13:37     CHINESE EST H<00127> - Results Announcement (3)                     

                                                                              
    For the year ended 31st December 2003                                     
                                                                              
                            Property                                Listed    
                            development     Property   Money        securities
                            and trading     leasing    lending      investment
                            HK$'000         HK$'000    HK$'000      HK$'000   
    REVENUE                                                                   
    Revenue from external                                                     
    customers               16,000          668,934    7,536        1,831,548 
                            ========        ========   =======      ==========
    RESULT                                                                    
    Segment result          41,505          624,242    7,536        596,542   
                            ========        ========   =======      ==========
                                                                              
    Finance costs           -               -          -            (104,175) 
    Other income, net       116,740         -          -            -         
    Share of results of                                                       
      associates            7,615           22,775     (36)         -         
                                                                              
                            Unlisted                                          
                            securities                                        
                            investment,                                       
                            investment      Other                             
                            holding and     operations/                       
                            brokerage       unallocated     Consolidated      
                            HK$'000         HK$'000         HK$'000           
                                                                              
    REVENUE                                                                   
    Revenue from external                                                     
    customers               7,514           -               2,531,532         
                            ==========      =========       ==========        
    RESULT                                                                    
    Segment result          102,154         -               1,371,979         
                            ==========      =========                         
    Unallocated corporate expenses                          (147,429)         
                                                            -----------       
    Profit from operations                                  1,224,550         
    Finance costs           -               (85,915)        (190,090)         
    Other income, net       -               2,988           119,728           
    Share of results of                                                       
     associates             13,360          880             44,594            
                                                            ------------      
    Profit before taxation                                  1,198,782         
    Taxation                                                (45,712)          
                                                            ------------      
                                                                              
    Profit after taxation                                   1,153,070         
                                                            ==========        
                                                                              
    Geographical segments                                                     
                                                                              
    Over 90% of the activities of the Group during the year were carried out  
    in Hong Kong and over 90% of the assets of the Group were located in Hong 
    Kong.  Accordingly, a geographical analysis is not presented.             
                                                                              
    4.      Other operating income                                            
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
    Included in other operating income are:                                   
                                                                              
    Net building management fee income      22,834          21,053            
    Compensation income from resumption                                       
      of land                               73,761          -                 
    Management fee income                   85              751               
    Release of negative goodwill            8,661           11,409            
    Written back of allowance for bad                                         
      and doubtful debts                    8,589           -                 
    Written off of negative goodwill        27,624          5,496             
                                            ========        =========