09:21     CHINA RES LAND<01109> - Announcement (4)                            

    the PRC with limited liability and a wholly-owned                         
    subsidiary of the Company                                                 
                                                                              
    "CRNC"  * (China Resources National                                       
    Corp.), a state-owned enterprise incorporated in the                      
    PRC holding an indirect interest of approximately                         
    50.43 per cent. of the issued share capital of the                        
    Company                                                                   
                                                                              
    "Directors"     the directors of the Company                              
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "Independent Board      the independent board committee                   
    of the Company                                                            
      Committee"    comprising Mr. Wong Kong Chi, Mr. Wong                    
    Shi and Mr. Shih Wing Ching (all being independent                        
    non-executive Directors) to advise the Independent                        
    Shareholders in respect of the Construction                               
    Agreements                                                                
                                                                              
    "Independent Financial  Taiwan Securities (Hong Kong)                     
    Company Limited,                                                          
      Adviser"      the independent financial adviser to                      
    advise the Independent Board Committee and the                            
    Independent Shareholders in respect of the                                
    Construction Agreements                                                   
                                                                              
    "Independent    Shareholders, other than CRNC and its                     
    associates                                                                
      Shareholders" (as defined under the Listing Rules)                      
                                                                              
    "Listing Rules" Rules Governing the Listing of                            
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "Shanghai Construction  the construction agreement to                     
    be entered into                                                           
      Agreement"    between CR Shanghai and CR                                
    Construction in relation to the provision of                              
    construction services for The Bund Side Phase 1 in                        
    Shanghai, the PRC                                                         
                                                                              
    "Shareholders"  shareholders of the Company                               
                                                                              
    "Stock Exchange"        the Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Wuhan Construction     the construction agreement to be                  
    entered into                                                              
      Agreement"    between CR Wuhan and CR Construction                      
    in relation to the provision of construction services                     
    for Phoenix City in Wuhan, the PRC                                        
                                                                              
    "HK$"   Hong Kong dollar(s), the lawful currency of Hong                  
    Kong                                                                      
                                                                              
    "RMB"   Renminbi, the lawful currency of the PRC                          
                                                                              
    An exchange rate of HK$1 = RMB1.06 is used in this                        
    announcement.                                                             
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Wang Yin, Yan Biao, Lau Pak Shing, Zhong                    
    Yi, Chen Ying, Chen Kai, Tang Yong and He Zheng Rong,                     
    the non-executive Directors are Keung Chi Wang, Ralph                     
    and Paul Wolansky and the independent non-executive                       
    Directors are Wong Kong Chi, Wang Shi and Shih Wing                       
    Ching.                                                                    
                                                                              
    By order of the board of                                                  
    CHINA RESOURCES LAND LIMITED                                              
    WANG Yin                                                                  
                                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 23rd May, 2005