09:51     FORTE<02337> - Announcement (4)                                     

                                   and conditions contained                   
                                   therein                                    
    `GFA'                          gross floor area                           
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK$'                          Hong Kong dollars, the lawful              
                                   currency of Hong Kong                      
    `Independent Third Parties'    parties independent of and                 
                                   not connected with any of the              
                                   promoters, the directors,                  
                                   supervisors, chief executive,              
                                   the substantial shareholders               
                                   (within the meaning of the                 
                                   Listing Rules) of the Company              
                                   or any of its subsidiaries or              
                                   any of their respective                    
                                   associates                                 
    `Listing Rules'                Rules Governing the Listing                
                                   of Securities on The Stock                 
                                   Exchange of Hong Kong Limited              
    `PRC'                          the People's Republic of                   
                                   China                                      
    `RMB'                          Renminbi yuan, the lawful                  
                                   currency of the PRC                        
    `Second Equity Transfer        an equity transfer agreement               
    Agreement'                     dated 15 March 2005 entered                
                                   into between Beijing Wanhe                 
                                   and Beijing Forte Huafang in               
                                   relation to the acquisition                
                                   of a 8% equity interest in                 
                                   Beijing Baihong by Beijing                 
                                   Forte Huafang from Beijing                 
                                   Wanhe, subject to the terms                
                                   and conditions contained                   
                                   therein                                    
    `Shareholders'                 the shareholders of the                    
                                   Company                                    
    `sq.m.'                        square metres                              
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `Third Equity Transfer         an equity transfer agreement               
    Agreement'                     dated 31 March 2005 entered                
                                   into between Xinjiang Xintian              
                                   and Beijing Xidan Jiahui in                
                                   relation to the acquisition                
                                   of a 40% equity interest in                
                                   Beijing Baihong by Beijing                 
                                   Xidan Jiahui from Xinjiang                 
                                   Xintian, subject to the terms              
                                   and conditions contained                   
                                   therein                                    
    `Xinjiang Xintian'              (Xinjiang Xintian Property                
                                   Development Limited), a                    
                                   company established in the                 
                                   PRC with limited                           
                                   liability                                  
                                                                              
                                                                              
                                                                              
                                   By order of the Board                      
                                   Guo Guangchang                             
                                   Chairman                                   
                                                                              
                                                                              
                                                                              
    Shanghai, the PRC, 4 May 2005                                             
    * For identification purposes only