10:40     <00275> & <00235>-Joint Ann. & <00235> Resumed (16)                 

    Completion of the Share Sale Agreement is subject to:                     
                                                                              
    (a)        if necessary, approval by the shareholders of each of the      
    Vendors (other than those who are required to abstain from voting         
    under the Listing Rules) of the transactions contemplated under the       
    Share Sale Agreement in accordance with the Listing Rules and/or          
    Takeovers Code;                                                           
                                                                              
    (b)        completion of the due diligence review (including but not      
    limited to legal, financial and business aspects) on China Strategic      
    to the reasonable satisfaction of the Offeror within 15 business days     
    from the date of the Share Sale Agreement;                                
                                                                              
    (c)        the China Strategic Shares (or the Consolidated China          
    Strategic Shares) remaining listed on the Stock Exchange at all times     
    prior to and on Completion and the current listing of the China           
    Strategic Shares (or the Consolidated China Strategic Shares) not         
    having been withdrawn or the trading of the China Strategic Shares (or    
    the Consolidated China Strategic Shares) not having been suspended for    
    a consecutive period of more than 7 trading days (other than any          
    suspension due to the clearance of the announcement in respect of the     
    transactions contemplated under the Share Sale Agreement) and no          
    indication having been being received on or before the Completion Date    
    from the Stock Exchange or the SFC to the effect that such listing may    
    be withdrawn or objected to (or conditions will or may be attached        
    thereto) including but not limited to as a result of Completion or        
    being deemed as new listing pursuant to the Listing Rules (save and       
    except for the application for listing and permission to deal in the      
    Consolidated China Strategic Shares);                                     
                                                                              
    (d)        the obtaining of such other consent, approval,                 
    authorisation, permission, waiver or exemption which may be required      
    from governmental or regulatory authorities or other third parties        
    which are necessary or desirable in connection with the performance of    
    the Share Sale Agreement and any of the transactions contemplated         
    thereunder;                                                               
                                                                              
    (e)        completion of the Capital Reorganisation and the China         
    Strategic Group Reorganisation to the reasonable satisfaction of the      
    Offeror;                                                                  
                                                                              
    (f)        there being no material breach of warranties given by the      
    Vendors under the Share Sale Agreement before Completion; and             
                                                                              
    (g)        the Executive not having indicated to the Offeror that the     
    China Strategic Offer price should be more than HK$0.193 (otherwise       
    than due to the Offeror and its concert parties having acquired voting    
    rights at a higher price or having voluntarily increased the offer        
    price).                                                                   
                                                                              
    The Offeror may waive any of the conditions (b), (f) and (g) above at     
    any time before Completion by notice in writing. If any of the above      
    conditions shall not have been fulfilled or waived (as the case may       
    be) on or before 31st December, 2005, the Share Sale Agreement shall      
    be void and of no effect and no party shall have any rights or claims     
    whether for loss or damages or other reliefs whatsoever against any of    
    the other parties on any ground save for antecedent breaches.             
                                                                              
    As set out in the condition (e) above, completion of the China            
    Strategic Group Reorganisation to the reasonable satisfaction of the      
    Offeror is a condition precedent to Completion. It has been stipulated    
    in the Share Sale Agreement that as a term of the China Strategic         
    Group Reorganisation, the combined net asset value of the China           
    Strategic Group should be no less than HK$110 million and the             
    aggregate liabilities of the China Strategic Group should be no more      
    than HK$70 million upon Completion.                                       
                                                                              
    Completion:                                                               
                                                                              
    Completion is to take place on the third business day after fulfilment    
    or waiver (as the case may be) of the conditions referred to above.       
                                                                              
    Financial effects of the disposal of Hanny Sale Shares on Hanny:          
                                                                              
    Details of the financial information of GDI and China Strategic           
    including, among other things, the accountant's report on GDI and the     
    pro forma financial information on the China Strategic Group after the    
    China Strategic Group Reorganisation will be disclosed in detail in       
    the Hanny Circular.                                                       
                                                                              
    Accordingly, the financial effect of the disposal of Hanny Sale Shares    
    could not be ascertained as at the date of this announcement and such