08:57     CHINA CHENGTONG<00217> - Results Announcement (1)                   

    China Chengtong Development Group Limited announced on 21/04/2005:        
    (stock code: 00217 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/04/2004    from 01/04/2003   
                                         to 31/12/2004      to 31/03/2004     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 210,992            175,050           
    Profit/(Loss) from Operations      : (66,920)           12,677            
    Finance cost                       : (1,787)            (4,557)           
    Share of Profit/(Loss) of                                                 
      Associates                       : (261)              9,214             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 103,799            44,392            
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.062              0.026             
             -Diluted (in dollars)     : 0.062              0.026             
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 103,799            44,392            
    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)     PRINCIPAL ACCOUNTING POLICIES                                     
                                                                              
    The accounts have been prepared in accordance with accounting principles  
    generally accepted in Hong Kong and comply with accounting standards      
    issued by the Hong Kong Institute of Certified Public Accountants ("      
    HKICPA").  They have been prepared under the historical cost convention,  
    as modified for the revaluation of investment properties.                 
                                                                              
    The HKICPA has issued a number of new and revised Hong Kong Financial     
    Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs")     
    which are effective for accounting periods beginning on or after 1st      
    January 2005.  The Group has not early adopted these new HKFRSs in the    
    accounts for the year ended 31st December 2004.  The Group has already    
    commenced an assessment of the impact of these new HKFRSs but is not yet  
    in a position to state whether these new HKFRSs would have a significant  
    impact on its results of operations and financial position.               
                                                                              
    Basis of consolidation                                                    
    ----------------------                                                    
                                                                              
    During the period, the Group changed its financial year end date from 31  
    March to 31 December.  The consolidated financial statements incorporate  
    the financial statements which cover 9 months from 1 April 2004 to 31     
    December 2004.  For prior year, the consolidated financial statements     
    cover 12 month period from 1 April 2003 to 31 March 2004.                 
                                                                              
    The accounting policies adopted are consistent with those followed in the 
    preparation of the audited financial statements of the Company and its    
    subsidiaries (the "Group") for the year ended 31 March 2004, except that  
    the Company has adopted, for the first time in the current period, the    
    following accounting policies.                                            
                                                                              
    Properties under development                                              
    ----------------------------                                              
                                                                              
    Properties under development are stated at lower of cost and net          
    realisable value.  Cost comprises the cost of the land together with      
    direct costs attributable to the development of the properties and        
    borrowing costs capitalised during the period of development.  Properties 
    under development which are due for completion more than one year from the
    balance sheet date are shown as non-current assets while properties under 
    development which are due for completion within one year from the balance 
    sheet date are shown as current assets.