanings unless the context requires otherwise:                           
                                                                              
    "Government Accommodation"   the community hall and the integrated        
    centre for young people services to be included as part of the Project    
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region                 
                                                                              
    "JVCO"   Crown Century Development Limited, a company incorporated in     
    Hong Kong with limited liability to tender for the Project pursuant to    
    the MOA and if the tender for the Project is successful, to develop it    
                                                                              
    "Listing Rules"   The Rules Governing the Listing of Securities on the    
    Stock Exchange                                                            
                                                                              
    "Major Shareholders"   Brave Dragon Limited, Wing Tai Garment             
    Manufactory (Singapore) Pte Limited, Bestime Resources Limited, Pofung    
    Investments Limited, Broxbourne Assets Limited, Mr. Cheng Wai Chee,       
    Christopher and Mr. Cheng Wai Sun, Edward                                 
                                                                              
    "MOA"   a Memorandum of Agreement entered into between USI and Nan Fung   
    on 12 January 2005, the details of which are set out in this              
    announcement                                                              
                                                                              
    "MTRC"   MTR Corporation Limited, a company incorporated in Hong Kong     
    with limited liability and the securities of which are listed on the      
    Stock Exchange                                                            
                                                                              
    "Nan Fung"   Nan Fung Development Limited, a company incorporated in      
    Hong Kong with limited liability                                          
                                                                              
    "Project"   the development of Package One of a site at Tseung Kwan O     
    owned by the MTRC                                                         
                                                                              
    "RCHE Accommodation"   the residential care home for the elderly to be    
    included as part of the Project