09:12     HERITAGE INT'L<00412>-Announcement&Resumption of Trading(11)        

                                                    applicable                
    18 January 2005 18 January 2005 Placing of      Collier Assets            
                                    Shares under    Limited                   
                                    general         Approximately             
                                    mandate         29.1 million              
                                                    728,000,000               
                                                    9.85%                     
                                                    Investment in             
                                                    commercial                
                                                    properties                
                                                    Used N/A                  
                                                     Total:                   
                                                    Approximately             
                                                    HK$90.6                   
                                                    million Total:            
                                                    4,683,995,578             
                                                    Shares Total:             
                                                    86.05%  Total:            
                                                    Approximately             
                                                    HK$Nil million            
                                                    Total:                    
                                                    Approximately             
                                                    HK$38                     
                                                    million                   
                                                                              
                                                                              
                                                                              
                                                                              
    Save as for the above, there have been no equity fund raising             
    activities conducted by the Group in the past 12 months.                  
                                                                              
    The Board (including the independent non-executive directors)             
    consider that the terms of the Placing Agreement, which were entered      
    after arm's length negotiation between the Company and the Placing        
    Agent, to be on normal commercial terms and that such terms are fair      
    and reasonable and in the interest of the Shareholders and the            
    Company as a whole.                                                       
                                                                              
    A circular containing details of the Transactions, including notice       
    of the SGM and the advice of an independent financial adviser on the      
    FM Transactions will be despatched to Shareholders as soon as             
    practicable.                                                              
                                                                              
    RESUMPTION OF TRADING                                                     
    At the request of the Company, trading in the Shares on the Stock         
    Exchange was suspended with effect from 9:30 a.m. on 24th January,        
    2005 pending the release of this announcement. Application has been       
    made by the Company for the resumption of trading in the Shares on        
    the Stock Exchange with effect from 9:30 a.m. on 26th January, 2005.      
                                                                              
                                                                              
    DEFINITIONS                                                               
    The following terms are used in this announcement within the              
    meanings set opposite them:-                                              
                                                                              
    `Alpha Aim'                    Alpha Aim International                    
                                   Limited, a company                         
                                   incorporated in the British                
                                   Virgin Islands on 18th                     
                                   November, 2004 and a                       
                                   wholly-owned subsidiary of                 
                                   China United;                              
    `Associates'                   has the meaning ascribed                   
                                   thereto in the Listing Rules;              
    `Board'                        the board of directors of the              
                                   Company;                                   
    `China United'                 China United International                 
                                   Holdings Limited (Stock Code:              
                                   273), a company incorporated               
                                   in Hong Kong the shares of                 
                                   which are listed on the Stock              
                                   Exchange;                                  
    `Company'                      Heritage International                     
                                   Holdings Limited, a company                
                                   incorporated in Bermuda, the               
                                   shares of which are listed on              
                                   the Stock Exchange;                        
    `Connected Person(s)'          has the meaning ascribed                   
                                   thereto in the Listing Rules;              
    `Conversion Price'             the initial conversion price               
                                   of the New Convertible Notes               
                                   of HK$0.05 per Share (subject              
                                   to adjustment as provided in               
                                   the terms and conditions of                
                                   the New Convertible Notes);                
    `Conversion Shares'            such number of new Shares to               
                                   be issued upon the exercise                
                                   of the conversion rights                   
                                   attaching to the New                       
                                   Convertible Notes and the FM               
                                   Convertible Note;                          
    `Directors'                    the directors of the Company;              
    `Existing Convertible Notes'   the convertible notes issued               
                                   by the Company on 15th April,