09:57     POLY HK INV<00119> - Announcement (1)                               

    The Stock Exchange of Hong Kong Limited takes 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.                   
                                                                              
                                                                              
    Poly (Hong Kong) Investments Limited                                      
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 119)                                                         
                                                                              
    CONTINUING CONNECTED TRANSACTIONS                                         
                                                                              
    On 4th February, 2005, PPL, a 75% owned subsidiary of the Company         
    entered into the Lease Renewal Agreements with China Poly in respect of   
    the following premises for a term of 2 years from 1st January, 2005 to    
    31st December, 2006:                                                      
                                                                              
    1.  portions of office tower, B1021 at the basement level and Rooms       
    305A, 305B and 324 of the annexed building, function room at level 19     
    and 16 carparking spaces of Poly Plaza;                                   
                                                                              
    2.  Exhibition Halls 1 and 2 together with an office area at Room 2101    
    on the second level and 1 carparking space of Poly Plaza.                 
                                                                              
    By virtue of the fact that China Poly and its associates are interested   
    in approximately 60.29% of the issued share capital of the Company and    
    accordingly a connected person of the Company and in view of the          
    on-going term of the tenancies, the entering into of the Lease Renewal    
    Agreements constituted continuing connected transactions for the          
    Company under Rule14A.14 of the Listing Rules. Given that the annual      
    amount of rental falls within the de minimis threshold prescribed in      
    Rule 14A.34 of the Listing Rules, the entering into of the Lease          
    Renewal Agreements will be subject to reporting and announcement          
    requirements only. Appropriate disclosure of the above transactions       
    will be made in the next published annual report and accounts of the      
    Company in accordance with Rules 14A.37, 14A.38, 14A.45 and 14A.46 of     
    the Listing Rules.                                                        
                                                                              
    OFFICE TOWER LEASE RENEWAL AGREEMENT                                      
                                                                              
    Date  :  4th February, 2005                                               
                                                                              
    Parties  :  (1)  PPL, as the lessor                                       
                (2)  China Poly, as the lessee                                
                                                                              
    Subject premises  :  portions of office tower, B1021 at basement level    
    and Rooms 305A, 305B and 324 of annexed building, function room at        
    level 19 and 16 carparking spaces of Poly Plaza                           
                                                                              
    Area  :  total gross floor area of approximately 2,079.71 square metres   
    for the Office Area                                                       
                                                                              
    Term  :  2 years commencing from 1st January, 2005 and expiring on 31st   
    December, 2006 (both dates inclusive)                                     
                                                                              
    Rental  :  aggregate rental of RMB14,177,038.00 (approximately            
    HK$13,249,568.22) for the Office Area for the whole term under the        
    Office Tower Lease Renewal Agreement                                      
                                                                              
    Other charges  :  gas, water, electricity and telephone charges will be   
    charged on a reimbursement basis and borne by China Poly as the lessee    
                                                                              
    Payment Term  :  The rental and miscellaneous charges will be payable     
    annually in arrears within 30 days after the expiration of the annual     
    term and in two equal instalments.                                        
                                                                              
    EXHIBITION HALLS LEASE RENEWAL AGREEMENT                                  
                                                                              
    Date  :  4th February, 2005                                               
                                                                              
    Parties  :  (1)  PPL, as the lessor                                       
                (2)  China Poly, as the lessee                                
                                                                              
    Subject premises  :  Exhibition Halls 1 and 2 together with an office     
    area at Room 2101 on the second level and 1 carparking space of Poly      
    Plaza                                                                     
                                                                              
    Area  :  total gross floor area of approximately 740.8 square metres      
    for the Exhibition Halls                                                  
                                                                              
    Term  :  2 years commencing from 1st January, 2005 and expiring on 31st   
    December, 2006 (both dates inclusive)