09:45     SHANGHAI LAND<00067> - Announcement (1)                             

    The Stock Exchange takes no responsibility for the contents               
    of this announcement, makes no representation as to its                   
    accuracy or completeness and expressly disclaims any                      
    liability whatsoever for any loss howsoever arising from or               
    in reliance upon the whole or any part of the contents of                 
    this announcement.                                                        
                                                                              
    Shanghai Land Holdings Limited                                            
    (Receivers Appointed)                                                     
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 67)                                                          
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The staff of the Receivers at Hotel Longbai have recently                 
    been threatened and physically assaulted. The Receivers                   
    currently consider that it is unsafe for their staff to work              
    at Hotel Longbai. In the circumstances, the Receivers                     
    consider that the day-to-day operation of Hotel Longbai is no             
    longer under the Receivers' control.                                      
                                                                              
    At a hearing on 25 February 2005 in relation to the Company's             
    claim against Mr Chau Ching Ngai for US$34.2 million                      
    (approximately HK$266.76 million), the Court ordered (amongst             
    other things) that the Company be granted leave to amend and              
    serve the Writ out of the jurisdiction on Mr Chau Ching Ngai.             
    The Default Judgment was set aside on 15 November 2004. On 3              
    March 2005, the Court ordered (amongst other things) that the             
    discharge of the appointment of the Receivers of Certain of               
    Mr Chau's Assets would take immediate effect (pursuant to the             
    Court order made on 15 November 2004) upon the undertaking by             
    Mr Chau Ching Ngai and Ms Mo Yuk Ping not, without leave of               
    the Court, to deal with certain assets of Mr Chau.                        
                                                                              
    On 23 December 2004, the Intermediate Court made two orders               
    suspending the executions of the Hongxin Enforcement Notice               
    and the Longbai Enforcement Notice. On 7 March 2005, the                  
    Intermediate Court ordered the resumption of the executions               
    of the Hongxin Enforcement Notice and the Longbai Enforcement             
    Notice. On 14 March 2005, the Intermediate Court indicated                
    that it would proceed with the procedures for execution of                
    the Hongxin Enforcement Notice and that it would defer                    
    proceeding with the procedures for execution of the Longbai               
    Enforcement Notice for a further seven days.                              
                                                                              
    The Receivers will make further announcement(s) to inform the             
    Shareholders of further developments as and when appropriate.             
                                                                              
    Trading in the shares of the Company on the Stock Exchange                
    has been suspended since 9:30 a.m. on 2 June 2003 and will                
    remain suspended until further announcement.                              
                                                                              
    Shareholders are referred to the announcements of the Company             
    dated 26 November 2004 and 17 December 2004.                              
                                                                              
    The staff of the Receivers at Hotel Longbai have recently                 
    been threatened and physically assaulted by a gang of people.             
    The police in Shanghai were called on a number of occasions               
    by the staff of the Receivers seeking protection. In                      
    particular, one of the Receivers' staff was physically                    
    detained against his will at the hotel, physically assaulted              
    and was only allowed to leave after being forced to sign a                
    document against his will and under duress. The Receivers                 
    currently consider that it is unsafe for their staff to work              
    at Hotel Longbai. In the circumstances, the Receivers                     
    consider that the day-to-day operation of Hotel Longbai is no             
    longer under the Receivers' control.                                      
                                                                              
    On 23 July 2003, the Writ was filed by the Company with the               
    Court claiming US$34.2 million (approximately HK$266.76                   
    million) against, inter alios, Mr Chau Ching Ngai in respect              
    of a claim for misappropriated moneys. The Company obtained               
    the Default Judgment against Mr Chau Ching Ngai on 21 August              
    2003. Pursuant to a Court order made on 28 August 2003,                   
    Messrs Stephen Liu Yiu Keung and Yeo Boon Ann were appointed              
    as the Receivers of Certain of Mr Chau's Assets in order to               
    preserve the value thereof and apply the same in satisfaction             
    of the Default Judgment.