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Hopson Development Holdings Limited

Balance Sheet
As of 31st December, 1998
(Expressed in Hong Kong dollars)
                                              Consolidated      Company

                                            1998     1997     1998   1997
                                 Notes     $'000    $'000    $'000  $'000

Fixed assets                      12      12,237    8,987        -     -

Investment properties             13     364,000        -        -     -

Properties under development
  for long-term investment        14     420,923  100,259        -     -

Investment in subsidiaries        15           -        -  423,758     -

Investment in associated company  16       5,868    3,778        -     -

Other investment                  17      66,074        -        -     -

Current assets                    18   1,697,359  991,847  309,193   100

Current liabilities               19    (901,584) 610,944)    (229)  (44)
________________________________________________________________________
                                       1,664,877  493,927  732,722    56

Land premium payable              20     (98,970)(182,318)       -     -

Deferred taxation                 21    (300,227) (82,389)       -     -
________________________________________________________________________
Net assets                             1,265,680  229,220  732,722    56
                                       =========  =======  =======    ==
Representing:

Share capital                     22     100,000   75,000  100,000   100

Reserves                          23   1,127,278  130,111  632,722   (44)
________________________________________________________________________
Shareholders' equity                   1,227,278  205,111  732,722    56
 
Minority interests                        38,402  24,109         -     -
________________________________________________________________________
                                       1,265,680  229,220  732,722    56
                                       =========  =======  =======    ==
Approved by the Board of Directors on 22nd March, 1999.


          Chu Mang Yee                            Au Yeung Fu, Anthony
            Director                                     Director


Source: Hopson Development Holdings Limited
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