09:21     <00017> & <00917> - Joint Announcement & <00917> Resume (7)         

    ``Placing Price''                                                         
    HK$2.90 per Share, being the placing price pursuant to the Placing        
    Agreement                                                                 
                                                                              
    ``Placing Shares''                                                        
    up to a maximum of 262 million existing Shares to be placed by            
    Easywin through the Placing Agent under the Placing Agreement             
                                                                              
    ``PRC''                                                                   
    the People's Republic of China                                            
                                                                              
    ``Put Option(s)''                                                         
    the put option(s) to be granted by Easywin to the Placee(s) under         
    the Option Agreement(s)                                                   
                                                                              
    ``Rights Issue''                                                          
    the issue of 2,255,294,538 new Share(s) (together, the ``Rights           
    Share(s)'') on the basis of three Rights Shares for every two             
    existing Shares to qualifying shareholders by way of rights or to         
    holders of nil-paid Rights Shares at HK$2.80 per Rights Share,            
    details of which were set out in the prospectus issued by the             
    Company dated 21 March 2005                                               
                                                                              
    ``Rights Issue Result Announcement''                                      
    the announcement made by the Company dated 12 April 2005 in               
    relation to the result of the Rights Issue                                
                                                                              
    ``Share(s)''                                                              
    share(s) of HK$0.10 each in the share capital of the Company              
                                                                              
    ``Shareholder(s)''                                                        
    holder(s) of the Share(s)                                                 
                                                                              
    ``Stock Exchange''                                                        
    The Stock Exchange of Hong Kong Limited                                   
                                                                              
    ``%''                                                                     
    per cent.                                                                 
                                                                              
    By order of the board                                                     
    New World Development Company Limited                                     
    Leung Chi-Kin, Stewart                                                    
    Company Secretary                                                         
                                                                              
    By order of the board                                                     
    New World China Land Limited                                              
    Chow Yu-Chun, Alexander                                                   
    Company Secretary                                                         
                                                                              
    Hong Kong, 25 May 2005                                                    
                                                                              
    As at the date of this announcement, the board of directors of NWD        
    comprises (1) Dato' Dr. Cheng Yu-Tung, Dr. Cheng Kar-Shun, Henry,         
    Dr. Sin Wai-Kin, David, Messrs. Liang Chong-Hou, David and Leung          
    Chi-Kin, Stewart as executive directors; (2) Messrs. Cheng Yue-Pui,       
    Cheng Kar-Shing, Peter, Chow Kwai-Cheung, Ho Hau-Hay, Hamilton and        
    Liang Cheung-Biu, Thomas as non-executive directors; and (3) Lord         
    Sandberg, Michael, Dr. Cha Mou-Sing, Payson JP, Mr. Cha Mou-Zing,         
    Victor (alternate director to Dr. Cha Mou-Sing, Payson JP), Messrs.       
    Yeung Ping-Leung, Howard and Lee Luen-Wai, John JP as independent         
    non-executive directors.                                                  
                                                                              
    As at the date of this announcement, the board of directors of the        
    Company comprises (1) Dr. Cheng Kar-Shun, Henry, Mr. Doo Wai-Hoi,         
    William JP, Mr. Cheng Kar-Shing, Peter, Mr. Leung Chi-Kin, Stewart,       
    Mr. Chow Kwai-Cheung, Mr. Chow Yu-Chun, Alexander and Mr. Fong            
    Shing-Kwong, Michael as executive directors; (2) Mr. Fu Sze-Shing         
    as non-executive director; and (3) Mr. Cheng Wai-Chee, Christopher,       
    Mr. Tien Pei-Chun, James and Mr. Lee Luen-Wai, John JP as                 
    independent non-executive directors.