SINO LAND<0083> - Results Announcement

Sino Land Company Limited announced on 23/3/2000:
(stock code: 83)
Year end date: 30/6/2000
Currency: HK$                                               (Unaudited)
                                           (Unaudited)      Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/7/1999    from 1/7/1998
                                           to 31/12/1999    to 31/12/1998

Turnover
    - Continuing                         : 715,008,510      799,161,271
    - Discontinued                       : -                -
Operating Profit/(Loss)
    - Continuing                         : 388,758,570      507,830,796
    - Discontinued                       : -                -
Total Operating Profit/(Loss)            : 388,758,570      507,830,796
Share of Profit/(Loss) of
  Associated Companies                   : 372,342,903      691,830,359
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI             : 708,191,288      1,086,351,324
% Change over Last Period                : -34.81%
EPS/(LPS)-Basic                          : 20.27 cents      34.87 cents
         -Diluted                        : 20.25 cents      33.48 cents
Extraordinary (ETD) Gain/(Loss)          : NIL              NIL
Profit/(Loss) after ETD Items            : 708,191,288      1,086,351,324
Interim Dividend per Share               : 5 cents          5 cents
(Specify if with other options)          :(with option for scrip dividend) 
B/C Dates for Interim Dividend           : 17/4/2000 to 25/4/2000 bdi.
Payable Date                             : 22/5/2000
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1) In the current period, the Group has adopted Statement of Standard 
Accounting Practice ("SSAP") 24 Accounting for investments in securities.

Under SSAP 24, investments in securities are now classified as 
held-to-maturity (carried at amortised cost less provision for 
irrecoverable amounts), trading securities (carried at fair value, with 
valuation movements dealt with in the income statement) and other 
securities (carried at fair value, with valuation movements dealt with in 
equity).  In prior periods, the Group's investments were classified as 
long-term (carried at cost less provision for permanent diminution in 
value) or short-term (carried at the lower of cost and market value).  The 
accounting treatment specified by SSAP 24 has been applied retrospectively 
- resulting in a decrease in the investments revaluation reserve and 
retained profits at 1st July, 1998 of approximately HK$184 million and 
HK$62 million respectively, and a revaluation increase in the current 
period of approximately HK$81 million (six months period ended 31st 
December, 1998: an increase of approximately HK$1 million) and an increase 
in the profit of the Group for the current period by HK$151,971,336 (six 
months period ended 31st December, 1998: an increase of HK$38,473,346).  
Comparative figures have been restated to conform with the new accounting 
policies.

2) Earnings per share

The calculation of the basic and diluted earnings per share is based on 
the following data :-

                                           31/12/1999       31/12/1998
                                           HK$              HK$

Earnings for the purposes of basic 
  earnings per share                       708,191,288      1,086,351,324
Effect of dilutive potential ordinary shares:
  Interest on convertible bonds            635,681          48,527,536
                                           ------------------------------
Earnings for the purposes of diluted 
  earnings per share                       708,826,969      1,134,878,860
                                           ==============================
Weighted average number of ordinary shares
  for the purposes of basic earnings per 
  share                                    3,494,542,677    3,115,811,310
Effect of dilutive potential ordinary shares:
  Convertible bonds                        5,267,325        273,968,059
                                           ------------------------------
Weighted average number of ordinary shares for the
  purposes of diluted earnings per share   3,499,810,002    3,389,779,369
                                           ==============================

3. Operating Profit

Operating profit was stated after crediting/(charging) the following items 
:-
                                           31/12/1999       31/12/1998
                                           HK$              HK$
Unrealised gain on trading securities      151,971,336      38,473,346
Profit on disposal of investment properties80,038,861       306,133,922
Profit arising from the repurchase and 
  subsequent cancellation of convertible 
  bonds                                    -                61,139,610
Loss on disposal of other securities       -                (28,318,768)