10:20     PREMIUM LAND<02971> - Announcement (4)                              

    Shares to 26,500,000 New Shares and the price for                         
    Subscription was adjusted from HK$0.03 per Old Share                      
    to HK$0.60 per New Share with the aggregate                               
    consideration for the Subscription remains the same                       
    at HK$15,900,000, pursuant to a supplemental                              
    agreement to the Share Subscription Agreement dated                       
    4 March 2005.                                                             
                                                                              
    4.      Upon the Capital Reorganisation becoming                          
    effective on 7 April 2005, the 2,600,000,000 Old                          
    Shares to be issued upon full exercise of the New                         
    Guaranteed Convertible Notes (the "GCN Conversion                         
    Shares") were consolidated into 130,000,000 New                           
    Shares and the conversion price was adjusted from                         
    HK$0.03 per Old Share to HK$0.60 per New Share                            
    pursuant to the terms of the New CB Subscription                          
    Agreements and their supplemental agreements dated                        
    4 March 2005.                                                             
                                                                              
    5.      Upon the Capital Reorganisation becoming                          
    effective on 7 April 2005, the 1,040,000,000 Old                          
    Shares to be issued upon full exercise of the                             
    Underwritten Convertible Notes were consolidated                          
    into 52,000,000 New Shares and the conversion price                       
    was adjusted from HK$0.03 per Old Share to HK$0.60                        
    per New Share pursuant to the terms of the Placing                        
    Agreement.                                                                
                                                                              
    The reallocation of the subscriptions for Guaranteed                      
    Convertible Notes by the CB Subscribers does not have                     
    any material effect on the Group, the Placing                             
    Agreement or the Share Subscription Agreement. A                          
    circular containing, among other things, information                      
    on the New Guaranteed Convertible Notes, the                              
    reallocation of subscriptions by the CB Subscribers                       
    of the New Guaranteed Convertible Notes and the notice                    
    of the meeting to approve the issue of New Guaranteed                     
    Convertible Notes and the issue of the GCN Conversion                     
    Shares upon exercise of the conversion rights                             
    attached to the New Guaranteed Convertible Notes                          
    under the New CB Subscription Agreements by poll                          
    together with a form of proxy for use at the meeting                      
    will be despatched to Shareholders as soon as possible.                   
                                                                              
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Dong Bo, Frederic and Mr. Lau Man                       
    Tak and independent non-executive Directors are Mr.                       
    Kan Kwok Shu, Mr. Shum Ka Hei, Mr. Pang Haiou and Mr.                     
    Zuo Guang.                                                                
                                                                              
                                                                              
                                                                              
    By order of the Board                                                     
    PREMIUM LAND LIMITED                                                      
    Dong Bo, Frederic                                                         
    Director                                                                  
                                                                              
    Hong Kong, 19 April 2005                                                  
                                                                              
    * for identification purposes only