09:11     SHANGHAI LAND<00067> - Results Announcement (1)                     

    Shanghai Land Holdings Limited (Receivers Appointed) announced on 22/03/  
    2005:                                                                     
    (stock code: 00067 )                                                      
    Year end date: 30/06/2005                                                 
    Currency: HKD                                                             
    Auditors' Report: N/A                                                     
    Interim report reviewed by: Both Audit Committee and Auditors             
                                                                              
                                                            (Unaudited )      
                                         (Unaudited )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/07/2004    from 01/07/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 34,206             26,865            
    Profit/(Loss) from Operations      : (24,817)           (29,342)          
    Finance cost                       : (20,221)           (10,326)          
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (45,983)           (40,057)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0151)           (0.0131)          
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (45,983)           (40,057)          
    Interim Dividend                   : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Interim Dividend                 : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    (1) Auditors' independent review report contains qualifications and they  
    are                                                                       
    unable to reach a review conclusion as to whether material modifications  
    should be made to the interim financial report for the six months ended 31
    December 2004.  The complete independent review report is appended below. 
                                                                              
    INDEPENDENT REVIEW REPORT                                                 
                                                                              
    The interim financial report has been reviewed by Nexia Charles Mar Fan & 
    Co.  Their independent review report to the Board of Directors is set out 
    below.                                                                    
                                                                              
    "INTRODUCTION                                                             
                                                                              
    We have been instructed by the Company to review the interim financial    
    report for the six months ended 31 December 2004.                         
                                                                              
    DIRECTORS' RESPONSIBILITIES                                               
                                                                              
    The Rules Governing the Listing of Securities on The Stock Exchange of    
    Hong Kong Limited require the preparation of an interim financial report  
    to be in compliance with Statement of Standard Accounting Practice 25 "   
    Interim financial reporting" issued by the Hong Kong Institute of         
    Certified Public Accountants ("HKICPA") and the relevant provisions       
    thereof. The interim financial report is the responsibility of the board  
    of directors (the "Board").                                               
                                                                              
    REVIEW WORK PERFORMED                                                     
                                                                              
    We conducted our review in accordance with Statement of Auditing Standards
    700 "Engagements to review interim financial reports" issued by the       
    HKICPA, except that the scope of our review was limited as explained      
    below.                                                                    
                                                                              
    A review consists principally of making enquiries of management and       
    applying analytical procedures to the interim financial report and based  
    thereon, assessing whether the accounting policies and presentation have  
    been consistently applied unless otherwise disclosed. A review excludes   
    audit procedures such as test of controls and verification of assets,     
    liabilities and transactions. It is substantially less in scope than an   
    audit and therefore provides a lower level of assurance than an audit.    
    Accordingly, we do not express an audit opinion on the interim financial  
    report.