09:30     CHEVALIER INT'L<00025> - Announcement (5)                           

    They also confirm that apart from the formation of the Joint              
    Venture Company as set out above, the Company does not have               
    any negotiations or agreements relating to intended                       
    acquisitions or realisations which are discloseable under Rule            
    13.23, neither is the Board aware of any matter discloseable              
    under the general obligation imposed by Rule 13.09, which is              
    or may be of a price-sensitive nature.                                    
                                                                              
    As at the date of this announcement, the Board comprises ten              
    Directors, where Dr. Chow Yei Ching, Messrs Kuok Hoi Sang, Fung           
    Pak Kwan, Tam Kwok Wing, Kan Ka Hon, Chow Vee Tsung, Oscar and            
    Ho Chung Leung are the Executive Directors, and Mr. Wong Wang             
    Fat, Andrew, Dr. Chow Ming Kuen, Joseph and Mr. Li Kwok Heem,             
    John are the Independent Non-Executive Directors.                         
                                                                              
    DEFINITIONS                                                               
    "Board"   board of Directors                                              
                                                                              
    "Citiway"   Citiway Engineering Limited, (*) a                            
    company incorporated in Hong Kong with limited liability and              
    a wholly-owned subsidiary of the Company                                  
                                                                              
    "Company"   Chevalier International Holdings Limited, a                   
    company incorporated in Bermuda with limited liability, whose             
    shares are listed on the Stock Exchange                                   
                                                                              
    "Cui Tian Project"   one of the Property Development Projects             
    located in Cui Tian industrial village, Lo Wu, Shenzhen, the              
    PRC                                                                       
                                                                              
    "Directors"   directors of the Company                                    
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "Hong Kong"   Hong Kong Special Administrative Region of the              
    PRC                                                                       
                                                                              
    "Joint Venture Agreement"   the joint venture agreement dated             
    11th December, 2004 entered into between Citiway and the JV               
    Partner for the establishment of the Joint Venture Company                
                                                                              
    "Joint Venture Company"   Shenzhen Chevalier Golden Peak Real             
    Estate Development Co., Ltd. (*)                                          
                                                                              
    "JV Partner"   Shenzhen Golden Peak Investment Development Co.,           
    Ltd (*), a company established in the                                     
    PRC with limited liability                                                
                                                                              
    "Listing Rules"   The Rules Governing the Listing of Securities           
    on the Stock Exchange                                                     
                                                                              
    "PRC"   The People's Republic of China which for the purpose              
    of this announcement, excludes Hong Kong, the Macau Special               
    Administrative Region and Taiwan                                          
                                                                              
    "Property Development    the four property investments to be              
      Projects"   developed by the Joint Venture Company pursuant             
    to the Joint Venture Agreement                                            
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Xi Ling Project"   one of the Property Development Projects              
    located in Xi Ling village, Lo Wu, Shenzhen, the PRC                      
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "RMB"   Renminbi yuan, the lawful currency of the PRC                     
                                                                              
    "sq.m."   Square metre                                                    
                                                                              
    All amounts in RMB have been translated into HK$ at the rate              
    of HK$1.00 = RMB1.06 in this announcement for illustration                
    purpose only.                                                             
                                                                              
    By Order of the Board                                                     
    Chevalier International Holdings Limited                                  
    Chow Yei Ching                                                            
    Chairman and Managing Director                                            
                                                                              
    Hong Kong, 4th January, 2005