10:44     <00275> & <00235>-Joint Ann. & <00235> Resumed (25)                 

    adviser to Hanny, which will make the GDI Offer on behalf of Well         
    Orient                                                                    
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Subdivision"        the subdivision of each authorised but unissued      
    China Strategic Share into two Reduced China Strategic Shares             
                                                                              
    "Takeovers Code"        The Hong Kong Code on Takeovers and Mergers       
                                                                              
    "Vendors"        Paul Y and Hanny, being the vendors of the Paul Y        
    Sale Shares and the Hanny Sale Shares respectively                        
                                                                              
    "Well Orient"        Well Orient Limited, a company incorporated in       
    Hong Kong and an indirect wholly-owned subsidiary of Hanny                
                                                                              
    "HK$"        Hong Kong dollars, the lawful currency of Hong Kong          
                                                                              
    "US$"        United States dollars, the lawful currency of the United     
    States of America                                                         
                                                                              
    Note:        Amounts expressed in US$ have been translated into HK$ at    
    the rate of HK$7.8=US$1.0 in this announcement for illustrative           
    purpose.                                                                  
                                                                              
    By order of the board                                                     
    HANNY HOLDINGS LIMITED                                                    
    Cheng Wai Chu, Judy                                                       
    Company Secretary                                                         
                                                                              
            By order of the board        By order of the board                
            NATION FIELD LIMITED        WELL ORIENT LIMITED                   
            Gao Yang        Lui Siu Tsuen, Richard                            
            Director        Director                                          
                                                                              
            By order of the board        By order of the board                
            CHINA STRATEGIC HOLDINGS LIMITED        GROUP DRAGON              
    INVESTMENTS LIMITED                                                       
            Chan Yan Yan, Jenny        Chan Ling, Eva                         
            Company Secretary        Director                                 
                                                                              
    Hong Kong, 19th April, 2005                                               
                                                                              
    The sole director of the Offeror accepts full responsibility for the      
    accuracy of the information contained in this announcement other than     
    that relating to the Hanny Group and China Strategic Group and            
    confirms, having made all reasonable enquiries, that to the best of       
    his knowledge, opinions expressed in this announcement other than         
    those relating to the Hanny Group and China Strategic Group have been     
    arrived at after due and careful consideration and there are no other     
    facts not contained in this announcement, the omission of which would     
    make any statement in this announcement misleading.                       
                                                                              
    The directors of Hanny jointly and severally accept full                  
    responsibility for the accuracy of the information contained in this      
    announcement other than that relating to the Offeror and the China        
    Strategic Group and confirm, having made all reasonable enquiries,        
    that to the best of their knowledge, opinions expressed in this           
    announcement other than those relating to Offeror and the China           
    Strategic Group have been arrived at after due and careful                
    consideration and there are no other facts not contained in this          
    announcement, the omission of which would make any statement in this      
    announcement misleading.                                                  
                                                                              
    The directors of China Strategic jointly and severally accept full        
    responsibility for the accuracy of the information contained in this      
    announcement other than that relating to the Offeror and the Hanny        
    Group and confirm, having made all reasonable enquiries, that to the      
    best of their knowledge, opinions expressed in this announcement other    
    than those relating to the Offeror and the Hanny Group have been          
    arrived at after due and careful consideration and there are no other     
    facts not contained in this announcement, the omission of which would     
    make any statement in this announcement misleading.