09:28     <00201>, <00219> & <00253>-Joint Announcement & Resume (1)          

    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.                   
                                                                              
      MAGNIFICENT ESTATES LIMITED                                             
      (incorporated in Hong Kong with limited liability)                      
      (Stock Code: 201)                                                       
                                                                              
      DISCLOSEABLE TRANSACTION                                                
                                                                              
      SHUN HO TECHNOLOGY HOLDINGS LIMITED                                     
      (incorporated in Hong Kong with limited liability)                      
      (Stock Code: 219)                                                       
                                                                              
      MAJOR TRANSACTION                                                       
                                                                              
      SHUN HO RESOURCES HOLDINGS LIMITED                                      
      (incorporated in Hong Kong with limited liability)                      
      (Stock Code: 253)                                                       
                                                                              
      VERY SUBSTANTIAL DISPOSAL                                               
                                                                              
    DISPOSAL OF PROPERTY                                                      
                                                                              
    The Boards are pleased to announce that the Vendor, a direct              
    wholly-owned subsidiary of Magnificent Estates, had on 13 April 2005      
    entered into the Provisional Agreement with the Purchaser pursuant to     
    which the Vendor and the Purchaser conditionally agreed to enter into     
    the S&P Agreement for a consideration of HK$180,000,000.                  
                                                                              
    Magnificent Estates, Shun Ho Technology and Shun Ho Resources are all     
    listed on the Stock Exchange. Shun Ho Resources controls approximately    
    50.2% of the total voting rights of Shun Ho Technology, which in turn     
    controls approximately 69.2% of the total voting rights of Magnificent    
    Estates.                                                                  
                                                                              
    The Disposal as contemplated by the Provisional Agreement constitutes a   
    major transaction for Shun Ho Technology and requires shareholders'       
    approval. Although shareholders' approval is required pursuant to Rule    
    14.40 of the Listing Rules, written approval for the Disposal has         
    already been obtained by Shun Ho Technology from Omnico Company Inc. (a   
    wholly-owned subsidiary of Shun Ho Resources) who beneficially owns       
    269,485,937 Shun Ho Technology Shares, representing approximately 50.2%   
    of the nominal value of the securities giving the right to attend and     
    vote at general meetings of Shun Ho Technology. Omnico Company Inc. or    
    its associates do not have any interest in the Disposal which is          
    different from those of other Shun Ho Technology Shareholders. Pursuant   
    to Rule 14.44 of the Listing Rules, shareholders' approval by a           
    majority vote at a general meeting is required to approve the Disposal.   
    However, written shareholders' approval may be accepted in lieu of        
    holding a general meeting provided that no Shun Ho Technology             
    Shareholders are required to abstain from voting at a general meeting     
    to approve the Disposal and the written shareholders' approval has been   
    obtained from Shun Ho Technology Shareholders holding more than 50% of    
    the nominal value of the securities giving the right to attend and vote   
    at general meetings of Shun Ho Technology. As no Shun Ho Technology       
    Shareholders are required to abstain from voting at a general meeting     
    to approve the Disposal, such written shareholder's approval will be      
    accepted in lieu of holding a general meeting of Shun Ho Technology       
    pursuant to Rule 14.44 of the Listing Rules.                              
                                                                              
    For Shun Ho Resources, the Disposal as contemplated by the Provisional    
    Agreement constitutes a very substantial disposal under the Listing       
    Rules and requires shareholders' approval. Pursuant to Rule 14.49 of      
    the Listing Rules, the Disposal is subject to approval by Shun Ho         
    Resources Shareholders. However, the Disposal was not entered into        
    subject to shareholders' approval. At the time of entering into of the    
    Provisional Agreement, the Boards had requested the Purchaser to allow    
    the Disposal be made subject to a condition whereby a general meeting     
    of Shun Ho Resources Shareholders will be convened for the passing of a   
    resolution to approve the entering into of the Disposal. The board of     
    directors of Shun Ho Resources had also been informed by the board of     
    directors of Magnificent Estates that they had requested the Purchaser    
    to allow the Disposal be made subject to such condition at the time of    
    entering into of the Provisional Agreement, but such request was not      
    accepted by the Purchaser. Given the present condition of the property    
    market and possibility of further interest rate increases in Hong Kong,   
    if the Vendor had insisted on such condition, the Purchaser may not       
    have agreed to enter into the transaction with the Vendor at the          
    present agreed consideration of HK$180,000,000. However, Shun Ho          
    Resources is confident that by the time of entering into of the S&P       
    Agreement, it will be able to negotiate such condition to be included