09:46     SHANGHAI LAND<00067> - Announcement (3)                             

    "Hongxin Enforcement Notice"   the enforcement notice dated               
    28 June 2004 served on Hongxin stating, among other things,               
    that the Intermediate Court had ruled that Hongxin should pay             
    to SRCC RMB301,447,005.54 with accrued penalty interest and               
    an enforcement fee of RMB303,447                                          
                                                                              
    "Hongxin Land"   a parcel of land situated at 26 Wu Zhong Lu,             
    Shanghai, the PRC which is owned by Hongxin                               
                                                                              
    "Hotel Longbai"   (*)(Hotel Yihe Longbai                                  
    Shanghai), which is situated at 2451 Hong Qiao Road, Shanghai,            
    the PRC and owned by Longbai                                              
                                                                              
    "Intermediate Court"   (*)(Shanghai No.1                                  
    Intermediate Court) of the PRC                                            
                                                                              
    "Listing Rules"   the Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "Longbai"   (*)(Shanghai Yihe Longbai                                     
    Hotel Limited) (formerly known as *),                                     
    a company established in the PRC and a wholly owned                       
    subsidiary of the Company, which is principally engaged in                
    hotel investment and operation                                            
                                                                              
    "Longbai Enforcement Notice"   the enforcement notice dated               
    28 June 2004 served on Longbai stating, among other things,               
    that the Intermediate Court had ruled that Longbai should pay             
    to SRCC RMB354,934,911.58 with accrued penalty interest and               
    an enforcement fee of RMB356,935                                          
                                                                              
    "PRC"   the People's Republic of China which, for the purpose             
    of this announcement, excludes Hong Kong, the Macau Special               
    Administrative Region of the People's Republic of China and               
    Taiwan                                                                    
                                                                              
    "Receivers"   Messrs Stephen Liu Yiu Keung and Yeo Boon Ann,              
    both of Ernst & Young Transactions Limited of 17th Floor,                 
    Hutchison House, 10 Harcourt Road, Central, Hong Kong                     
                                                                              
    "Receivers of Certain of Mr Chau's Assets"   Messrs Stephen               
    Liu Yiu Keung and Yeo Boon Ann appointed as joint and several             
    receivers of certain assets of Mr Chau Ching Ngai pursuant to             
    a Court order made on 28 August 2003 in High Court Action No.             
    2704 of 2003                                                              
                                                                              
    "Shareholders"   the shareholders of the Company                          
                                                                              
    "SRCC"   (*)(Shanghai Rural Credit                                        
    Cooperatives Union) and its branches, being the lender of the             
    Purported Loans                                                           
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Writ"   the writ of summons filed by the Company with the                
    High Court in Hong Kong on 23 July 2003 (High Court Action No.            
    2704 of 2003)                                                             
                                                                              
    For and on behalf of                                                      
    Shanghai Land Holdings Limited                                            
    (Receivers Appointed)                                                     
    Stephen Liu Yiu Keung                                                     
    and Yeo Boon Ann                                                          
    Joint & Several Receivers                                                 
                                                                              
    Hong Kong, 18 March 2005                                                  
                                                                              
    * For the Chinese name, please refer to the press announcement today.