Sino's Comments:

Canada Land (CDL) to Commence Sale of Wong Tai Seen Ancestral Memorial Plates.

Please find attached an announcement made today by CDL related to the Company’s Wong Tai Seen (WTS) temple project.

After long delays, we are pleased to see that all the necessary approvals have been received for the Company to commence the marketing and sale of the ancestral memorial plates. With some 80,000 of the high margin plates to be sold over the coming few years at prices initially estimated at A$850 each, the WTS project promises to be highly profitable for the Company. Following the recent announcement of disappointing financial results for the year to 31 March, 1998, we maintain our HOLD recommendation on CDL but may revise our recommendation to a more positive level when information on the success of the first marketing campaign of the plates is at hand, and when sales of the residential apartments in the Canview Building resume in earnest.

ASX Announcement:

CDL:Approval granted to carry on activities related to Taoism

The Canada Land Limited Group of companies is pleased to announce that it has now received final approval from all relevant authorities in China for the Wong Tai Seen Temple to carry on activities related to Taoism, for example ancestral memorial services.

It is a very important feature in traditional Chinese culture that an individual pay his respects to his ancestors. Canada Land is proud to have been selected as the only foreign entity to be granted permission to construct a temple in Guangzhou since the establishment of the People's Republic of China in 1949. Wong Tai Seen is one of only two religious places to have received official approval for such ritual activities.

The receipt of all approvals now means that the Company can proceed with the marketing of memorial plates. Over the next two years to make available 80,000 of these plates. Ground-breaking of the Temple took place in November 1997 it is expected that the Project will be completed in January 1999 and will contribute positively to the earnings of the Group in the current financial year.

R Nai Ling Li
COMPANY SECRETARY

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