09:37     SHANGHAI ZENDAI<00755>-Announcement&Resumption of Trading(7)        

    incorporated in Hong Kong with limited liability, which is wholly-owned   
    by Mr. Dai, an executive Director, as at the date of this announcement    
                                                                              
    "HK$"  Hong Kong dollars, the lawful currency of Hong Kong                
                                                                              
    "RMB"  Renminbi                                                           
                                                                              
    "%"  per cent.                                                            
                                                                              
    "sq.m."  square metre                                                     
                                                                              
    By order of the Board                                                     
    Shanghai Zendai Property Limited                                          
    Dai Zhikang                                                               
    Chariman                                                                  
                                                                              
    As at the date of this announcement, the executive Directors are Mr.      
    Dai Zhikang, Mr. Tang Jian, Mr. Zhao Hangsheng, Mr. Zhang Wei and Mr.     
    Zhu Nansong. The independent non-executive Directors are Mr. Lo Mun       
    Lam, Raymond, Mr. Lai Chik Fan and Mr. Ma Chi Kui, Sandroff.              
                                                                              
    Hong Kong, 4 May 2005                                                     
                                                                              
    *  For identification purpose only                                        
                                                                              
    For the purpose of this announcement, unless otherwise specifies,         
    conversion of Renminbi into Hong Kong dollars and US dollars into Hong    
    Kong dollars are based on the approximate exchange rates of RMB1.06 =     
    HK$1.00 and US$1=HK$7.8.