09:20     CHINA RES LAND<01109> - Announcement (2)                            

    unconditional agreement. It is expected that                              
    construction work will be completed within 960 days                       
    of the date of approval of the Wuhan Construction                         
    Agreement by the Independent Shareholders and                             
    execution of the Wuhan Construction Agreement.                            
                                                                              
    Consideration:                                                            
    The construction work for Phoenix City was proposed                       
    to be awarded to CR Construction through a tendering                      
    process. CR Construction was selected because its                         
    tender price is the lowest amongst the bidders.                           
                                                                              
    The consideration for the construction work was the                       
    tender price submitted by CR Construction amounting                       
    to RMB216,100,000 (equivalent to approximately                            
    HK$203,867,925) and will be satisfied in cash through                     
    internal resources of the Group in stages with                            
    reference to the percentage of work completed.                            
                                                                              
    SHANGHAI CONSTRUCTION AGREEMENT                                           
    Date:                                                                     
    Subject to approval of the Independent Shareholders                       
    by way of a poll, CR Shanghai and CR Construction would                   
    enter into the Shanghai Construction Agreement.                           
                                                                              
    Parties:                                                                  
    (iii)   CR Shanghai, the principal business of which is                   
    property development and investment in the PRC                            
                                                                              
    (iv)    CR Construction, the principal business of                        
    which is the provision of construction services in                        
    the PRC                                                                   
                                                                              
    Transaction:                                                              
    Pursuant to the Shanghai Construction Agreement, CR                       
    Construction shall provide various construction                           
    services for The Bund Side Phase 1, a residential                         
    project of the Group located in Shanghai, the PRC with                    
    a planned gross area of approximately 34,173 square                       
    metres.                                                                   
                                                                              
    The Shanghai Construction Agreement is an                                 
    unconditional agreement. It is expected that                              
    construction work will be completed within 660 days                       
    of the date of approval of the Shanghai Construction                      
    Agreement by the Independent Shareholders and                             
    execution of the Shanghai Construction Agreement.                         
                                                                              
    Consideration:                                                            
    The construction work for The Bund Side Phase 1 was                       
    proposed to be awarded to CR Construction through a                       
    tendering process. CR Construction was selected                           
    because its tender price is the lowest amongst the                        
    bidders.                                                                  
                                                                              
    The consideration for the construction work was the                       
    tender price submitted by CR Construction amounting                       
    to RMB113,976,762 (equivalent to approximately                            
    HK$107,525,247) and will be satisfied in cash through                     
    internal resources of the Group in stages with                            
    reference to the percentage of work completed.                            
                                                                              
    Reasons for the Construction Agreements                                   
    The Company is an investment holding company and its                      
    subsidiaries are principally engaged in the property                      
    development and investment in the PRC. Since the                          
    Company does not have the expertise and resources in                      
    property construction, it has to outsource all its                        
    construction works for its property projects to third                     
    parties.                                                                  
                                                                              
    The Directors (excluding members of the Independent                       
    Board Committee whose opinion will be set out in the                      
    Circular after taking into account the