Proposal to Amend the Company Articles and Related Matters

Announcement of the Resolutions of the 15th Meeting of the 3rd Board of Directors of Shenzhen Zhongqiao Development Co., Ltd.

Shenzhen Zhongqiao Development Co., Ltd. held the 15th meeting of its 3rd Board of Directors on May 29, 2002, at the conference room on the 28th floor of World Plaza, No. 855, Pudong South Road, Shanghai. All 5 directors attended the meeting, and 3 supervisors were present, in compliance with the Company Law, Securities Law, and the company's articles of association. The attending directors voted and approved the following resolutions:

1. Proposal to amend the company articles;
2. Rules for shareholder meetings;
3. Proposal to reappoint Shanghai Donghua Certified Public Accountants as the company's auditing firm;
4. Decision to hold the 2001 annual shareholder meeting on June 29, 2002.

This announcement is made by the Board of Directors of Shenzhen Zhongqiao Development Co., Ltd. on May 29, 2002.

Announcement of the Resolutions of the 12th Meeting of the 3rd Supervisory Board of Shenzhen Zhongqiao Development Co., Ltd.

Shenzhen Zhongqiao Development Co., Ltd. held the 12th meeting of its 3rd Supervisory Board on May 29, 2002, at the conference room on the 28th floor of World Plaza, No. 855, Pudong South Road, Shanghai. All 3 supervisors were present. The meeting approved the rules for the supervisory meeting.

This announcement is made by the Supervisory Board of Shenzhen Zhongqiao Development Co., Ltd. on May 29, 2002.

Announcement on the 9th Shareholder Meeting of Shenzhen Zhongqiao Development Co., Ltd.

The Board of Directors has decided to hold the 9th Shareholder Meeting of Shenzhen Zhongqiao Development Co., Ltd. on June 29, 2002, at 10:00 AM in the conference room on the 3rd floor of Xihu Garden, Baoan South Road, Shenzhen. The relevant matters are announced as follows:

1. Meeting time: June 29, 2002, at 10:00 AM

2. Meeting location: Conference room on the 3rd floor of Xihu Garden, Baoan South Road, Shenzhen

3. Meeting agenda:

   Item	Description
   1	Review of the 2001 annual report
   2	Review of the 2001 Board of Directors' work report
   3	Review of the 2001 Supervisory Board's work report
   4	Review of the 2001 financial settlement report
   5	Review of the profit distribution proposal for 2001
   6	Review of the proposal to reappoint the auditing firm
   7	Review of the proposal to amend the company articles
   8	Review of the rules for shareholder meetings
   9	Review of the rules for supervisory meetings

4. Attendees:

   1. All shareholders registered with the Shenzhen Securities Registration Company as of the close of trading on June 17, 2002.
   2. All directors, supervisors, and senior management of the company.

5. Registration details:

   1. Registration time: June 29, 2002, from 9:00 AM to 10:00 AM
   2. Registration location: 3rd floor of Xihu Garden, Baoan South Road, Shenzhen
   3. Corporate shareholders must present a power of attorney, business license, proof of identity, shareholder account card, stock certificate, and ID of the attendee for registration.
   4. Individual shareholders must present their ID, shareholder account card, and stock certificate for registration.
   5. Authorized representatives must also present a power of attorney (attached), and IDs of both the principal and the agent for registration.

6. Other matters:

   1. Attending shareholders are responsible for their own accommodation and transportation costs.
   2. Contact persons for this meeting: Yang Yumei, Mu Lingxia, Phone: (0755) 5566868, Fax: (0755) 5566222, Zip Code: 518008