09:55     CHINESE EST H<00127>-Announcement & Resumption of Trading-9         

    Company Chinese Estates Holdings Limited, a company                       
    incorporated in Bermuda with limited liability, the shares                
    of which are listed on the Stock Exchange                                 
                                                                              
    Control the right to appoint and/or remove all or the                     
    majority of the members of the Board or other governing body,             
    whether obtained directly or indirectly, and whether                      
    obtained by ownership of share capital, the possession of                 
    voting rights, contract or otherwise                                      
                                                                              
    Conversion Period at any time on or after 30 days after                   
    Closing Date up to the close of business 30 days prior to                 
    Maturity Date, in no event thereafter, or if such Bond shall              
    have been called for redemption before the Maturity Date,                 
    then up to the close of business on the date no later than                
    seven business days prior to the date fixed for redemption                
    thereof                                                                   
                                                                              
    Conversion Price the price per Share at which the Bonds may               
    be converted into Shares                                                  
                                                                              
    Conversion Right the right of a Bondholder to convert any                 
    Bond into Shares                                                          
                                                                              
    Conversion Shares Shares to be allotted and issued by the                 
    Company upon conversion of the Bonds                                      
                                                                              
    Deutsche Bank Deutsche Bank AG, Hong Kong Branch                          
                                                                              
    Directors directors of the Company                                        
                                                                              
    Early Redemption Amount an amount equal to 100% of the                    
    principal amount of the Bond                                              
                                                                              
    Firm Bonds the Zero Coupon Convertible Bonds due 2010 of                  
    an initial aggregate principal amount of HK$1,500,000,000                 
                                                                              
    Group the Company and its subsidiaries                                    
                                                                              
    HK$ Hong Kong dollars, the lawful currency of Hong Kong                   
                                                                              
    Hong Kong the Hong Kong Special Administrative Region of                  
    the People's Republic of China                                            
                                                                              
    Listing Rules the Rules Governing the Listing of Securities               
    on the Stock Exchange                                                     
                                                                              
    Maturity Date 20 April 2010, which is the date on which the               
    Bonds mature                                                              
                                                                              
    Offering Circular the offering circular to be issued in                   
    connection with the issue and offering of the Bonds                       
                                                                              
    Option an option granted by the Company to Deutsche Bank                  
    to subscribe or procure subscribers for all or any of the                 
    Optional Bonds, exercisable on or before the thirtieth day                
    following the Closing Date                                                
                                                                              
    Optional Bonds the additional Zero Coupon Convertible Bonds               
    due 2010 with an aggregate principal amount up to                         
    HK$500,000,000 to be subscribed by Deutsche Bank or                       
    investors procured by Deutsche Bank at the election of                    
    Deutsche Bank                                                             
                                                                              
    Option Closing Date the date on which the Optional Bonds                  
    are to be issued                                                          
                                                                              
    Put Option Date 20 April 2007, which is the second                        
    anniversary from the Closing Date                                         
                                                                              
    Share(s) ordinary shares of HK$0.10 each in the share                     
    capital of the Company                                                    
                                                                              
    Shareholder(s) holder(s) of the Shares                                    
                                                                              
    Stock Exchange The Stock Exchange of Hong Kong Limited                    
                                                                              
    Subscription Agreement a conditional subscription                         
    agreement entered into between, the Company and Deutsche                  
    Bank on 9 March 2005 in connection with the issue by the                  
    Company of the Firm Bonds with an initial aggregate                       
    principal amount of HK$1,500,000,000 and, subject to the                  
    exercise of the Option by Deutsche Bank, the Optional Bonds               
    with up to an aggregate principal amount of HK$500,000,000