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Asian Growth Props (AGP)

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Friday 17 November, 2006

Asian Growth Props

Acquisition

Asian Growth Properties Limited
17 November 2006



This announcement is not for release, publication or distribution in or into
Australia, Canada, Hong Kong, Japan, The Republic of Ireland, South Africa or
the United States of America.



17th November, 2006



Asian Growth Properties Limited ('AGP' or the 'Company')


ACQUISITION OF PROPERTY PORTFOLIO IN HONG KONG AND CHINA


Further to the admission document dated 19th September, 2006 (the 'Admission
Document') and the announcements dated 4th and 5th October, 2006 respectively,
the Board of AGP (AIM Stock Code: AGP), the Hong Kong based property and
investment company, announces the following matters relating to the
post-completion of the Acquisition.


Determination of the Actual Adjusted NAV


The aggregate consideration payable by the Company to the SEA Group for the
Acquisition is the actual consolidated net asset value of the Target Group on
the Completion Date (i.e. 5th October, 2006) as adjusted for the revaluation of
the Properties as at 30th June, 2006 (the 'Actual Adjusted NAV').


A consideration of approximately HK$4,429.8 million (£301.3 million) for the
Acquisition, based on the Adjusted June 2006 NAV, was paid by the Company on the
Completion Date by the issue to the SEA Group of the Consideration Shares at the
Issue Price with the balance of HK$500 million (£34.0 million) in cash.


The Actual Adjusted NAV is approximately HK$4,463.4 million (£303.6 million) and
the increase in the consolidated net asset value of the Target Group during the
period from 30th June, 2006 to 5th October, 2006 was due to the repayment of
bank loans, the settlement of construction costs and the provision of general
working capital by the SEA Group.


Accordingly, the difference between the Adjusted June 2006 NAV and the Actual
Adjusted NAV is approximately HK$33.6 million (£2.3 million). Such difference
will be payable in cash by the Company to the SEA Group on or before 30th
November, 2006.


Note:

An exchange rate of £1.0 = HK$14.7 (which was the reference exchange rate on the
Completion Date) has been used for the purpose of this announcement.



For more information:

Don Fletcher                                        Tel: +61 (0) 4140693968
Asian Growth Properties Limited

David Mathewson                                     Tel: +44 (0) 7730 074777
Asian Growth Properties Limited

Abigail Singleton                                   Tel: +44 (0) 207 429 6666
Leesa Peters
Conduit PR
abigail@conduitpr.com / leesa@conduitpr.com
---------------------------------------------

Capitalised terms used in this announcement shall, unless defined above or the 
context otherwise requires, have the meaning given to them in the Admission 
Document.








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