09:57     BJ CAPITAL LAND<02868> - Announcement (5)                           

    "Hong Kong"        The Hong Kong Special Administrative Region of the     
    PRC                                                                       
                                                                              
    "Listing Committee"        The listing sub-committee of the board of      
    directors of the Stock Exchange                                           
                                                                              
    "Listing Rules"        The Rules Governing the Listing of Securities      
    on the Stock Exchange                                                     
                                                                              
    "New Placing Share(s)"        The 102,660,000 H Shares to be allotted     
    and issued by the Company in connection with the Placing                  
                                                                              
    "Placing Shares"        The H Shares to be placed pursuant to the         
    Placing, comprising the New Placing Shares and the Selling Shareholder    
    Placing Shares                                                            
                                                                              
    "Placing"        The placing of 112,926,000 H Shares, comprising the      
    New Placing Shares and the Selling Shareholder Placing Shares by the      
    Placing Agent as sole placing agent and underwriter pursuant to the       
    Placing Agreement                                                         
                                                                              
    "Placing Agent"        J.P. Morgan Securities (Asia Pacific) Limited      
    acting as the sole placing agent and underwriter of the Placing, a        
    corporation licensed to conduct type 1 (dealing in securities) and        
    type 6 (advising on corporate finance) regulated activities under the     
    Securities and Futures Ordinance                                          
                                                                              
    "Placing Agreement"        A placing agreement entered into between       
    the Company, the Selling Shareholder and the Placing Agent dated 27       
    January 2005 in relation to the Placing                                   
                                                                              
    "Placing Price"        The placing price of HK$2.16 per H Share under     
    the Placing                                                               
                                                                              
    "PRC"        The People's Republic of China                               
                                                                              
    "Securities Act"        The Securities Act of the United States of        
    America                                                                   
                                                                              
    "Seller"        The Company, acting as agent for the PRC National         
    Social Security Fund                                                      
                                                                              
    "Selling Shareholder         The 10,266,000 H Shares to be allotted       
    and issued by the Company upon                                            
      Placing Shares"        conversion of 10,266,000 existing domestic       
    invested Shares in the capital of the Company currently held by the       
    Selling Shareholder                                                       
                                                                              
    "Share(s)"        Share(s) in the share capital of the Company, with a    
    RMB-denominated par value of RMB1.00 each in the Company                  
                                                                              
    "Shareholder(s)"        The shareholder(s) of the Company                 
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "HK$"        Hong Kong dollars, the lawful currency of Hong Kong          
                                                                              
    "RMB"        Renminbi, the lawful currency of the PRC                     
                                                                              
    "%"        Per cent.                                                      
                                                                              
            By order of the Board                                             
            Beijing Capital Land Ltd.                                         
            Chan Yee Wah, Eva                                                 
            Company Secretary                                                 
                                                                              
    Hong Kong, 27 January 2005                                                
                                                                              
    The Board as of the date of this announcement comprises Mr. Liu           
    Xiaoguang (Chairman), Mr. Tang Jun, Mr. He Guang, Mr. Pan Pei and Mr.     
    Wang Zhengbin who are the executive Directors, Ms. Zhu Min and Mr. Muk    
    Kin Yau who are the non-executive Directors, Mr. Peter Yuk Lun Eng,       
    Mr. Benny Kwong Kai Sing, Mr. Ke Jianmin and Mr. Yu Xing Bao being the    
    independent non-executive Directors.