09:35 KOWLOON DEV<00034> - Announcement & Resumption (2) 3. The assets to be acquired (i) 323,747,713 State-owned promoter shares in Shenzhen Properties held by Shenzhen Construction Investment Holdings; and (ii) 57,113,899 domestic legal person shares in Shenzhen Properties held as to 485,899 shares by Shenzhen Construction Investment Holdings and the remainder by Shenzhen Investment Management Corporation. Shenzhen Properties is a joint stock limited company incorporated in the PRC with a registered capital of RMB571,799,175. The shares to be acquired by the Group represent approximately 70.3% of the issued capital of Shenzhen Properties. As at 31 December 2004 (being the date of the latest published financial statements), to the best of the Directors' knowledge, information and belief and having made all reasonable enquiries, Shenzhen Properties had in issue an aggregate of (a) 323,747,713 State-owned promoter shares; (b) 65,200,850 domestic legal person shares; (c) 91,355,000 listed ordinary shares; (d) 61,459,312 domestic listed foreign shares; and (e) 36,300 non-transferable shares held by senior executives of Shenzhen Properties. Apart from the 36,300 non-transferable shares held by senior executives of Shenzhen Properties and 2,516,800 shares held by a labour union of a subsidiary of Shenzhen Properties, the remainder of shares in Shenzhen Properties are held by independent shareholders. The shares to be acquired by the Purchaser are not listed and are transferable subject to approval of relevant PRC authorities. The following financial information has been extracted from the audited financial statements of Shenzhen Properties as at 31 December 2004 and 2003 prepared under PRC accounting principles and applicable financial regulations: 2004 2003 RMB million RMB million Total revenue 1,326.3 1,079.5 Profits before tax 126.2 121.7 Profits after tax 90.4 77.0 Total assets 2,302.9 2,437.2 Shareholders' equity 567.1 474.2 Earnings per share (RMB) 0.167 0.142 NAV per share (RMB) 1.047 0.875 4. The property portfolio of Shenzhen Properties The following are the principal property interests of Shenzhen Properties as at 31 December 2004: Land held for development: Huangguang Land: located in Huanggang Port in Shenzhen which can be built into residential and commercial properties with a gross floor area of 177,100 sq.m. Haidian Island Site: located in Haikou City in Hainan Island which can be built into residential properties with a gross floor area of 28,900 sq.m. Donggualing Site: located in Shenzhen which can be built into residential properties with a gross floor area of 26,400 sq.m. Projects under development: (*) (Huang Yu Yuan) District C: a residential development located in Huanggang Port in Shenzhen with a total gross floor area of 131,500 sq.m. and expected to be completed in 2007. (*) (Fenghe Rili) Group B: a residential development located in Longhua Town in Shenzhen with a total gross floor area of 88,200 sq.m. and expected to be completed in 2007. Stock of completed (*) (Huang Yu Yuan) District A & B: development projects: residential units with gross floor area of 47,000 sq.m. (*) (Huang Cheng Square): a residential and commercial project located in Huanggang Port with a total gross floor area of 35,300 sq.m. (*) (Shanghai Pastoral City) Phase 5: a residential development located in Minhang District in Shanghai with a gross floor area of 800 sq.m. (*) (Junfeng Lishe Garden): a residential development in Shenzhen with a gross floor area of 34,000 sq.m.