09:18     HERITAGE INT'L<00412>-Announcement&Resumption of Trading(4)         

    in the interests of the Company and its shareholders as a whole,          
    represents a good opportunity to raise capital for the Company, to        
    further expand its property investment business and to broaden the        
    shareholders base and capital base of the Company and will strengthen     
    the financial position of the Company.                                    
                                                                              
    EFFECTS ON SHAREHOLDING                                                   
    The effects of the Placing on the shareholding of the Company are as      
    follows:-                                                                 
                                                                              
                              Shareholding              Shareholding          
                               before the                after the            
                              Placing                      Placing            
                 No. of       Approximate%   No. of       Approximate%        
                 Shares                                     Shares            
    Director                                                                  
    Lo Ki Yan,   737,000,000  9.27         737,000,000  7.82                  
    Karen                                                                     
    Public       7,213,986,735  90.73        7,213,986,735  76.51             
                                                                              
    Placees      -            -            1,478,000,000 15.67                
    and/or the                                                                
    Placing                                                                   
    Agent                                                                     
    Total        7,950,986,735 100.00       9,428,986,735 100.00              
                                                                              
                                                                              
                                                                              
                                                                              
    FUND-RAISING ACTIVITIES BY THE COMPANY DURING THE PAST 12 MONTHS          
                                                                              
    Date of                                                                   
    announcement   Date of agreement   Nature of transaction Placees /        
    subscriber / allottee     Amount of fund raised                           
                                            (net of expenses)                 
                                                                              
     Number of                                                                
    Shares issued Approximate%  of the total issued share                     
    capital of the                                                            
    Company                                                                   
    as at the                                                                 
    date of this                                                              
    announcement  Intended use of                                             
    proceeds Use of proceeds according                                        
    to the                                                                    
    intended                                                                  
    use Use of                                                                
    proceeds                                                                  
    other than                                                                
    the intended                                                              
    use                                                                       
                                                                              
    9 June 2004  3 June 2004  Placing of existing Shares and top-up           
    subscription of new Shares under general mandate  Independent third       
    parties Approximately HK$16.1 million 448,000,000 Shares 5.63%            
    Possible future investment in Pearl River Delta Region Nil                
    Approximately HK$16.1 million retained as general working capital of      
    the Group                                                                 
                                                                              
                                                                              
    9 June 2004 3 June 2004 Subscription of new Shares by a subscriber        
    under specific mandate Independent third party Approximately HK$21.9      
    million 600,000,000 Shares 7.55% Possible future investment in Pearl      
    River Delta Region Nil Approximately HK$21.9 million retained as          
    general working capital of the Group                                      
                                                                              
                                                                              
    27 October 2004 27 October 2004 Rights issue Shareholders                 
    Approximately HK$23.5 million  2,099,995,578 26.41% Investment in         
    commercial properties (Note 1)  Used Nil                                  
                                                                              
                                                                              
    18 January 2005 18 January 2005 Placing of shares under general           
    mandate  Collier Assets Limited Approximately HK$29.1 million             
    728,000,000 9.16% Investment in commercial properties (Note 1)  Used      
    Nil                                                                       
                                                                              
    25 January 2005 24 January 2005 Placing of convertible notes under        
    specific mandate  Independent third parties and/or Found Macau            
    Investments International Limited  Approximately HK$97 million to         
    approximately HK$145 million 3,000,000,000 Shares (assuming all the       
    convertible notes are converted at the initial conversion price of        
    HK$0.05 per Share)  37.73% Approximately HK$38 million for redemption     
    of existing convertible notes, HK$50 million to HK$100 million as         
    advancement of a shareholder's loan to Found Macau Investments Group      
    Limited and the balance for general working capital (Note 2)              
    Transaction                                                               
                                                                              
    not yet completed Not applicable                                          
                                                                              
    Total: Approximately HK$187.6 million to approximately HK$235.6           
    million 6,875,995,578 Shares (assuming all the convertible notes are      
    converted at the initial conversion price of HK$0.05 per Share)           
    86.48%