Harbour Centre Development Limited — M&A Activity 2000

Jan 6, 2000

Listed Company Information

CHI CHEUNG<0112> & FE CONSORT INTL<0035>-Joint Announcement The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Chi Cheung Investment Company, Limited (Incorporated in Hong Kong with limited liability) FAR EAST CONSORTIUM INTERNATIONAL LIMITED (Incorporated in the Cayman Islands with limited liability) Debt restructuring proposal for Chi Cheung Investment Company, Limited (the "Proposal") Far East Consortium International has applied for an extension of the despatch of a circular in relation to the Proposal to 21 days after the announcement of the entering into the Formal Agreement. The Proposal is subject to, among other things, the signing of the Formal Agreement. The Proposal may or may not proceed. The directors of Chi Cheung Investment Company, Limited and Far East Consortium International Limited refer to the joint announcement dated 13th December, 1999, in relation to the entering of a heads of agreement between Chi Cheung and Far East Consortium International regarding a debt restructuring proposal of Chi Cheung. Terms used in this announcement shall have the same meanings as defined in the announcement of the Proposal dated 13th December, 1999. The Proposal involves, among other things, the injection by Far East Consortium International of certain assets into Newco (which will become the new holding company of Chi Cheung upon Completion) and debt restructuring of Chi Cheung. The Proposal is subject to certain conditions, including the entering into of the Formal Agreement, the Stock Exchange confirming in writing that the Newco will not be treated as a new application for listing upon Completion and an application by Far East Consortium International for a waiver from the obligations to make a general offer for all the existing issued shares of Chi Cheung pursuant to Rule 26 of the Code from the Executive Director of the Corporate Finance Division of the SFC. Under the Code, a document giving details of the Proposal (the "Document") is required to be posted to shareholders of Chi Cheung within 21 days of the announcement of terms of the Proposal. The Stock Exchange has informed Chi Cheung that Newco will be treated as a new listing applicant pursuant to the Proposal. Chi Cheung has submitted a revised structure of the Proposal to the Stock Exchange seeking their views on the proper compliance of the Listing Rules in respect of the revised Proposal. As the structure of the Proposal is still under negotiation between the parties, Far East Consortium International has applied to the Executive Director of the Corporate Finance Division of the SFC for an extension for the despatch of the Document to a date falling on 21 days after the announcement of the entering into the Formal Agreement. Shareholders and potential investors of Chi Cheung and Far East Consortium International are reminded that the Proposal may or may not proceed. Investors should exercise caution in dealings in the securities of the companies. By Order of the Board of By Order of the Board of Chi Cheung Investment Far East Consortium Company, Limited International Limited Ng Kwok Cheung, Paul Michael Chi Ning O' Young Chairman and Chief Executive Officer Managing Director Hong Kong, 5th January, 2000 The directors of Chi Cheung jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than that relating to Far East Consortium International) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other material fact not contained in this announcement, the omission of which would make any statement in this announcement misleading. The directors of Far East Consortium International jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than that relating to Chi Cheung) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other material fact not contained in this announcement, the omission of which would make any statement in this announcement misleading.