09:49     PREMIUM LAND<00164> - 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.                                                     
                                                                              
    This announcement is for information purpose only and                     
    does not constitute an invitation or offer to acquire,                    
    purchase or subscribe for any securities.                                 
                                                                              
    PREMIUM LAND LIMITED                                                      
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 164)                                                         
                                                                              
    EXTENSION OF THE DATE                                                     
    FOR SATISFACTION OF CONDITIONS PRECEDENT TO THE                           
    PROPOSED ISSUE OF THE GUARANTEED CONVERTIBLE NOTES                        
                                                                              
    AND                                                                       
                                                                              
    DESPATCH OF CIRCULAR REGARDING                                            
    THE PROPOSED ISSUE OF (I) NEW SHARES; AND                                 
    (II) UNDERWRITTEN CONVERTIBLE NOTES AND                                   
    GUARANTEED CONVERTIBLE NOTES IN THE AGGREGATE                             
    PRINCIPAL AMOUNT OF HK$109,200,000                                        
                                                                              
    Time for satisfaction of the conditions precedent to                      
    the proposed issue of the Guaranteed Convertible                          
    Notes by the Company has been extended from 20                            
    February 2005 to 15 March 2005.                                           
                                                                              
    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.                                         
                                                                              
    Reference is made to the announcement of the Company                      
    dated 6 January 2005 (the "Announcement") 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. Terms used in the                       
    Announcement shall have the same meanings when used                       
    herein unless the context requires otherwise.                             
                                                                              
    EXTENSION OF THE DATE FOR SATISFYING CONDITIONS TO                        
    THE CB SUBSCRIPTION AGREEMENTS                                            
    In accordance with the terms of the CB Subscription                       
    Agreements, completion of the CB Subscription                             
    Agreements is conditional on, among other matters,                        
    the passing of necessary resolutions by the                               
    Shareholders at the SGM to approve the CB Subscription                    
    Agreements, the creation and issue of the Guaranteed                      
    Convertible Notes and the issue of the Conversion                         
    Shares upon the exercise of the conversion rights                         
    attached to the Guaranteed Convertible Notes.                             
                                                                              
    If the conditions precedent set out in the CB                             
    Subscription Agreements have not been fulfilled (or                       
    waived by the CB Subscribers as appropriate) within                       
    45 days from the date of the CB Subscription                              
    Agreements, i.e., 20 February 2005 (or such other                         
    period as may be agreed between the Company and the                       
    CB Subscribers) (the "Long Stop Date"), the CB                            
    Subscription Agreements will lapse and be of no                           
    further effect and the parties to the CB Subscription                     
    Agreements shall be released from