09:56     BJ CAPITAL LAND<02868> - Announcement (3)                           

    China Securities Regulatory Commission in respect of the Placing and      
    the issue of Placing Shares on 26 January 2005. Pursuant to the           
    approval from the China Securities Regulatory Commission, the Company     
    shall report the status of the Placing to the China Securities            
    Regulatory Commission within 15 business days from Completion.            
                                                                              
    Save the approvals as stated above, the Company is not required to        
    obtain any other approvals from any other PRC government authority in     
    respect of the Placing and the issue of the Placing Shares under the      
    PRC law.                                                                  
                                                                              
    United States Selling Restrictions                                        
                                                                              
    The Placing Shares have not been registered under the Securities Act      
    and may not be offered or sold in the United States of America or to      
    U.S. persons (as such term is defined in the Securities Act), unless      
    an exemption from the registration requirements of the Securities Act     
    is available.                                                             
                                                                              
    Ranking                                                                   
                                                                              
    The Placing Shares will rank pari passu in all respects with the          
    existing H Shares in issue on completion of the Placing Agreement,        
    including the right to receive all dividends and distributions            
    declared, paid or made after the Completion.                              
                                                                              
    Shareholding Structure                                                    
                                                                              
    The shareholding structure of the Company immediately before and after    
    the Placing is set out below:                                             
                                                                              
            Immediately before the Placing        Immediately after the       
    Placing                                                                   
                            Approximate                                       
    Approximate                                                               
            Number of Shares                percentage of                     
    Number of Shares                percentage of                             
    Name of Shareholder        held (Shares)                shareholding      
    (%)                held (Shares)                shareholding (%)          
                                                                              
    The Capital Group        56,007,100                3.47                   
    56,007,100                3.26                                            
                                                                              
    Beijing Sunshine Real Estate                                              
      Comprehensive Development                                               
      Company        57,684,600                3.58                           
    47,418,600                2.76                                            
                                                                              
    Beijing Capital Sunshine Real                                             
      Estate Development Co., Ltd.        286,225,700                17.74    
    286,225,700                16.68                                          
                                                                              
    Beijing Capital Technology                                                
      Investment Ltd.        172,006,700                10.66                 
    172,006,700                10.02                                          
                                                                              
    Beijing Capital Hangyu                                                    
      Economic Development                                                    
      Co., Ltd.        118,747,600                7.36                        
    118,747,600                6.92                                           
                                                                              
    China Resource Products                                                   
      Limited        275,236,200                17.06                         
    275,236,200                16.04                                          
                                                                              
    Yieldwell International                                                   
      Enterprise Limited        82,762,100                5.13                
    82,762,100                4.82                                            
                                                                              
    Reco Pearl Private Limited (H Shares)        158,102,000                  
    9.80                158,102,000                9.21                       
                                                                              
    Public (H Shares)        406,528,000                25.20                 
    519,454,000                30.27                                          
            --------------------------------------------------------          
                                                                              
    Total i        1,613,300,000                100                           
    1,715,960,000                100                                          
            ========================================================          
                                                                              
    i.        The percentages may not add up to 100% due to rounding