09:40     APPLIED INT'L<00519> - Announcement                                 

    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its          
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    APPLIED INTERNATIONAL HOLDINGS LIMITED                                    
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 519)                                                         
                                                                              
    Announcement                                                              
                                                                              
    The directors of the Company have noted the decrease in price of the      
    shares of the Company on 20th April, 2005 and wish to state that they     
    are not aware of any reasons for such unusual movements in price save     
    for the matters disclosed in the Announcement and below.                  
                                                                              
    Reference is made to the announcement issued by the Company dated 19th    
    April, 2005. The Company would like to state that it is intended by the   
    parties that the financial contribution of the Company in the joint       
    venture is the Site and no guarantee nor further capital commitment is    
    required to be provided by the Company in respect of the project. The     
    Company has no current intention to carry out any fund raising exercise.  
                                                                              
    This announcement is made in connection with the recent decrease in       
    price of the shares of Applied International Holdings Limited             
    ("Company"). Reference is also made to the announcement issued by the     
    Company dated 19th April, 2005 ("Announcement"). Terms defined in the     
    Announcement has the same meaning when used in this announcement.         
                                                                              
    The directors of the Company have noted the decrease in price of the      
    shares of the Company on 20th April, 2005 and wish to state that they     
    are not aware of any reasons for such unusual movements in price save     
    for the matters disclosed in the announcement dated 19th April, 2005      
    ("Announcement"). The Company would also like to inform the public that   
    it is the intention of the parties that the financial contribution of     
    the Company under the 50-50 joint venture arrangement will be the Site    
    and Ritz Carlton will contribute an amount equivalent to the value of     
    the Site. Further financing in respect of the project will be raised by   
    the joint venture company and guaranteed by the project itself. The       
    Company has been in discussions to engage an independent third party to   
    arrange for a US$80 million to US$100 million syndicated loan facility    
    guaranteed by the project to the proposed joint venture company. No       
    guarantee nor further capital commitment is required to be provided by    
    the Company in respect of the project and the Company has no current      
    intention to carry out any fund raising exercise. Further announcement    
    will be made by the Company when there are major developments in          
    respect of the project.                                                   
                                                                              
    The proposed joint venture may or may not proceed. Shareholders and       
    potential investors should exercise caution when dealing in the shares    
    of the Company.                                                           
                                                                              
    Save as disclosed above, the board of directors of the Company            
    ("Board") confirm that there are no negotiations or agreements relating   
    to intended acquisitions or realisations which are discloseable under     
    Rule 13.23 of The Rules Governing the Listing on The Stock Exchange of    
    Hong Kong Limited ("Listing Rules"), neither is the Board aware of any    
    matter discloseable under the general obligation imposed by Rule 13.09    
    of the Listing Rules, which may be of a price-sensitive nature.           
                                                                              
    As at the date of this announcement, the executive Directors are Mr.      
    Hung Kin Sang, Raymond, Ms. Hung Wong Kar Gee, Mimi and Mr. Fang Chin     
    Ping and the independent non-executive Directors are Mr. Soo Hung         
    Leung, Lincoln, Mr. Lo Yun Tai and Mr. Lun Tsan Kau.                      
                                                                              
    Made by the order of the Board, the directors of which individually and   
    joint accept responsibility for the accuracy of this statement.           
                                                                              
    By order of the board                                                     
    Applied International Holdings Limited                                    
    Hung Kin Sang, Raymond                                                    
    Chairman                                                                  
                                                                              
    Hong Kong, 20th April, 2005