10:03     TIAN AN<00028> - Announcement (5)                                   

    or loss in RMB. However, due to the difference in exchange conversion     
    rates between RMB and HK$ in 1991 and 2005 (Note 2), the Group has        
    suffered exchange losses in the sum of approximately HK$3,410,800.        
    Prior to completion of the CZTA Real Estate Disposal Agreement, the       
    Company's accounting treatment of its interest in CZTA Real Estate is     
    equity accounting as CZTA Real Estate is a jointly-controlled entity.     
    As from completion, the Company shall cease to have any interest in       
    CZTA Real Estate.                                                         
                                                                              
    2.  CZTA City Development                                                 
                                                                              
    CZTA City Development is a sino-foreign equity joint venture              
    established in the PRC with limited liability on 1st December, 1997       
    with fully paid-up registered capital of US$2,650,000 (equivalent to      
    approximately HK$20,670,000). Prior to the completion of the              
    acquisition under the CZTA City Development Acquisition Agreement, the    
    Company has an indirect interest of 90% in CZTA City Development.         
    According to the joint venture contract entered into between TA           
    Shanghai and Changzhou Changjiang in respect of CZTA City Development     
    dated 27th October, 1997, the total investment commitment of CZTA City    
    Development is US$5,000,000 (equivalent to approximately                  
    HK$39,000,000), however, there is no capital commitment for the Group     
    to contribute beyond the capital contribution of US$2,385,000 and the     
    Group is obligated to contribute only the capital contribution of         
    US$2,385,000. Upon completion of the acquisition under the CZTA City      
    Development Acquisition Agreement, CZTA City Development shall become a   
    wholly-owned subsidiary of the Company. CZTA City Development is          
    principally engaged in property development in the PRC and is involved    
    in the development of *(Changzhou New City Garden) ("Changzhou            
    New City Garden").                                                        
                                                                              
    Changzhou New City Garden is a residential development located at Zhu     
    Jiang Road, Changzhou City, Jiang Su Province, the PRC and is divided     
    into five phases. Changzhou New City Garden will have a total gross       
    floor area of approximately 220,000 square meters when completed. The     
    project comprises apartments targeting the middle to high-end markets.    
    The development of Changzhou New City Garden commenced in 1997 and        
    started to generate income in 1998. The first three phases of the         
    project, with gross floor area of 138,000 square meters had been          
    completed within the period from 1999 to 2003 with over 99% of the        
    units having been sold out. The construction of the fourth phase          
    commenced in the fourth quarter of 2003 and the construction of the       
    fifth phase will commence in early 2005. The entire project is expected   
    to be completed in late 2005. As at the date of this announcement,        
    other than Changzhou New City Garden, CZTA City Development has no        
    other income-generating business or assets.                               
                                                                              
    According to the unaudited management accounts of CZTA City Development   
    for the year ended 31st December, 2003, CZTA City Development recorded    
    a net profit before and after taxation of approximately RMB29,109,000     
    (equivalent to approximately HK$27,461,300) and approximately             
    RMB19,503,000 (equivalent to approximately HK$18,399,000) respectively.   
    The net assets of CZTA City Development as at 31st December, 2003 was     
    approximately RMB48,570,700 (equivalent to approximately                  
    HK$45,821,400). According to the unaudited management accounts of CZTA    
    City Development for the year ended 31st December, 2002, CZTA City        
    Development recorded a net profit before and after taxation of            
    approximately RMB24,597,500 (equivalent to approximately HK$23,205,200)   
    and approximately RMB16,827,300 (equivalent to approximately              
    HK$15,874,800) respectively. The net assets of CZTA City Development as   
    at 31st December, 2002 was approximately RMB43,067,700 (equivalent to     
    approximately HK$40,629,900).                                             
                                                                              
    Before and after the completion of the CZTA City Development              
    Acquisition Agreement, the Company's accounting treatment of its          
    interest in CZTA City Development would be the same in that CZTA City     
    Development will continue to be accounted for as a subsidiary and         
    consolidated into the next published consolidated accounts of the         
    Company.                                                                  
                                                                              
    3.  CZTA Yuan Cheng                                                       
                                                                              
    CZTA Yuan Cheng is a sino-foreign equity joint venture established in     
    the PRC with limited liability on 5th March, 2004 with registered         
    capital of US$10,000,000 (equivalent to approximately HK$78,000,000),     
    of which US$3,914,414 (equivalent to approximately HK$30,532,400) have    
    been paid up. Prior to the completion of the acquisition under the CZTA   
    Yuan Cheng Acquisition Agreement, the Company has an indirect interest    
    of 90% in CZTA Yuan Cheng. According to the joint venture contract        
    entered into between TA Shanghai and Changzhou Changjiang in respect of   
    CZTA Yuan Cheng dated 10th February, 2004, the total investment           
    commitment to CZTA Yuan Cheng is US$25,000,000 (equivalent to             
    approximately HK$195,000,000), however, there is no capital commitment    
    for the Group to contribute beyond the capital contribution of