11:23     CGD HOLDINGS<00162> - Announcement (1)                              

    The Stock Exchange of Hong Kong Limited 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.                                                     
                                                                              
    China Golden Development Holdings Limited                                 
                                                                              
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 162)                                                         
                                                                              
    EXTENSION OF THE TERMS OF THE EXISTING LICENSING                          
    AGREEMENT                                                                 
                                                                              
    The Board announced that on 29 March 2005, a                              
    Supplemental Agreement has been entered into between                      
    the Company and Anglo View to extend the terms of the                     
    Existing License Agreement until a new licensing                          
    agreement has been entered into, in light of the fact                     
    that negotiations are currently underway. Under the                       
    Existing Licensing Agreement, Anglo View is licensed                      
    by the Company to operate the Gaming Facility on an                       
    exclusive basis for a term of 2 years commencing on                       
    1 April 2003 at a fixed monthly license fee of                            
    HK$7,600,000.                                                             
                                                                              
    Further announcement will be made by the Company                          
    regarding any further development on the renewal of                       
    the Existing Licensing Agreement.                                         
                                                                              
    Reference is made to the announcements made by China                      
    Golden Development Holdings Limited (the "Company")                       
    on 28 December 2004 and the circular (the "Circular")                     
    of the Company dated 26 January 2005. Capitalised                         
    terms used herein shall have the same meanings as                         
    defined in the Circular unless the context otherwise                      
    requires.                                                                 
                                                                              
    Anglo View entered into a licensing agreement with                        
    the Group on 28 March 2003 (as supplemented by a                          
    supplemental agreement dated 2 March 2004) whereby                        
    Anglo View was licensed by the Company to operate the                     
    Gaming Facility on an exclusive basis for a term of                       
    2 years commencing on 1 April 2003 at a fixed monthly                     
    license fee of HK$7,600,000. Under the Existing                           
    Licensing Agreement, the Group will be responsible                        
    for the provision of the premises, basic utilities                        
    (such as electricity and water), the gambling                             
    equipment and the personnel for the operation of the                      
    Gaming Facility whereas, the Operator will be                             
    responsible for the overall management of the Gaming                      
    Facility. The Existing Licensing Agreement will be                        
    expired on 31st March 2005.                                               
                                                                              
    In light of the fact that negotiations are currently                      
    underway between the Company and Anglo View, the Board                    
    announced that on 29 March 2005, a supplemental                           
    agreement (the "Supplemental Agreement") has been                         
    entered into between the Company and Anglo View to                        
    extend the terms of the Existing License Agreement                        
    until a new licensing agreement has been entered into.                    
    Further announcement will be made by the Company                          
    regarding any further developments on the renewal of                      
    the Existing Licensing Agreement.                                         
                                                                              
    As at the date of this announcement, the Directors                        
    comprises five executive Directors, namely, Messrs.                       
    Wu Yijian, Sean Liu, Mo Keung, Qin Chuan and Chan Wing                    
    Yau George and four independent non-executive                             
    Directors, namely, Messrs. Paul Zhong, Hu Yang Xiong,                     
    Chan Wai Kwong, Peter and Kwok Wing Wah.