Zibuyu Group Limited — M&A Activity 2000

Aug 28, 2000

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.

*

(Incorporated in Bermuda with limited liability)

POSTPONEMENT OF COMPLETION OF AGREEMENT AND

DESPATCH OF CIRCULAR

CONNECTED TRANSACTION

Due to the time consuming liaison by the PRC lawyer of the Company with the Shunde approval authority regarding the transfer of interests in the Property Company, by way of a letter dated 24th August, 2000 which is supplemental to the Agreement and the letter dated 18th July, 2000, the Vendor and the Purchaser agreed to postpone the Completion from 30th September, 2000 to a date not later than 31st October, 2000. An application has been made to the Stock Exchange for a further extension until not later than 9th October, 2000 for the despatch of the Circular.

Reference is made to the announcements made by the board of directors of Zhong Hua Land Holdings Limited (the "Company") dated 30th May, 21st June, 10th July and 18th July, 2000 in relation to the proposed acquisition of a 90 per cent. interests in the Property Company from a connected party of the Company (the "Announcements"). Unless otherwise stated, terms defined in the Announcements shall have the same meanings when used herein unless the context otherwise requires.

Due to the time consuming liaison by the PRC lawyer of the Company with the Shunde approval authority regarding the transfer of interests in the Property Company, by way of a letter dated 24th August, 2000 which is supplemental to the Agreement and the letter dated 18th July, 2000, the Vendor and the Purchaser agreed to postpone the Completion from 30th September, 2000 to a date not later than 31st October, 2000. An application has been made to the Stock Exchange for a further extension until not later than 9th October, 2000 for the despatch of the Circular.

Shareholders and investors are advised to exercise caution when dealing in the shares of the Company as the proposed transaction may or may not proceed.

By Order of the Board

Carrie Ho

Company Secretary

Hong Kong 25th August, 2000

* For identification only.