09:45     PAUL Y-ITC<00498> - Announcement                                    

    The Stock Exchange of Hong Kong Limited takes no responsibility           
    for the contents of this announcement, makes no representation            
    as to its accuracy or completeness and expressly disclaims any            
    liability whatsoever for any loss howsoever arising from or               
    in reliance upon the whole or any part of the contents of this            
    announcement.                                                             
                                                                              
    PAUL Y. - ITC CONSTRUCTION HOLDINGS LIMITED                               
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 498)                                                         
                                                                              
    DELAY IN DESPATCH OF CIRCULAR                                             
    MAJOR TRANSACTION                                                         
    DISPOSAL OF ITS ENTIRE INTEREST IN DOWNER EDI LIMITED                     
                                                                              
    Financial adviser                                                         
    ANGLO CHINESE                                                             
    CORPORATE FINANCE, LIMITED                                                
                                                                              
    An application has been made to the Stock Exchange for an                 
    extension of time limit until 17th January, 2005 for the                  
    despatch of the circular.                                                 
                                                                              
    Reference is made to the announcement of Paul Y. - ITC dated              
    15th December, 2004 in relation to disposal of its entire                 
    interest in Downer. Terms used in the announcement shall have             
    the same meanings when used herein unless the context requires            
    otherwise.                                                                
                                                                              
    The disposal of its entire interest in Downer constitutes a               
    major transaction for Paul Y. - ITC under the Listing Rules.              
    A circular is required to be despatched to the shareholders               
    of Paul Y. - ITC within 21 days after publication of the                  
    announcement, being not later than 6th January, 2005, under               
    rule 14.38 of the Listing Rules. Given additional time is needed          
    for the collection of all the bank confirmation for the                   
    indebtedness statement of the Paul Y. - ITC group as at 30th              
    November, 2004 to be contained in the circular, the circular              
    cannot be completed within the time limit as stipulated under             
    rule 14.38 of the Listing Rules. An application has been made             
    to the Stock Exchange for an extension of the time limit for              
    the despatch of the circular and it is currently anticipated              
    that the circular will be despatched to the shareholders of               
    Paul Y. - ITC on or before 17th January, 2005.                            
                                                                              
    Executive directors:                                                      
    Dr. Chan Kwok Keung, Charles (Chairman)                                   
    Mr. Lau Ko Yuen, Tom (Deputy Chairman)                                    
    Mr. Chan Fut Yan (Managing Director)                                      
    Mr. Wong Wing Hoo, Billy                                                  
    (Deputy Managing Director)                                                
    Ms. Chau Mei Wah, Rosanna                                                 
    Mr. Cheung Hon Kit                                                        
    Mr. Law Man Wah, Conrad                                                   
    Mr. Lee Hon Chiu                                                          
                                                                              
    Non-executive director:                                                   
    Mr. Cheung Ting Kau, Vincent                                              
                                                                              
    Independent non-executive directors:                                      
    Mr. Kwok Shiu Keung, Ernest                                               
    Mr. Chan Shu Kin                                                          
    Dr. Chow Ming Kuen, Joseph                                                
                                                                              
    By Order of the Board                                                     
    Paul Y. - ITC Construction Holdings Limited                               
    Mui Ching Hung, Joanna                                                    
    Company Secretary                                                         
                                                                              
    Hong Kong, 6th January, 2005