09:14     SHANGHAI ZENDAI<00755> - Announcement                               

    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 purposes only and does not           
    constitute an invitation or offer to acquire purchase or subscribe for    
    any securities.                                                           
                                                                              
                                                                              
    SHANGHAI ZENDAI PROPERTY LIMITED                                          
    (Incorporated in the Bermuda with limited liability)                      
    (Stock Code: 755)                                                         
                                                                              
    COMPLETION OF                                                             
    ISSUE OF CONVERTIBLE NOTES AND GRANT OF OPTION                            
                                                                              
    The Directors are pleased to announce that all the Conditions Precedent   
    stated in the Subscription Agreement have been fulfilled and the          
    Completion has taken place on 24 February 2005.                           
                                                                              
    Reference is made to the announcement of the Company dated 2 February,    
    2005 in relation to the proposed issue of Convertible Notes and the       
    grant of Option. Terms used herein, unless otherwise defined, shall       
    have the same meanings as defined in the announcement of the Company      
    dated 2 February, 2005.                                                   
                                                                              
    The Directors are pleased to announce that all the Conditions Precedent   
    stated in the Subscription Agreement have been fulfilled and the          
    Completion has taken place on 24 February 2005.                           
                                                                              
    As at the date of announcement, the executive directors of the Company    
    are Mr. Dai Zhikang, Mr. Zhu Nansong, Mr. Zhang Wei, Mr. Zhao Hangsheng   
    and Mr. Tang Jian. The independent non-executive directors of the         
    Company are Mr. Lo Mun Lam, Raymond, Mr. Lai Chik Fan and Mr. Ma Chi      
    Kui, Sandroff.                                                            
                                                                              
    Made by the board of Directors, the Directors of which individually and   
    jointly accepts responsibility for the accuracy of this announcement.     
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
    Shanghai Zendai Property Limited                                          
    Dai Zhi Kang                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 24 February, 2005