09:22     E-LIFE INT'L<00370> - Announcement (2)                              

    On 29 November 2004 (HK$3 million repaid), 2 December 2004 (HK$2 million  
    repaid), 12 April 2005 (HK$2 million repaid) and 15 April 2005 (HK$3      
    million repaid) respectively, the Borrower repaid an aggregate of         
    HK$10,000,000 to the Company of which HK$9,147,622.43 was Loan principal  
    and HK$852,377.57 was interest accrued thereon. As at the date of this    
    announcement, the Borrower still owed to the Company a sum of             
    HK$4,873,809.75, being the outstanding Loan principal together with       
    interest accrued thereon.                                                 
                                                                              
    After taking into account the partial repayment which has been made by    
    the Borrower and the business nature of the Borrower's subsidiaries       
    which can generate considerable returns to the Borrower (such as rentals  
    and management fees received by such subsidiaries), the Directors         
    consider that, since the risk of default in payment by the Borrower is    
    relatively low, it would be reasonable and rational for the Company to    
    accept the postponement of the maturity date of the outstanding balance   
    of the Loan by entering into the 2nd Supplemental Agreement with the      
    Borrower. The entering into of the 2nd Supplemental Agreement was         
    approved by the Board on 15 April 2005.                                   
                                                                              
    GENERAL                                                                   
    As at the date of this announcement, the Board comprises nine executive   
    directors, namely Mr. Wang Jian Hua, Mr. Ng Tang, David, Mr. Bao Wen      
    Bin, Mr. Pak Chung, Mr. Ren Zheng, Ms. Ma Jun Li, Ms. Cheung Hoi Ping,    
    Mr. Wang Da Yong and Mr. Zhang Jun and three independent non-executive    
    directors, namely Ms. Chung Kwo Ling, Mr. Sun Yeung Yeung and Mr. Lee     
    Yuen Kwong.                                                               
                                                                              
    DEFINITIONS                                                               
    The following defined terms are used in this Announcement:                
                                                                              
    "Agreements"        the loan agreement dated 19 April 2004 as             
    supplemented by the supplemental agreement dated 29 November 2004         
    entered into between the Lender and the Borrower pursuant to which the    
    Lender agreed to advance the Loan to the Borrower                         
                                                                              
    "Announcements"        the announcements of the Company dated 14          
    September 2004 and 14 December 2004, respectively in relation to the      
    advancement of the Loan in the sum of HK$14,000,000 to the Borrower       
                                                                              
    "Board"        the board of Directors                                     
                                                                              
    "Borrower"        Citibillion Development Limited                         
                                                                              
    "Company" or "Lender"        E-LIFE International Limited (*), a company  
    duly incorporated with limited liability in                               
    Bermuda, whose Shares are listed and traded on the Stock Exchange         
                                                                              
    "Directors"        the directors of the Company                           
                                                                              
    "Listing Rules"        Rules Governing the Listing of Securities on the   
    Stock Exchange                                                            
                                                                              
    "Loan"        a loan in the sum of HK$14,000,000.00 advanced to the       
    Borrower pursuant to the Agreements                                       
                                                                              
    "Share(s)"        share(s) of HK$0.05 each in the share capital of the    
    Company (or such other nominal value as shall result from a subdivision,  
    consolidation, reclassification or re-structuring of such shares from     
    time to time)                                                             
                                                                              
    "Shareholder(s)"        holder(s) of Share(s)                             
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "2nd Supplemental Agreement"        the 2nd Supplemental Agreement dated  
    15 April 2005 made between the Borrower and the Lender, in supplement to  
    the Agreements                                                            
                                                                              
    By Order of the Board of Directors of                                     
    E-LIFE International Limited                                              
    Wang Jian Hua                                                             
    Chairman                                                                  
                                                                              
    *  for identification purposes only                                       
                                                                              
    Hong Kong, 3 May 2005