GDF Guangdong Dev.

RNS Number:0555P
Guangdong Development Fund Ld
20 July 2005

GUANGDONG DEVELOPMENT FUND LIMITED

Guangdong Development Fund Limited announces that as at 30th June, 2005, the
unaudited net asset value per share of the Company was US$0.236.

As mentioned in the announcement of annual results for the year ended 31st
December, 2004 issued by the Company dated 29th April, 2005, the Company's
auditors had expressed a qualified audit opinion related to the carrying amount
of a long term investment, namely Foshan Tongbao Co., Ltd., which was included
in the consolidated balance sheet as at 31st December, 2004 at a carrying amount
of US$8 million.  In arriving at the above unaudited net asset value as at 30th
June, 2005, the carrying amount of this long term investment was included in the
consolidated balance sheet at the amount of US$8 million.  Shareholders should
note that any adjustment to the carrying amount of this investment would have a
consequential impact on the Company's unaudited net asset value as at 30th June,
2005 announced above.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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