09:55     INNOVO<00703> - Announcement (6)                                    

    "Effective Date"        the date of the Agreement or, if                  
    approval by the Shareholders is required for                              
    Infotower entering into the Agreement under the                           
    Listing Rules, the date when such approval is obtained                    
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative                      
    Region of the PRC                                                         
                                                                              
    "Infotower"     Infotower Limited, a company                              
    incorporated in the British Virgin Islands and an                         
    indirect wholly-owned subsidiary of the Company                           
                                                                              
    "Land"  the land located at (*"),                                         
    Taishan, the PRC where all the fixtures and                               
    erection built thereon                                                    
                                                                              
    "Listing Rules" The Rules Governing the Listing of                        
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "Share(s)"      share(s) of HK$0.01 each in the share                     
    capital of the Company                                                    
                                                                              
    "Shareholder(s)"        holder(s) of the Shares                           
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Term"  term of the CJV (i.e. 10 years from the                           
    Effective Date) unless terminated in accordance with                      
    the terms of the Agreement and subject to extension                       
    by the parties to the CJV                                                 
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong                    
    Kong                                                                      
                                                                              
    "RMB"   Renminbi, the lawful currency of the PRC                          
                                                                              
    "%"     per cent.                                                         
                                                                              
    By Order of the Board                                                     
    Innovo Leisure Recreation Holdings Limited                                
    Chan Chak Mo                                                              
    Chairman and Managing Director                                            
                                                                              
    Hong Kong, 19 May 2005                                                    
                                                                              
    For reference only, conversion of RMB into HK$ is                         
    based on the exchange rate of HK$1.00 = RMB1.06.                          
                                                                              
    *  For identification purposes only