08:46     NEW CITY<00456> - Results Announcement                              

    New City (Beijing) Development Limited announced on 26/04/2005:           
    (stock code: 00456 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Qualified                                               
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ($         )       ($         )      
    Turnover                           : 2,651,000          2,609,000         
    Profit/(Loss) from Operations      : (31,405,000)       (37,909,000)      
    Finance cost                       : (7,491,000)        (27,241,000)      
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 136,993,000        (65,494,000)      
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.50               (0.24)            
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 136,993,000        (65,494,000)      
    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.      Turnover                                                          
    Turnover represents rental income less business tax.                      
                                                                              
                                                                              
    2.      Loss from Operations                                              
                                                                              
    These amounts reflect the loss from operation before finance cost.        
                                                                              
                                                                              
    3.      Earnings/(loss) per share                                         
                                                                              
    The calculation of basic earnings/(loss) per share is based on the net    
    profit for the year of HK$136,993,000 (2003 : loss of HK$65,494,000) and  
    the weighted average number of 271,758,000 ordinary shares in issue during
    the year ended 31 December 2004 (2003 : 271,758,000 ordinary shares).     
                                                                              
    No diluted earnings (2003: loss) per share for the years ended 31 December
    2004 and 2003 has been presented as the potential ordinary shares of the  
    Company are anti-dilutive.                                                
                                                                              
                                                                              
    4.      Summary of Auditors' Report                                       
                                                                              
    The auditors issued a qualified opinion because there is a limitation of  
    audit scope regarding recoverability of an interest free loan, amount due 
    from a former director and amounts due from third parties of HK$37.6      
    million, HK$2.5 million and an aggregate of approximately HK$12 million   
    respectively.  The auditors were unable to obtain sufficient financial    
    information relating to the financial position of these parties so as to  
    assess the recoverability.                                                
                                                                              
    For more details, please refer to the press announcement today.