10:14     PREMIUM LAND<00164> - Announcement (3)                              

    Agreement, Placing Agreement and CB Subscription                          
    Agreements are postponed to a date on or about 20 May                     
    2005 and the latest date for the condition precedents                     
    of the CB Subscription Agreements to be fulfilled (or                     
    (where applicable) waived by the CB Subscribers) is                       
    extended to 15 May 2005. Further announcement will                        
    be made if the Share Subscription Agreement, Placing                      
    Agreement and CB Subscription Agreements cannot be                        
    completed by 20 May 2005.                                                 
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Dong Bo, Frederic and Mr. Lau Man                       
    Tak. The independent non-executive Directors are Mr.                      
    Kan Kwok Shu, Mr. Shum Ka Hei, Mr. Pang Haiou and Mr.                     
    Zuo Guang.                                                                
                                                                              
    By order of the Board                                                     
    PREMIUM LAND LIMITED                                                      
    Dong Bo, Frederic                                                         
    Director                                                                  
                                                                              
    Hong Kong, 15 March 2005