***do not ignore property or hotels*****, page-3

Reason maybe why GHG has been falling.

GHG have currently embarked upon a massive buy-back of its convertible shares

There are currently 22.3 million CPS on issue with a face value of $1.70. Unless redeemed by GHG, these CPS will convert to ordinary shares at year end under a formula based on the volume weighted average price of GHG shares over the 20 tradings days prior to maturity on the 31st December 2005.