09:28     PREMIUM LAND<00164> - Announcement (2)                              

    announced that the long-stop date of the fulfillment                      
    of the RL Conditions would be postponed to such date                      
    on or before 30 September 2004. By an announcement                        
    dated 28 September 2004, the said long-stop date was                      
    further postponed to such date on or before 15 January                    
    2005.                                                                     
                                                                              
    The Company was informed by Mr. Wong and Spark Capital                    
    Limited that all the RL Conditions (save and except                       
    (i) all necessary consents permits and approval                           
    (whether governmental, regulatory or otherwise) as                        
    may be required in respect of the RL Agreement and                        
    the transaction contemplated thereunder having been                       
    obtained by Rich Lion Limited and that the Beijing                        
    Tenancy Agreements are valid and legally binding, and                     
    are enforceable against the parties therein in                            
    accordance with the terms thereof. The terms and                          
    conditions set out herein have not been varied nor                        
    amended after the respective execution dates of the                       
    Beijing Tenancy Agreement) will not be fulfilled on                       
    or before 15 January 2005. As such, the RL Parties                        
    agreed to terminate the RL Agreement with immediate                       
    effect pursuant to a termination agreement dated 14                       
    January 2005 ("RL Termination Agreement"). Pursuant                       
    to the RL Termination Agreement, the rights,                              
    obligations and liabilities of the parties arising                        
    from or in connection with the RL Agreement have been                     
    waived and released. There is no antecedent breach                        
    to any of the terms of the RL Agreement.                                  
                                                                              
    All amounts paid by Rich Lion Limited to Mr. Wong and                     
    Spark Capital Limited as part payment of the                              
    consideration pursuant to the RL Agreement have been                      
    refunded to Rich Lion Limited.                                            
                                                                              
    The board of directors of the Company ("Board") is                        
    of the view that the termination of the RL Acquisition                    
    does not have any material effect on the Company,                         
    operational, financial or otherwise as the Company                        
    can direct the resources for the RL Agreement to other                    
    investment opportunities.                                                 
                                                                              
    2.      Termination of the acquisition of Chinese Gain                    
    Reference is made to the announcements of the Company                     
    dated 31 March 2004 and 28 September 2004 and the                         
    circular ("CG Circular") of the Company dated 21 April                    
    2004 in relation to the acquisition of Chinese Gain.                      
    Terms defined in the CG Circular shall have the same                      
    meanings when used in part 2 of this announcement                         
    unless the context otherwise requires or otherwise                        
    defined.                                                                  
                                                                              
    By an announcement dated 31 March 2004, the Company                       
    announced that an agreement ("CG Agreement") for the                      
    acquisition ("CG Acquisition") of the entire issued                       
    share capital and the shareholder loan and monies                         
    owing from Chinese Gain to Ms. Yang Qiu Yan ("Ms. Yang")                  
    and Ladder Partner Limited ("LPL") as at the date of                      
    the completion of CG Acquisition was entered into                         
    among Grand Fix Limited, a wholly owned subsidiary                        
    of the Company, Ms. Yang and LPL (Grand Fix Limited,                      
    Ms. Yang and LPL together referred as the "CG                             
    Parties"). CG Acquisition constituted a discloseable                      
    transaction of the Company under the Listing Rules                        
    in force immediately prior to 31 March 2004. Further                      
    details of the CG Acquisition are set out in the CG                       
    Circular. Under the CG Agreement, if the conditions                       
    precedent of the CG Agreement ("CG Conditions") shall                     
    not be fulfilled or, where applicable, waived on or                       
    before 30 September 2004 or such other date as the                        
    parties thereto may agree in writing, the CG Agreement                    
    shall lapse. By an announcement dated 28 September                        
    2004, the Company