13:28     BEIJING AIRPORT<00694> - Results Announcement (2)                   

                                                                              
    On 15 February 2004 the Board disposed of its entire interest in Huaxia, a
    subsidiary principally engaged in the provision of passenger lounge,      
    storage, hotel information and cleaning services. The financial summary of
    Huaxia was as follows:                                                    
                                                                              
                            For the period ended    For the year ended        
                            15 February 2004        31 December 2003          
                                                    (RMB'000)                 
    Revenues                                -        30,076                   
    Costs                                   -       (41,261)                  
                                    --------------------------                
    Loss from operations                    -       (11,185)                  
    Finance cost, net                       -            98                   
                                    --------------------------                
    Loss before tax                         -       (11,087)                  
    Taxation                                -           397                   
                                    --------------------------                
    Net loss                                -       (10,690)                  
                                    --------------------------                
    Operating cash flows                    -         7,664                   
    Investing cash flows                    -        (5,163)                  
    Financing cash flows                    -             -                   
                                    --------------------------                
    Total cash flows                        -         2,501                   
                                    --------------------------                
                            At 15 February 2004     At 31 December 2003       
                            (RMB'000)               (RMB'000)                 
    Non-current assets               9,086           9,086                    
    Current assets                  15,052          15,052                    
                                    --------------------------                
    Total assets                    24,138          24,138                    
    Total liabilities              (21,136)        (21,136)                   
                                    --------------------------                
                                     3,002           3,002                    
    Minority interest                 (600)           (600)                   
                                    -------------------------                 
    Net assets                       2,402           2,402                    
                                    -------------------------                 
                                                                              
    The gain on disposal was determined as follows:                           
                                                                              
                                                    (RMB'000)                 
    Proceeds from disposal                          9,121                     
    Net assets disposed of                         (2,402)                    
                                                   ----------                 
    Gain on disposal                                6,719                     
                                                   ----------                 
    The net cash inflow on disposal is determined as follows:                 
                                                                              
                                                    (RMB'000)                 
    Proceeds from disposal                          9,121                     
    Less: Cash and cash equivalents in subsidiary disposed of                 
                                                   (8,993)                    
                                                   ----------                 
    Net cash inflow on disposal                       128                     
                                                   ----------