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$22 Million Contract Signed for Jockey Club in China

18 August 1998

BEIJING -- The "Economic Information Daily", a publication of the Chinese News Agency XINHUA, reports in Beijing that Chancellor Corp. (OTC BB: CELR), along with joint venture partners, has entered into a construction contract to build the Beijing Dadu International Jockey Club. Construction is scheduled to begin immediately.

The Jockey club will offer commercial horseracing operations and China Social Welfare Lottery sales. Spa amenities and recreational activities, such as swimming, tennis, and golf, will also be offered. Sales will range from $25,000 to $100,000 per membership.

The publication further reports that the "China Jingye Construction Engineering Corporation will be the prime contractor for building the club facilities in Dongxing village, Haidian District. The contract calls for an eight month completion date."

"All necessary licenses, permits and initial funding are now in place," Chancellor Corp CEO Ronald Sparks said.

Negotiations are underway for the appointment of a club management and membership sales organization and will be concluded shortly. This will enable Chancellor to generate revenues this year. Opening date for the club will be in early 1999.

To view the article in its original form, visit the XINHUA News Agency at http://www.xinhua.org.

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