13:38     CHINESE EST H<00127> - Results Announcement (6)                     

                                                                              
    11.     Taxation                                                          
                                                    2004            2003      
                                                    HK$'000         HK$'000   
    The charge (credit) comprises:                                            
      Current tax                                                             
        Hong Kong Profits Tax                       13,631          10,671    
        Other than Hong Kong                        2,966           2,831     
                                                    ----------      --------- 
                                                    16,597          13,502    
      Underprovision in prior years                                           
        Hong Kong Profits Tax                       302             142       
        Other than Hong Kong                        3               (35)      
                                                    ----------      ----------
                                                    305             107       
                                                                              
      Deferred taxation                                                       
        Current year                                36,702          21,045    
        Overprovision in prior years                (7,547)         -         
        Attributable to a change in tax rate        -               (8,170)   
                                                    ----------      ----------
                                                    29,155          12,875    
      Taxation attributable to the Company and                                
         its subsidiaries                           46,057          26,484    
                                                    -----------     ----------
       Share of taxation attributable to associates:                          
                                                                              
         Hong Kong Profits Tax                      (5,216)         (794)     
         Other than Hong Kong                        8,414          20,022    
                                                    -----------     ----------
                                                                              
                                                    3,198           19,228    
                                                    -----------     ----------
                                                    -----------     ----------
                                                    49,255          45,712    
                                                    ===========     ==========
                                                                              
    Hong Kong Profits Tax have been provided for at the rate of 17.5% on the  
    estimated assessable profits for the years.  Taxation on profits arising  
    outside Hong Kong has been provided for in accordance with the relevant   
    local jurisdictions.                                                      
                                                                              
    Deferred tax has been provided for at the rate that is expected to apply  
    in the year when the liability is settled or the asset is realized.       
                                                                              
                                                                              
    12.     Dividends                                                         
                                                    2004            2003      
                                                    HK$'000         HK$'000   
    Final dividend paid for 2003: HK12 cents per                              
      share (2002: Nil)                             253,200         -         
    Interim dividend paid: HK8.5 cents                                        
      (2003: HK5 cents) per share                   172,858         109,500   
                                                    -------         ----------
    Special dividend paid in specie                 -               107,083   
                                                    --------        ----------
                                                    426,058         216,583   
                                                    ========        ==========
    Final dividend proposed after the balance                                 
      sheet date                                    223,324         253,200   
                                                    =========       ==========
                                                                              
    In order to maintain sufficient public float of Chi Cheung Investment     
    Company, Limited on completion of the Asset Transaction, the Company had  
    on 7th November 2003 made a special dividend by way distribution in       
    specie.                                                                   
                                                                              
    The final dividend of HK11 cents (2003: HK 12 cents) per share has been   
    proposed by the directors and is subject to approval by the shareholders  
    in general meeting.                                                       
                                                                              
    13.     Basic earnings per share                                          
                                                                              
    The calculation of the basic earnings per share is based on the profit    
    attributable to shareholders for the year ended 31st December 2004 of     
    approximately HK$1,624,701,000 (year ended 31st December 2003: HK$1,153,  
    845,000) and on the weighted average number of 2,072,494,622 (year ended  
    31st December 2003: 2,215,632,633) ordinary shares in issue throughout the
    year.                                                                     
                                                                              
    14.     Comparative figures                                               
                                                                              
    Certain comparative figure has been reclassified to conform with the      
    current year's presentation.