09:21     MEXAN<00022> - Announcement (3)                                     

    "Asset Valuation Qualification Certificate" #010047                       
    approved by Ministry of Finance of People's Republic                      
    of China on 15 October 2003. Under this license, the                      
    valuer is eligible to value all assets other than                         
    securities.                                                               
                                                                              
    A circular in connection with the acquisition of the                      
    Property will be despatched to the shareholders of                        
    the Company as soon as practicable.                                       
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following terms have the                        
    following meanings:                                                       
                                                                              
    "Agreement"     the agreement dated 24 December 2004                      
    between the Vendor and the Purchaser for the sale and                     
    purchase of the Property                                                  
                                                                              
    "Company"       Mexan Limited, a company incorporated in                  
    Bermuda with limited liability, the shares of which                       
    are listed in the Stock Exchange                                          
                                                                              
    "Directors"     the directors of the Company                              
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "Listing Rules" The Rules Governing the Listing of                        
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   The People's Republic of China which for the                      
    purposes of this announcement excludes the Hong Kong                      
    Special Administrative Region and the Macau Special                       
    Administrative Region and Taiwan                                          
                                                                              
    "Purchaser"     Sharpstate Limited, a company                             
    incorporated in the British Virgin Islands with                           
    limited liability and an indirect wholly-owned                            
    subsidiary of the Company and engages in the business                     
    of investment holding and is incorporated solely for                      
    the purpose of holding the Property                                       
                                                                              
    "RMB"   Renminbi, the lawful currency of mainland PRC                     
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Vendor"        Shanghai Shengtang Properties Limited (*),                
    a company (limited by shares)                                             
    established in the PRC and engages in the business                        
    of property development and real estate management                        
                                                                              
    In this announcement, an exchange rate of HK$1 to                         
    RMB1.06 has been used.                                                    
                                                                              
    By Order of the Board of Directors                                        
    Lau Kan Shan                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 18 January 2005                                                
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Lau Kan Shan, Mr. Yuen Hiu Kwan and                     
    Ms. Ching Yung, the non-executive Director is Mr.                         
    Leung Heung Ying and the independent non-executive                        
    Directors are Mr. Chan Wai Dune, Mr. Lau Wai and Mr.                      
    Tong Kwai Lai.                                                            
                                                                              
    "*" for the Chinese name, please refer to the press announcement today.