RNS Number:6397V
Eurocity Properties PLC
8 May 2002

                                                                     8 May, 2002



             EUROCITY PROPERTIES PLC ("Eurocity" or "the Company")

                         Company's Financial Situation

                            Resignation of Director

The Board of Eurocity wishes to announce that, following the Extraordinary
General Meeting of the Company held on 2 May 2002 and the appointment of Andrew
Perloff and Peter Rowson to the Board, the financial situation of the Company
has been reviewed. In the light of this review, it is apparent that the Company
does not have adequate cash resources available to discharge all its liabilities
immediately, especially in view of the abortive costs incurred on the proposed
acquisition of all of the issued share capital of Uniplan Assets Limited and Fu
Keung Venture Limited.

In addition, a claim has been made against the Company in respect of the
non-payment of deferred consideration. Failure to resolve this claim
satisfactorily would have a materially adverse effect on the net asset value of
the Company.

The Board of Eurocity is hopeful that a solution to these current difficulties
can be found and is working to achieve this end.

Further announcements will be made as and when appropriate.

The Board of Eurocity also announces that Danny Glasner has resigned as a
director of the Company with immediate effect.



Further Enquiries
Eurocity Properties PLC
Andrew Perloff                                          Tel: 020 7278 8011

Nabarro Wells & Co. Limited
Robert Lo / Keith Smith                                 Tel: 020 7710 7400




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