09:20     FORTE<02337> - Announcement (4)                                     

    obligation imposed by rule 13.09 of the Listing Rules, which is or        
    may be of a price-sensitive nature.                                       
                                                                              
    Definitions                                                               
                                                                              
    `Business Day'                 any day (excluding Saturday)               
                                   on which banks generally are               
                                   open for business in Hong Kong             
    `Company'                      (Shanghai Forte Land Co., Ltd.)            
    `CSRC'                         (China Securities Regulatory               
                                   Commission)                                
    `Director(s)'                  the director(s) of the Company             
    `Domestic Shares'              ordinary shares in the                     
                                   capital of the Company, with               
                                   a nominal value of RMB0.20                 
                                   each, which are subscribed                 
                                   for and credited as fully                  
                                   paid up in RMB by PRC                      
                                   nationals and/or PRC                       
                                   incorporated entities                      
    `Existing Shareholders'        (Shanghai Fosun High                       
                                   Technology (Group) Company                 
                                   Limited),  (Shanghai Guangxin              
                                   Technology Development                     
                                   Company Limited),  (Shanghai               
                                   Fosun High New Technology                  
                                   Development Company Limited),              
                                   (Shanghai Fosun Information                
                                   Development Company Limited)               
                                   and  (Shanghai Fosun                       
                                   Pharmaceutical Development                 
                                   Company Limited)                           
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK$'                          Hong Kong Dollars, the lawful              
                                   currency of Hong Kong                      
    `Hong Kong' or `HK'            the Hong Kong Special                      
                                   Administrative Region of the PRC           
    `H Shares'                     overseas listed foreign                    
                                   shares in the ordinary share               
                                   capital of the Company, with               
                                   a nominal value of RMB0.20 each            
    `Independent Third Party(ies)' parties who are not connected              
                                   persons (within the meaning                
                                   of the Listing Rules) of the               
                                   Company or any of its subsidiaries         
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange                             
    `Morgan Stanley' or `Placing   Morgan Stanley & Co                        
    Agent'                         International Limited of 25                
                                   Cabot Square, Canary Wharf,                
                                   London E14 4QA, United Kingdom             
    `New York State'               New York State in the US                   
    `Placing'                      the placing or purchase of                 
                                   146,602,687 H Shares by                    
                                   Morgan Stanley respectively                
                                   as the Placing Agent or                    
                                   principal pursuant to the                  
                                   Share Placing Agreement                    
    `Placing Price'                HK$2.82 per H Share                        
    `Placing Shares'               146,602,687 H Shares to be                 
                                   allotted and issued under the              
                                   Placing                                    
    `PRC'                          the People's Republic of China             
    `RMB'                          Renminbi yuan, the lawful                  
                                   currency of the PRC                        
    `Share(s)'                     ordinary share(s) of the                   
                                   Company with a nominal value               
                                   of RMB0.20 each, comprising                
                                   Domestic Shares and H Shares               
    `Share Placing Agreement'      the share placing agreement                
                                   dated 24 February 2005                     
                                   entered into between the                   
                                   Company and Morgan Stanley in              
                                   connection with the Placing                
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `United States' or `US'        the United States of America               
                                                                              
    General                                                                   
                                                                              
    The Group is principally engaged in the development and sale of high      
    quality residential properties in Shanghai, the PRC.                      
                                                                              
    As at the date of this announcement, the executive Directors of the