10:25     CENTURY LEGEND<00079> - Announcement & Resumption (2)               

    Upon satisfaction of the following conditions, LNX, CL Properties and     
    all other parties to the Option Agreement will enter into a deed of       
    novation to transfer all of the rights and obligations of CL Properties   
    under the Option Agreement to LNX (the "Novation"). Set out below are     
    the conditions:                                                           
                                                                              
    (a)    due diligence on the assets, liabilities, financial and legal      
    affairs of Fastpro, Longnex and the Hotel having been carried out to the  
     satisfaction of LNX; and                                                 
                                                                              
    (b)    (if necessary) the approval of the Agency Agreement and the        
    transaction(s) contemplated thereunder by the Independent Shareholders    
    to be sought at the Special General Meeting.                              
                                                                              
    In the event that any of the aforesaid conditions is not satisfied:       
                                                                              
    (a)    CL Properties shall as soon as practicable reimburse to HKM all    
    of the funds which HKM has provided to LNX for CL Properties to meet its  
     financial obligations under the Option Agreement without interest; and   
                                                                              
    (b)    HKM will transfer to CL Properties its 50% shareholding in LNX at  
     a nominal cost of US$1 (equivalent to approximately HK$7.8) such that    
    CL Properties will become the sole shareholder of LNX; and                
                                                                              
    (c)    CL Properties will continue to perform its obligations and         
    exercise its rights under the Option Agreement as a principal; and        
                                                                              
    (d)    HKM will then be released from its obligations under the Agency    
    Agreement.                                                                
                                                                              
    To enable CL Properties to perform its obligations under the Option       
    Agreement prior to satisfaction of the aforesaid conditions, the parties  
     to the Agency Agreement agree and undertake that:                        
                                                                              
    (a)    LNX shall provide all the funds necessary for CL Properties to     
    fulfill its financial obligations under the Option Agreement, including   
    payment of the one-off HK$4 million option price and the Monthly Option   
    Fee (as detailed below);                                                  
                                                                              
    (b)    CL Properties shall, upon receipt of any monies under the Option   
    Agreement, deposit all such monetary receipts into a bank account         
    designated by LNX which is operated jointly by HKM and CL Properties;     
                                                                              
    (c)    LNX shall be entitled to utilize the funds in the bank account     
    for the sole purpose of meeting CL Properties' financial obligations      
    under the Option Agreement; and                                           
                                                                              
    (d)    If and when the fund in the bank account is insufficient to meet   
    any of CL Properties' financial obligations under the Option Agreement,   
    both CL Properties and HKM shall make equal funding contribution(s) to    
    the bank account to meet such shortfall.                                  
                                                                              
    THE OPTION AGREEMENT                                                      
                                                                              
    Date:   3rd May, 2005                                                     
                                                                              
    Parties:                                                                  
                                                                              
    Grantee of call option:   CL Properties                                   
                                                                              
    Grantor of call option:   Keenfull, the beneficial owner of the entire    
    issued share capital of Fastpro.                                          
                                                                              
    Guarantor:    Mr. Samuel Tsang, who unconditionally and irrevocably       
    guarantees to Keenfull, Fastpro and Longnex that CL Properties will duly  
     and punctually perform and fulfil all of its obligations under, arising  
     out of or in connection with the Option Agreement.                       
                                                                              
    Other parties:   Fastpro, the beneficial owner of the entire issued       
    share capital of Longnex. Fastpro has not carried out any substantive     
    business except for investing into Longnex.                               
                                                                              
    Longnex, the owner of Holiday Inn, Macau located at 68, 82, 86 & 102A-D   
    Rua De Pequim, Macau. Longnex is principally engaged in operating the     
    Hotel.                                                                    
                                                                              
    LNX, which will assume all the rights and obligations of CL Properties    
    under the Option Agreement in the circumstances as described in the       
    paragraph headed "The Agency Agreement" above.                            
                                                                              
    To the best knowledge, information and belief of the Directors and after  
     making all reasonable enquiries, as at the date of the Option Agreement  
     and the date of this announcement, Keenfull, Fastpro, Longnex and their  
     respective ultimate beneficial owners are not connected persons of the