Summary On 19th November 1999, Silver Grant International Industries Limited entered into a legally binding provisional agreement ("Provisional Agreement") for the sale of 15th Floor, Tower Two, Lippo Centre, No. 89 Queensway, Hong Kong (the "Property")

Date of Provisional Agreement: 19th November 1999

Parties:	(1) Silver Grant International Industries Limited (the "Company")
	(2) Seajet Investments Limited ("Purchaser")

Particulars of the Provisional Agreement

On 19th November 1999, the Company entered into the Provisional Agreement upon normal commercial terms with the Purchaser, an independent third party not associated with any directors, chief executives or substantial shareholders of the Company or its subsidiaries or any of their respective associates for the realisation of the Property.

Pursuant to the Provisional Agreement, the aggregate consideration for the realisation of the Property ("Realisation") is HK$66 million The said consideration is payable by way of instalments, of which an initial deposit of HK$4 million has been paid. A further deposit of HK$2.6 million shall be paid on or before 26th November 1999. The remaining balance of the consideration being HK$59.4 million shall be paid on or before 20th December 1999.

Date of signing of formal sale and purchase agreement:	On or before 26th November 1999
Date of Completion:	On or before 20th December 1999

Reason for the Realisation

The directors of the Company consider that the terms and conditions of the Provisional Agreement (including the consideration of the Realisation which reflects fairly the present market value of the Property) are fair and reasonable and such terms and conditions have been determined on an arm's length basis. The previous tenancy has been expired on 30th June, 1999 and the Property is currently vacant. The directors of the Company considers that the timing for the Realisation is reasonable. The proceeds of the Realisation will be used as additional working capital of the Company. The acquisition costs of the Property is approximately HK$159.3 million and the Property was classified as an investment property and stated at a valuation of approximately HK$62.5 million in the last audited financial statements of the Company and its subsidiaries as at 31st December, 1998.

Additional Informations

The Company is principally engaged in investments in infrastructure and property in the PRC and also retailing and industrial investments. The Realisation constitutes a discloseable transaction for the Company under the Listing Rules. A circular containing details of the Realisation including the financial impact on the Company (if any) as a result of the Realisation and provisions for refund of deposit (if any) and provisions for refund of deposit (if any) will be despatched to the shareholders of the Company as soon as practicable.

By order of the Board
Silver Grant International Industries Limited Gao Jianmin
Managing Director
Hong Kong SAR, 22nd November, 1999

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