09:25     CH N RES DEV<00661> - Announcement (3)                              

    Mr. Wong Ki Kit                                                           
                                                                              
    Mr. Wong resigned as independent non-executive Director of the Company    
    due to his personal reasons and ceased to be the chairman of the audit    
    committee of the Company with effect from 8 April 2005. Mr. Wong has in   
    his resignation letter dated 8 April 2005 confirmed that he had no        
    disagreement with the Company and there was no matter relating to his     
    resignation that needed to be brought to the attention of the             
    shareholders of the Company.                                              
                                                                              
    According to enquiries that the Company had made with each of Mr. Zhou    
    and Mr. Wong, Mr. Zhou resigned by reason of his personal affairs and     
    Mr. Wong resigned because the time demanded of him for his full time job  
    make him unable to devote sufficient time and attention to the Group. In  
    view of the reasons for their resignations and taking into account that   
    the Company is under the proper management of the directors and senior    
    management of the Company and does not rely solely on any single member   
    of the Board or of the senior management for its proper management and    
    operation, the Board decided to accept their resignations.                
                                                                              
    Appointment                                                               
                                                                              
    Mr. Li Qiao Feng                                                          
                                                                              
    Mr. Li, one of the executive Directors of the Company, was appointed as   
    the chairman of the Company in place of Mr. Zhou with effect from 11      
    April 2005. Mr. Li joined the Group on 27 October 2004.                   
                                                                              
    Mr. Li, aged 33, graduated from the Graduate School of Chinese Social     
    Science Academy (*), is a holder of a master degree in currency banking   
    (*). He has over ten years' experience in capital administration and      
    corporate management.                                                     
                                                                              
    Mr. Li is currently an executive Director of the Company. Mr. Li has not  
    entered into any service agreement with the Company and he is not         
    appointed for a specific term. Mr. Li is entitled to receive an           
    emolument of HK$650,000 per annum, which is determined between Mr. Li     
    and the Company at arm's length on the basis of his previous experience,  
    qualifications, responsibilities with the Company, the current financial  
    position of the Company and prevailing market conditions.                 
                                                                              
    Other than (i) his executive directorship with, and his new appointment   
    as chairman of the Company and (ii) his directorship in each of the       
    following subsidiaries of the Company, Mr. Li has not held any other      
    position with the Company or any of its subsidiaries and has not served   
    as a director in any other listed companies within the last three years.  
                                                                              
    (1)        Great Shanghai Investments (Holdings) Limited                  
    (2)        Goldright Finance Limited                                      
    (3)        Ample Year Limited                                             
    (4)        China National Resources Investments Limited                   
    (5)        China National Information Resources Holdings Limited          
    (6)        Trade Epoch International Limited                              
    (7)        China Valley Investments Limited                               
    (8)        Success Honest Group Limited                                   
    (9)        Keung Tai Holdings Limited                                     
    (10)        Advance Victory Investments Limited                           
    (11)        China National Recycling Int'l Trading Limited                
    (12)        Keytrade Investments Limited                                  
                                                                              
    Mr. Li currently holds 330,000 Shares in the capital of the Company,      
    representing approximately 0.0176% of the issued share capital of the     
    Company.                                                                  
                                                                              
    Save as disclosed above, there are no other matters relating to the       
    appointment of Mr. Li as chairman of the Company that need to be brought  
    to the attention of the shareholders of the Company.                      
                                                                              
    The Board would like to express its sincere appreciation for the          
    valuable contribution of each of Mr. Zhou and Mr. Wong to the Company     
    during his past service, and would like to take this opportunity to       
    welcome Mr. Li to be the Chairman of the Company.                         
                                                                              
    Implication of Rules 3.10 and 3.21 of the Listing Rules                   
                                                                              
    Following the resignation of Mr. Wong, the Company has only two           
    independent non-executive Directors, which fails to meet the minimum      
    number of both of the independent non-executive Directors and members of  
    audit committee of the Company as required under Rules 3.10 and 3.21 of   
    the Rules ("Listing Rules") Governing the Listing of Securities on the    
    Stock Exchange of Hong Kong Limited ("Stock Exchange"). The Company is    
    now seeking a suitable candidate with appropriate professional            
    qualifications or accounting or related financial management expertise    
    to be appointed as independent non-executive director, and as chairman    
    of the audit committee of the Company as soon as practicable. Further