09:49     PREMIUM LAND<00164> - Announcement (2)                              

    further obligations without any liability save in                         
    respect of any antecedent breach.                                         
                                                                              
    In view that the SGM is scheduled to be convened on                       
    9 March 2005, the conditions precedent to the CB                          
    Subscription Agreements cannot be satisfied on or                         
    before 20 February 2005. Each of the CB Subscribers                       
    and the Company has therefore entered into an                             
    agreement supplemental to the relevant CB                                 
    Subscription Agreements on 18 February 2005 to extend                     
    the Long Stop Date to 15 March 2005. On this basis,                       
    it is currently expected that completion of the CB                        
    Subscription Agreements would take place on or around                     
    14 March 2005 (being the day falling 5 days from the                      
    date of the SGM).                                                         
                                                                              
    The Directors confirm that the terms and conditions                       
    of the supplemental agreements are fair and                               
    reasonable and were arrived at after arm's length                         
    negotiation.                                                              
                                                                              
    COMPLETION OF THE ISSUE OF THE NEW SHARES AND THE                         
    UNDERWRITTEN CONVERTIBLE NOTES                                            
    In view that the SGM is scheduled to be convened on                       
    9 March 2005, completion of the Share Subscription                        
    Agreement (in respect of the issue of 530,000,000 new                     
    Shares) and the Placing Agreement (in respect of the                      
    Underwritten Convertible Notes) will take place on                        
    or around 14 March 2005 at the earliest.                                  
                                                                              
    DESPATCH OF CIRCULAR                                                      
    The Directors are pleased to announce that the                            
    circular containing information in relation to the                        
    proposed issue of (i) the new Shares; and (ii) the                        
    Underwritten Convertible Notes and the Guaranteed                         
    Convertible Notes in the aggregate principal amount                       
    of HK$109,200,000 by the Company, together with the                       
    notice convening the SGM, has been despatched to the                      
    Shareholders on 21 February 2005.                                         
                                                                              
    By order of the Board                                                     
    PREMIUM LAND LIMITED                                                      
    Dong Bo, Frederic                                                         
    Director                                                                  
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Dong Bo, Frederic and Mr. Lau Man                       
    Tak. The independent non-executive Directors are Mr.                      
    Kan Kwok Shu, Mr. Shum Ka Hei, Mr. Pang Haiou and Mr.                     
    Zuo Guang.                                                                
                                                                              
    Hong Kong, 21 February 2005                                               
                                                                              
    *  For identification purposes only