09:28     PREMIUM LAND<00164> - Announcement (3)                              

    announced that the long-stop date of the fulfillment                      
    of the CG Conditions would be postponed to such date                      
    on or before 31 March 2005.                                               
                                                                              
    The Company was informed by Ms. Yang and LPL that all                     
    the CG Conditions (save and except (i) all necessary                      
    consents permits and approval (whether governmental,                      
    regulatory or otherwise) as may be required in respect                    
    of the CG Agreement and the transactions contemplated                     
    thereunder having been obtained by Grand Fix Limited;                     
    and (ii) the Chinese Gain Tenancy Agreement is valid                      
    and legally binding, and is enforceable against the                       
    parties therein in accordance with the terms thereof.                     
    The terms and conditions set out therein have not been                    
    varied nor amended after the execution of the Chinese                     
    Gain Tenancy Agreement) will not be fulfilled on or                       
    before 31 March 2005. As such, CG Parties agreed to                       
    terminate the CG Agreement with immediate effect                          
    pursuant to a termination agreement dated 14 January                      
    2005 ("CG Termination Agreement"). Pursuant to the                        
    CG Termination Agreement, the rights, obligations and                     
    liabilities of the parties arising from or in                             
    connection with the CG Agreement have been waived and                     
    released. There is no antecedent breach to any of the                     
    terms of the CG Agreement.                                                
                                                                              
    All amounts paid by Grand Fix Limited to Ms. Yang and                     
    LPL as deposit and part payment of the consideration                      
    pursuant to the CG Agreement have been refunded to                        
    Grand Fix Limited.                                                        
                                                                              
    The Board is of the view that the termination of the                      
    CG Acquisition does not have any material effect on                       
    the Company, operational, financial or otherwise as                       
    the Company can direct the resources for the CG                           
    Agreement to other investment opportunities.                              
                                                                              
    3.      Increase in trading volume of the shares of the                   
    Company ("Shares")                                                        
    The Board has noted the recent increase in trading                        
    volume of the Shares and wishes to state that it is                       
    not aware of any reasons for such increases.                              
                                                                              
    Save as disclosed in this announcement and for the                        
    proposed issue of new shares; underwritten                                
    convertible notes and guaranteed convertible notes                        
    of the Company as set out in the announcement of the                      
    Company dated 7 January 2005, 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.                                                   
                                                                              
    Made by the order of the Company the Board of which                       
    individually and jointly accept responsibility for                        
    the accuracy of this statement.                                           
                                                                              
    The Board comprises:                                                      
                                                                              
    Executive Directors                                                       
    Mr. Dong Bo Frederic                                                      
    Mr. Lau Man Tak                                                           
                                                                              
    Independent Non-executive Directors                                       
    Mr. Kan Kwok Shu                                                          
    Mr. Shum Ka Hei                                                           
    Mr. Pang Haiou                                                            
    Mr. Zuo Guang                                                             
                                                                              
    By order of the Board