09:45     SHANGHAI LAND<00067> - Announcement (2)                             

    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, at a continuation of the hearing held on 25                   
    February 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.                                                                     
                                                                              
    The Court further ordered at the hearing on 3 March 2005 that             
    the legal action (High Court Action No. 200 of 2004)                      
    commenced against Sun Tai Cheung Credits Limited, Sun Hung                
    Kai Investment Services Limited and Ms Mo Yuk Ping by                     
    Shanghai Finance Holdings Limited, at the instigation of the              
    Receivers of Certain of Mr Chau's Assets be stayed until the              
    final resolution of the Company's above action against Mr                 
    Chau Ching Ngai.                                                          
                                                                              
    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.                              
                                                                              
    As stated in the Company's announcements dated 3 and 17                   
    December 2004, should the Company cease to own Hotel Longbai              
    as a result of the execution of the Longbai Enforcement                   
    Notice and cease to own Hongxin Land as a result of the                   
    Hongxin Enforcement Notice, there is a risk that the Company              
    may be unable to comply with Rule 13.24 of the Listing Rules.             
    Rule 13.24 states that an issuer shall carry out, directly or             
    indirectly, a sufficient level of operations or have tangible             
    assets of sufficient value and/or intangible assets for which             
    a sufficient potential value can be demonstrated to the Stock             
    Exchange to warrant the continued listing of the issuer's                 
    securities. The Receivers will make further announcement(s)               
    to inform the Shareholders of further developments as and                 
    when appropriate in accordance with the Listing Rules.                    
                                                                              
    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.                              
                                                                              
    As at the date of this announcement, the board of directors               
    of the Company comprises eight directors. The executive                   
    directors are Mr Chau Ching Ngai, Mr Jiang Dong Liang, Mr Koo             
    Hoi Yan, Donald and Mr Mao Wei Ping. The non-executive                    
    directors are Ms Fan Cho Man and Mr Tan Lim Heng. The                     
    independent non-executive directors are Mr Mok Chiu Kuen and              
    Mr Ho Yau Hoo, Ronald.                                                    
                                                                              
    DEFINITIONS                                                               
    Unless the context requires otherwise, the use of capitalised             
    terms in this announcement shall have the following meanings:             
                                                                              
    "Company"   Shanghai Land Holdings Limited (*)                            
     (Receivers Appointed), a company incorporated in Hong                    
    Kong with limited liability the shares of which are listed on             
    the Stock Exchange                                                        
                                                                              
    "Court"   the High Court in Hong Kong                                     
                                                                              
    "Default Judgment"   the default judgement obtained on 21                 
    August 2003 by the Company against Mr Chau Ching Ngai for                 
    US$34.2 million (approximately HK$266.76 million) in High                 
    Court Action No. 2704 of 2003                                             
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region of              
    the PRC                                                                   
                                                                              
    "Hongxin"   (*)(Shanghai Hongxin Real                                     
    Estate Development Company Limited), a company established in             
    the PRC and a wholly owned subsidiary of the Company, which               
    is principally engaged in property development