09:29     <00201>, <00219> & <00253>-Joint Announcement & Resume (3)          

    BUILDING LOT NO. 398 TOGETHER with the messuages erections and            
    buildings thereon now known as No. 72 Mount Kellett Road (formerly        
    known as No.164 The Peak) Hong Kong and has a total site area of          
    approximately 1,765 square meters (19,000 square feet).                   
                                                                              
    The gross floor area of the Property is approximately 882.6 square        
    meters (9,500 square feet), excluding car parks, terrace, roof and        
    swimming pool areas.                                                      
                                                                              
    Under the Provisional Agreement, the Property is to be sold subject to    
    existing tenancies, although no consents are required to be obtained by   
    the Vendor from the respective tenants.                                   
                                                                              
    Consideration                                                             
                                                                              
    The total consideration for the sale of the Property is HK$180,000,000    
    payable in cash by the Purchaser in the following manner:                 
                                                                              
    (i)  an initial deposit of HK$5,000,000 (the "Initial Deposit") was       
    paid by the Purchaser on 13 April 2005 to the Vendor's solicitors as      
    stakeholder upon the signing of the Provisional Agreement;                
                                                                              
    (ii)  a sum of HK$13,000,000 (the "Further Deposit") shall be payable     
    by the Purchaser on or before 27 April 2005 to the Vendor's solicitors    
    as stakeholder; and                                                       
                                                                              
    (iii)  the balance of the Consideration (i.e. HK$162,000,000) will be     
    payable by the Purchaser to the Vendor on or before the Completion Date.  
                                                                              
    The Initial Deposit and Further Deposit shall be held by the Vendor's     
    solicitors as stakeholders and shall only be released to the Vendor       
    upon the following:                                                       
                                                                              
    (A)   the Purchaser being satisfied that the Vendor has good title to     
    the Property and that particulars of the tenancies as set out in the      
    Provisional Agreement are accurate and correct when checked against the   
    original tenancy agreements; and                                          
                                                                              
    (B)   the Purchaser's solicitors being satisfied that the balance of      
    the Consideration payable upon Completion is sufficient to discharge      
    any outstanding indebtedness or mortgage secured against the Property.    
                                                                              
    The total consideration was determined after arm's length negotiations    
    between the parties to the Provisional Agreement taking into account      
    the prevailing market conditions in Hong Kong, as well as a valuation     
    of the Property conducted by Dudley Surveyors Limited (an independent     
    firm of professional surveyors and valuers established in 1988 with       
    extensive experience in conducting property valuations for various        
    listed issuers in Hong Kong) as at 31 December 2004, being the most       
    recent valuation conducted on the Property. The Boards consider that      
    the terms of the Disposal are fair and reasonable and are in the          
    interests of the Companies and the Magnificent Estates Shareholders,      
    the Shun Ho Technology Shareholders and the Shun Ho Resources             
    Shareholders as a whole.                                                  
                                                                              
    S&P Agreement                                                             
                                                                              
    The S&P Agreement is scheduled to be entered into between the Vendor      
    and the Purchaser on or before 27 April 2005. It is currently expected    
    that under the S&P Agreement, its completion will be conditional upon     
    the passing at a general meeting of Shun Ho Resources Shareholders of a   
    resolution to approve the entering into of the S&P Agreement and all      
    the transactions contemplated therein. The Companies will ensure that     
    the extraordinary general meeting of Shun Ho Resources Shareholders       
    shall be held prior to Completion. After the entering into of the S&P     
    Agreement, the S&P Agreement will supersede the Provisional Agreement     
    and the Provisional Agreement will no longer be valid. However, if the    
    S&P Agreement is not entered into between the Vendor and Purchaser on     
    or before 27 April 2005, the Provisional Agreement will continue to be    
    valid.                                                                    
                                                                              
    COMPLETION OF THE S&P AGREEMENT                                           
                                                                              
    Completion of the S&P Agreement will take place on or before 12:00 noon   
    on 27 July 2005.                                                          
                                                                              
    REASONS FOR AND BENEFITS OF THE DISPOSAL                                  
                                                                              
    Magnificent Estates Group is principally engaged in property              
    investment, development, trading, property leasing, investment in and     
    operation of hotel and investment holding.                                
                                                                              
    Shun Ho Technology Group, through its major subsidiary, Magnificent       
    Estates, is principally engaged in property investment, development