13:31     SHOUGANG GRAND<00730> - Results Announcement (1)                    

    Shougang Concord Grand (Group) Limited announced on 18/04/2005:           
    (stock code: 00730 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 14,386             15,470            
    Profit/(Loss) from Operations      : (8,492)            1,640             
    Finance cost                       : (2,115)            (2,907)           
    Share of Profit/(Loss) of                                                 
      Associates                       : (5,835)            7,049             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (71,397)           (5,583)           
    Profit/(Loss) after Tax & MI       : 82,583             28,481            
    % Change over Last Period          : +190      %                          
    EPS/(LPS)-Basic (in dollars)       : 0.0892             0.0334            
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 82,583             28,481            
    Final Dividend                     : Nil                Nil               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final 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.      PROFIT BEFORE TAXATION HAS BEEN ARRIVED AT AFTER CHARGING:        
                                             For the year ended               
                                                31 December                   
                                            2004            2003              
                                   notes    HK$'000         HK$'000           
                                                                              
    Impairment loss on share of net                                           
    assets of a jointly controlled                                            
    entity (included in share of                                              
    result of a jointly controlled                                            
    entity)                         2       (67,529)            -             
                                                                              
    Impairment loss on goodwill of                                            
    interest in a jointly controlled                                          
    entity                                                                    
                                    2       (22,471)            -             
                                                                              
    Gain on distribution of an associate                                      
                                    4       189,210             -             
                                                                              
    2.      IMPAIRMENT LOSS ON SHARE OF NET ASSETS OF A JOINTLY CONTROLLED    
    ENTITY /IMPAIRMENT LOSS ON GOODWILL OF INTEREST IN A JOINTLY CONTROLLED   
    ENTITY                                                                    
                                                                              
    During the year, the directors reviewed the carrying amount of the net    
    assets of the Group's jointly controlled entity, Beijing Dongzhimen       
    International Apartment Co., Ltd.  ("Beijing Dongzhimen"), in the light of
    current market condition and with reference to the financial results and  
    business operated by Beijing Dongzhimen.  The directors identified an     
    impairment loss in respect of its share of net assets and goodwill of     
    approximately HK$67,529,000 (which included in the share of result of a   
    jointly controlled entity during the year) and HK$22,471,000 respectively 
    with reference to the valuation report of the underlying properties of    
    Beijing Dongzhiman, such amounts were dealt with in the income statement. 
                                                                              
    3.      EARNINGS PER SHARE                                                
    The calculation of the basic earnings per share is based on the net profit
    attributable to shareholders of approximately HK$82,583,000 (2003: HK$28, 
    481,000) and on the weighted average of 926,043,210 shares (2003: 852,689 
    ,832 shares) in issue during the year.                                    
                                                                              
    No diluted earnings per share has been presented because the exercise     
    price of the Company's options was higher than the average market price   
    for shares for both years.