09:49     ASIA STANDARD<00129> - Announcement & Resumption (4)                

    public shareholders in the Company immediately before and after           
    completion of the Placing and the Subscriptions are and will be as        
    follows:                                                                  
                                                                              
                                                                              
                 Current      Immediately  Immediately  Immediately           
                 shareholding after        after        after                 
                  completion   completion   completion                        
                 of the       of the       of the                             
                  Placing but  Placing and  Placing and                       
                  before the   the AO       the                               
                 Subscriptions Subscription Subscriptions                     
                                           but before                         
                                           the                                
                                           Grosvenor                          
                                           Subscription                       
                 No. of       No. of       No. of       No. of                
                 Shares       Shares       Shares       Shares                
                 (approximate (approximate (approximate (approximate          
                   of total)    of total)    of total)    of total)           
                 (see Note)   (see Note)   (see Note)   (see Note)            
                                                                              
    Vendors and  2,055,469,71 1,235,469,71 2,055,469,71 2,055,469,71          
    its          2            2            2            2                     
    subsidiaries (49.9993%)   (30.0528%)   (41.6846%)   (40.4939%)            
    Grosvenor    613,530,000  613,530,000  613,530,000  758,530,000           
                 (14.9241%)   (14.9241%)   (12.4423%)   (14.9435%)            
    Placees      0 (0%)       820,000,000  820,000,000  820,000,000           
                              (19.9465%)   (16.6295%)   (16.1545%)            
    Mr. Poon     4,445,650    4,445,650    4,445,650    4,445,650             
    Jing         (0.1081%)    (0.1081%)    (0.0902%)    (0.0875%)             
    (Managing                                                                 
    Director of                                                               
    the                                                                       
    Company)                                                                  
    Other        1,437,554,62 1,437,554,62 1,437,554,62 1,437,554,62          
    public       8            8            8            8                     
    shareholders (34.9685%)   (34.9685%)   (29.1534%)   (28.3206%)            
    Total        4,110,999,99 4,110,999,99 4,930,999,99 5,075,999,99          
                 0 (100%)     0 (100%)     0            0                     
                                           (100%)       (100%)                
                                                                              
                                                                              
                                                                              
                                                                              
    Note: The figures assume that other than the AO Subscription Shares       
    and the Grosvenor Subscription Shares, no new Shares will be issued       
    or purchased by the Company and other than the Placing Shares, no         
    Shares will be sold or purchased by the Vendors, in each case, after      
    the date of this announcement and up to the date of completion of the     
    Subscriptions.                                                            
                                                                              
                                                                              
    REASON FOR THE PLACING AND SUBSCRIPTIONS AND USE OF PROCEEDS RAISED       
    FROM THE SUBSCRIPTIONS                                                    
                                                                              
    The Directors consider that the terms pf the Placing and the              
    Subscriptions fair and reasonable and in the interest of the Company      
    and the Shareholders as a whole and that the Placing and the              
    Subscriptions are a good opportunity to raise capital for the Company     
    whilst broadening the shareholder and the capital base of the             
    Company.                                                                  
                                                                              
    The estimated net proceeds of the Subscriptions are expected to be        
    HK$359,500,000 (assuming the Grosvenor Subscription is completed) and     
    HK$304,900,000 (assuming the Grosvenor Subscription is not                
    completed).                                                               
                                                                              
    Irrespective of whether the Grosvenor Subscription is completed or        
    not, the Company intends to use HK$50,000,000 out of the net proceeds     
    for repayment of bank borrowings of the Group and another                 
    HK$50,000,000 as general working capital of the Group and the             
    remaining balance of the net proceeds will be used as payment of land     
    premium for the Group's existing residential property projects in         
    Hong Kong. The Company is unable to identify the property projects at     
    the moment because this is subject to negotiations with the Hong Kong     
    Government.                                                               
                                                                              
    INFORMATION OF THE GROUP                                                  
    The Group is engaged in investment and development of commercial,         
    retail and residential properties in Hong Kong and the PRC. Through       
    its listed subsidiary, Asia Standard Hotel Group Limited in which the     
    Company holds a 70% shareholding interest, the Group also indirectly      
    owns and operates three hotels, of which two are in Hong Kong and one     
    in Canada, a travel agency in Hong Kong and two franchise restaurants     
    in Hong Kong and Shanghai, PRC.                                           
                                                                              
    INFORMATION OF GROSVENOR                                                  
    Grosvenor is a subsidiary of Grosvenor Group Limited, an                  
    international property group based in the United Kingdom and owned by     
    trusts of the Grosvenor family.                                           
                                                                              
    INFORMATION OF AOCL                                                       
    AOCL is a wholly owned subsidiary of Asia Orient Holdings Limited, a