09:59     JUNEFIELD GROUP<00758>-Announcement&Resumption of Trading(5)        

    If none of the 15 office units is being sold upon the                     
    expiry of the Disposal Agreement, Beijing Junefield                       
    as underwriter shall purchase the Beijing Property at                     
    RMB26.43 million (approximately HK$24.934 million).                       
                                                                              
    Other major terms of the Disposal Agreement                               
    Pursuant to the Disposal Agreement, Beijing Junefield                     
    is entitled to receive a selling commission of 2.5%                       
    of the total consideration.                                               
                                                                              
    It is not specified in the Disposal Agreement that the                    
    Beijing Property cannot be disposed to connected                          
    persons (as defined under the Listing Rules) of the                       
    Company.                                                                  
                                                                              
    Effective date:                                                           
    The Disposal Agreement will become effective upon the                     
    fulfillment of all the following conditions:                              
                                                                              
    (i)   the approval by the independent shareholders of                     
    the Company of the Disposal and the transactions                          
    contemplated under the Disposal Agreement at a general                    
    meeting of the Company; and                                               
                                                                              
    (ii)   the full compliance of any relevant and                            
    applicable requirements under the Listing Rules in                        
    relation to the Disposal Agreement.                                       
                                                                              
    If any of the above conditions is not fulfilled on or                     
    before 30 November 2005, the Disposal will not proceed.                   
                                                                              
    For the avoidance of doubt, completion of the Disposal                    
    Agreement is not conditional to the completion of the                     
    Acquisition Agreement.                                                    
                                                                              
    As advised by the PRC legal advisers, completion of                       
    the Disposal Agreement is not subject to approval from                    
    PRC government authorities.                                               
                                                                              
    Information on the Beijing Property                                       
    The Beijing Property comprises 15 office units of                         
    Junefield Plaza Office Tower 1, No. 6 Xuan Wu Men Wai                     
    Da Jie, Beijing, the PRC with a total gross floor area                    
    of 1,526.53 square meters. Junefield Plaza is a                           
    commercial compound comprising several blocks of                          
    office buildings and several department store                             
    buildings. The development was completed in about 1997.                   
    Ever Park, an indirect wholly-owned subsidiary of the                     
    Company engaging in property investment in the PRC,                       
    acquired the Beijing Property in 2003 and it is in the                    
    process of registering the legal title of the Beijing                     
    Property. The Beijing Property has been accounted as                      
    non-current asset in the financial statements of the                      
    Company. The Company has not leased out the Beijing                       
    Property since its acquisition and the Beijing                            
    Property has not generated any rental income for the                      
    Group. The original acquisition cost to Ever Park                         
    attributable to the Beijing Property was RMB13.279                        
    million (approximately HK$12.53 million). It was the                      
    intention for the Company to hold the Beijing Property                    
    for rental purpose at the time of acquisition and the                     
    Directors expected that the Beijing Property would                        
    provide an additional security for bank financing so                      
    as to improve the cash flow position of the Group.                        
    However, in view of the difficulty in obtaining bank                      
    financing in the PRC, no arrangement with the bank in                     
    respect of the Beijing Property has been concluded                        
    despite the continuous effort of the Group. In                            
    addition, in light of the subsequent appreciation of                      
    the value of the Beijing Property, the Company                            
    considers the Disposal is in the best interests of the                    
    Company. Furthermore, the Company considers disposing                     
    the Beijing Property at a vacant condition may yield                      
    a better selling price.                                                   
                                                                              
    Reasons for the Disposal                                                  
    The Group is engaged in the business of general                           
    construction, property investment and management in                       
    the PRC. The Disposal is conducted in the ordinary and                    
    usual course of business of the Group.