09:28     TIANJIN DEV<00882> - Announcement (2)                               

    INFORMATION REGARDING THE TENANCY AGREEMENT                               
                                                                              
    Date of the renewal of the Tenancy Agreement for 2005:                    
    21st April, 2005                                                          
                                                                              
    Landlord:                                                                 
    Tsinlien Realty Limited (the ``Landlord'')                                
                                                                              
    Tenant:                                                                   
    The Company                                                               
                                                                              
    Premises:                                                                 
                                                                              
    (a)   Portion of the floor known as 26th floor, portion of the            
    floor known as 27th floor, the whole of the floor known as 29th           
    floor, the whole of the floor known as 30th floor, the whole of           
    the floor known as 36th floor and portion of the floor known as           
    38th floor of Tianjin Building at 167 Connaught Road West, Hong           
    Kong (the ``Office Premises'').  The total gross area of the              
    Office Premises is 2,222.50 sq.m.                                         
                                                                              
    (b)   10 car parks located at level 1, Tianjin Building,                  
    167 Connaught Road West, Hong Kong (the ``Car-parks'').                   
                                                                              
    Usages:                                                                   
                                                                              
    (a)   The Office Premises are used as head office of the Company          
                                                                              
    (b)   The Car-parks are used as car parking purpose                       
                                                                              
    Leased Term:                                                              
    One year commencing on 1st January, 2005 and expiring on                  
    31st December, 2005 (both days inclusive)                                 
                                                                              
    Rental:                                                                   
                                                                              
    (a)   The Office Premises                                                 
                                                                              
    HK$335,000 per calendar month payable monthly in advance on the           
    1st day of each and every calendar month, exclusive of rates,             
    government rent and management fees payable to an independent             
    property management company of the Office Premises.                       
                                                                              
    (b)   The Car-parks                                                       
                                                                              
    HK$35,000 per calendar month payable monthly in advance on the 1st        
    day of each and every calendar month, exclusive of rates,                 
    government rent and management fees.                                      
                                                                              
    GENERAL                                                                   
                                                                              
    The Company has appointed and been advised by BMI Appraisals              
    Limited (``BMI''), an independent professional property valuer            
    not connected with any directors, chief executives or substantial         
    shareholders of the Company or any of its subsidiaries or any of          
    their respective associates, that the monthly rentals for the             
    Office Premises (which are used as head office of the Company) and        
    Car-parks of HK$335,000 and HK$35,000 respectively are based on           
    their respective open market rental value as at the date of issue         
    of the rental valuation letter by BMI on 7th February, 2005 (the          
    ``Valuation Date'').  The monthly rentals at the market level as          
    at the Valuation Date of the Office Premises and Car-parks were           
    about HK$335,000 and HK$35,000 respectively (exclusive of rates,          
    government rent and management fee), which are valued by BMI to           
    be fair and reasonable based on the comparison approach adopted           
    by BMI by reference to comparable market rents of offices and car         
    parking spaces in the vicinity.  The Company currently does not           
    have any plan as to whether such tenancy will be renewed next year.       
                                                                              
    Since the expiry of the Previous Tenancy Agreement on                     
    31st December, 2004, the Company has continued to occupy the              
    Office Premises and Car-parks with the consent of the Landlord            
    and has commenced negotiation with the Landlord on the term of            
    the Tenancy Agreement which, however, have not been finalized             
    until the issuance of the rental valuation letter by BMI on               
    7th February, 2005.  After an arm's length negotiation with               
    the Landlord, the Company entered into the Tenancy Agreement              
    on 21st April, 2005 which would be effective on 1st January, 2005.