Share Buyback Notifications (SBN)

The Stock Exchange of Hong Kong Limited has received notifications from
the following companies regarding the repurchase of ordinary shares as
follows:-

                                No. of
Name of Company      Date of    Securities  Highest Price  Lowest Price
(Stock Code)         Repurchase Repurchased per Share      per Share
-------------------- ---------- ----------- -------------- --------------
CHINESE ESTATES      07/01/2003 1,192,000   HKD 1.17       HKD 1.14      
HOLDINGS LIMITED
 ( 127)

HERALD HOLDINGS      07/01/2003 300,000     HKD 0.20          -          
LIMITED
 ( 114)

MIDLAND REALTY       07/01/2003 50,000      HKD 0.55          -          
(HOLDINGS) LIMITED
 (1200)

NATIONAL ELECTRONICS 07/01/2003 100,000     HKD 0.08          -          
HOLDINGS LIMITED
 ( 213)

SWIRE PACIFIC        07/01/2003 102,000     HKD 29.95         -          
LIMITED - A SHARES
 (  19)

WINFOONG             07/01/2003 60,000      HKD 0.15          -          
INTERNATIONAL
LIMITED
 (  63)