10:08     <00226><00156><00655> - Joint Announcement & Resumption (2)         

    INTRODUCTION                                                              
    The board of directors of each of Lippo Limited                           
    ("Lippo"), Lippo China Resources Limited ("LCR") and                      
    Hongkong Chinese Limited ("HCL") announces that                           
    Allyield Limited (the "Purchaser"), a wholly-owned                        
    subsidiary of HCL, entered into an agreement of sale                      
    and purchase (the "Agreement") with Kuoc Hou - Fomento                    
    Predial Limitada (the "Seller") on 21st January, 2005,                    
    for acquiring the land located at 83 Estrada de                           
    Cacilhas, Macau together with the buildings                               
    constructed thereon.                                                      
                                                                              
    PRINCIPAL TERMS OF THE AGREEMENT                                          
    Purchaser:      Allyield Limited                                          
                                                                              
    Seller: Kuoc Hou - Fomento Predial Limitada, a                            
    company incorporated in Macau                                             
                                                                              
    Date of Agreement:      21st January, 2005                                
                                                                              
    Property to be acquired:        the land located at 83                    
    Estrada de Cacilhas, Macau (the "Land") together with                     
    the buildings constructed thereon (the "Property")                        
                                                                              
    Consideration:  HK$238,000,000, which is payable in                       
    cash as follows:                                                          
                                                                              
    (i)     HK$71,400,000 shall be and has been paid on                       
    signing of the Agreement and are being held in escrow.                    
    Such sum shall be released to the Seller and a                            
    confirmation agreement will be signed between the                         
    Seller and a nominee of the Purchaser on 31st January,                    
    2005 if the Purchaser is satisfied with the results                       
    of its due diligence on the Property and the Seller                       
    on or before that date. If the Purchaser is not                           
    satisfied with the results of such due diligence on                       
    or before 31st January, 2005, such sum shall be                           
    returned to the Purchaser without any interest and                        
    the Agreement will be terminated; and                                     
                                                                              
    (ii)    HK$166,600,000 shall be paid to the Seller on                     
    or before 28th April, 2005, being the date of                             
    completion of the Agreement.                                              
                                                                              
    Completion:     Completion shall take place on or before                  
    28th April, 2005. Upon completion of the Agreement,                       
    the Purchaser's nominee will take vacant possession                       
    of the Property.                                                          
                                                                              
    INFORMATION ON THE PROPERTY                                               
    The total site area of the Land is approximately 3,623                    
    square metres. The Property comprises several old                         
    buildings which are currently vacant. The Land can                        
    be used for residential and/or commercial purpose,                        
    but shall not be used for any industrial purpose. So                      
    far as the respective boards of directors of HCL, LCR                     
    and Lippo are aware, the Property had been vacant and                     
    no income was generated from the Property for at least                    
    two financial years preceding the entering into of                        
    the Agreement.                                                            
                                                                              
    LISTING RULES IMPLICATIONS                                                
    The Purchaser is a wholly-owned subsidiary of HCL.                        
    LCR is the controlling shareholder of HCL as to                           
    approximately 72.26% of HCL's entire issued share                         
    capital as at the date of this announcement. Lippo                        
    is the controlling shareholder of LCR as to                               
    approximately 71.13% of LCR's entire issued share                         
    capital as at the date of this announcement. Since                        
    the applicable percentage ratios for the purchase                         
    consideration payable by the Purchaser for acquiring                      
    the Property represent 5% or more but less than 25%                       
    for each of HCL and LCR, and represent 25% or more                        
    but less than 100% for Lippo, the entering