09:48     ASIA STANDARD<00129> - Announcement & Resumption (1)                

    The Stock Exchange of Hong Kong Limited and the Securities and            
    Futures Commission take no responsibility for the contents of this        
    announcement, makes no representation as to its accuracy or               
    completeness and expressly disclaims any liability whatsoever for any     
    loss howsoever arising from or in reliance upon the whole or any part     
    of the contents of this announcement.                                     
                                                                              
                                                                              
    ASIA STANDARD INTERNATIONAL GROUP LIMITED                                 
    ()*                                                                       
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 00129)                                                       
                                                                              
    PLACING OF EXISTING SHARES                                                
    AND                                                                       
    SUBSCRIPTION FOR NEW SHARES                                               
    AND                                                                       
    CONNECTED TRANSACTION                                                     
                                                                              
    PLACING AGENT AND UNDERWRITER                                             
                                                                              
                                                                              
    CLSA LIMITED                                                              
                                                                              
                                                                              
    On 2nd February, 2005, the Vendors entered into the Placing and           
    Underwriting Agreement with the Placing Agent pursuant to which the       
    Placing Agent agreed to place on behalf of the Vendors, 750,000,000       
    existing Shares held by the Vendors with an option to place an            
    additional 70,000,000 existing Shares held by the Vendors, all at a       
    price of HK$0.38 per Placing Share.                                       
                                                                              
    AOCL further entered into the AO Subscription Agreement with the          
    Company on 2nd February, 2005 pursuant to which AOCL agreed to            
    subscribe for or procure the other Vendors to subscribe for, subject      
    to completion of the Placing, 750,000,000 new Shares at a                 
    subscription price of HK$0.38 per AO Subscription Share, and if the       
    Placing Agent exercises the Option, AOCL agreed to subscribe for or       
    procure the other Vendors to subscribe for an additional 70,000,000       
    new Shares, also at a subscription price of HK$0.38 per AO                
    Subscription Share.                                                       
                                                                              
    The Option was fully exercised by the Placing Agent immediately           
    after execution of the Placing and Underwriting Agreement, thus           
    increasing the number of Placing Shares to 820,000,000.                   
                                                                              
    The Placing Shares represent approximately 19.95% of the existing         
    issued share capital of the Company and approximately 16.63% and          
    16.15% of the issued share capital of the Company as enlarged by the      
    AO Subscription and the Grosvenor Subscription respectively.              
                                                                              
                                                                              
    The Placing Shares will be placed by the Placing Agent to more than       
    six professional, institutional and/or individual investors. All the      
    Placees will be Independent Third Parties.                                
                                                                              
    The Placing Agent has the right to terminate the Placing and              
    Underwriting Agreement on the occurrence of certain events, including     
    force majeure, occurring prior to the completion of the Placing. If       
    the Placing Agent exercises such right, the Placing will not proceed.     
                                                                              
                                                                              
    On 2nd February, 2005, Grosvenor, a substantial shareholder of the        
    Company holding approximately 14.92% of the entire issued share           
    capital of the Company, entered into the Grosvenor Subscription           
    Agreement with the Company for the subscription for 132,500,000 new       
    Shares at a subscription price of HK$0.38 per Grosvenor Subscription      
    Share. Pursuant to the Grosvenor Subscription Agreement, if the           
    Placing Agent exercises the Option, Grosvenor will subscribe for an       
    additional 12,500,000 new Shares, also at a subscription price of         
    HK$0.38 per Grosvenor Subscription Share. As the Option has been          
    exercised, the number of Grosvenor Subscription Shares is increased       
    to 145,000,000. The Grosvenor Subscription Shares represent               
    approximately 3.53% of the existing issued share capital of the           
    Company and approximately 2.94% and 2.86% of the issued share capital     
    of the Company as enlarged by the AO Subscription and the Grosvenor       
    Subscription respectively. As Grosvenor is a substantial shareholder      
    of the Company, the Grosvenor Subscription constitutes a connected        
    transaction for the Company and is subject to approval of the             
    Independent Shareholders at a special general meeting to be convened      
    by the Company.                                                           
                                                                              
    The Placing and the Subscriptions are effected to enable the Company      
    to raise funds. Upon completion of the Placing and the Subscriptions,     
    the Company will raise a maximum net proceeds of approximately            
    HK$359,500,000 and it intends to use such proceeds for payment of         
    land premium for the Group's existing residential projects in Hong        
    Kong, repayment of bank borrowings of the Group and as the Company's      
    general working capital.                                                  
                                                                              
    Trading in the Shares has been suspended at the request of the            
    Company with effect from 9:30 a.m. on 3rd February 2005 pending the       
    release of this announcement. An application has been made to the         
    Stock Exchange for resumption of trading of the Shares with effect