09:23     PREMIUM LAND<00164> - Announcement (5)                              

    Capital Reorganisation becoming effective, the                            
    Shareholders can submit their existing certificates                       
    for the Shares in exchange for new certificates for                       
    the New Shares on the basis of twenty (20) Shares for                     
    one (1) New Share at the expense of the Company from                      
    9:30 a.m. on Thursday, 7 April 2005 to 4:00 p.m. on                       
    Friday, 20 May 2005. After the expiry of such period,                     
    existing certificates for the Shares will be accepted                     
    for exchange only on payment of a fee of HK$2.5 per                       
    each existing certificate or new certificate,                             
    whichever the higher number of certificates (or such                      
    higher amount as may from time to time be allowed by                      
    the Stock Exchange).                                                      
                                                                              
    TRADING ARRANGEMENT FOR THE NEW SHARES                                    
    Subject to the Capital Reorganisation becoming                            
    effective, the arrangement for trading in the New                         
    Shares will be as follows:                                                
                                                                              
    (a)     from 9:30 a.m. on Thursday, 7 April 2005, the                     
    existing counter for trading in Shares in board lots                      
    of 10,000 Shares will be temporarily closed;                              
                                                                              
    (b)     with effect from 9:30 a.m. on Thursday, 7 April                   
    2005, a temporary counter for trading in New Shares                       
    in board lots of 500 New Shares, in the form of existing                  
    share certificates for the Shares, will be                                
    established, and for the purposes of the settlement                       
    and delivery for trading at this temporary counter                        
    every twenty (20) Shares will be deemed to represent                      
    one (1) New Share. Only existing share certificates                       
    for Shares can be traded at this temporary counter;                       
                                                                              
    (c)     with effect from 9:30 a.m. on Thursday, 21 April                  
    2005, the existing counter will be re-opened for                          
    trading in the New Shares in board lots of 5,000 New                      
    Shares. Only share certificates for the New Shares                        
    can be traded at this counter;                                            
                                                                              
    (d)     during the period from 9:30 a.m. on Thursday,                     
    21 April 2005 to 4:00 p.m. on Friday, 13 May 2005 (both                   
    days inclusive), parallel trading will be permitted                       
    at the above two counters;                                                
                                                                              
    (e)     the temporary counter for trading in the                          
    existing share certificates in board lots of 500 New                      
    Shares will be removed after the close of trading at                      
    4:00 p.m. on Friday, 13 May 2005; and                                     
                                                                              
    (f)     with effect from 9:30 a.m. on Tuesday, 17 May                     
    2005 trading will only be done in New Shares in board                     
    lots of 5,000 New Shares (in the form of new share                        
    certificates). Existing share certificates will only                      
    be valid for delivery and settlement in respect of                        
    dealings for the period up to and including 4:00 p.m.                     
    on Friday, 13 May 2005 and thereafter will not be                         
    acceptable for trading, delivery and settlement                           
    purposes. However, existing certificates for Shares                       
    will continue to be good and valid evidence of legal                      
    title to the shares held in the Company on the basis                      
    of twenty (20) Shares for one (1) New Share and may                       
    be exchanged for new share certificates for the New                       
    Shares at the Registrar at any time on payment of a                       
    prescribed fee.                                                           
                                                                              
    Details of such Share exchange and trading                                
    arrangements will be set out in the circular to be                        
    despatched to the Shareholders for such purpose.                          
    Arrangements will also be made to ensure that the New                     
    Shares are accepted as eligible securities by HKSCC                       
    for deposit, clearance and settlement in CCASS                            
    following the Capital Reorganisation.