10:13     NEW CITY<00456> - Announcement (4)                                  

    The Company will make a further announcement if the Subscription          
    Agreement is not completed by 30 June 2005 or if any of the conditions    
    precedent is waived.                                                      
                                                                              
    Trading in the Shares has been suspended on the Stock Exchange since      
    30 December 2003 at the request of the Company pending release of an      
    announcement in relation to a possible major transaction of the           
    Company involving China Securities Plaza. The Company has yet to          
    demonstrate to the satisfaction of the Stock Exchange that it has         
    sufficient level of operation or tangible assets of sufficient value      
    to warrant the continued listing of the Shares on the Stock Exchange      
    pursuant to Rule 13.24 of the Listing Rules of the Stock Exchange in      
    light of the agreement relating to China Securities Plaza and the very    
    substantial disposal as referred to in the Company's circular dated 28    
    August 2004. Accordingly, the Company was placed into the second stage    
    of the delisting procedures on 12 January 2005. The Company is now        
    actively preparing further information including its projected assets     
    position after completion of the China Securities Plaza transaction       
    for submission to the Stock Exchange in order to substantiate that it     
    meets the requirements under Rule 13.24. The Company will issue the       
    announcement in relation to China Securities Plaza as soon as             
    possible. Trading in the Shares will remain suspended pending release     
    of such announcement and fulfillment of any conditions which may be       
    imposed on the Company by the Stock Exchange.                             
                                                                              
            By Order of the Board of                                          
            New City (Beijing) Development Limited                            
            Han Junran                                                        
            Chairman                                                          
                                                                              
    21 February 2005                                                          
                                                                              
    As at the date of this announcement, Mr. Han Junran, Mr. Fu Yiu Kwong     
    and Mr. Tam Biu Sing, Joseph are executive Directors and Mr. Chan Yiu     
    Tung, Anthony, Mr. Wong Shing Kay, Oliver and Mr. Zheng Qing are          
    independent non-executive Directors.