09:15     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 24th January, 2005 for the                  
    despatch of the circular.                                                 
                                                                              
    Reference is made to the announcements of Paul Y. - ITC                   
    Construction Holdings Limited ("Paul Y. - ITC") dated 15th                
    December, 2004 and 6th January, 2005 in relation to the disposal          
    of its entire interest in Downer and the delay in despatch of             
    circular respectively. Terms used in the announcements 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. As stated in the announcement            
    of Paul Y. - ITC  dated 6th January, 2005, 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, an application            
    has been made to the Stock Exchange for an extension of the               
    time limit for the despatch of the circular until 17th January,           
    2005. As at the date of this announcement, the bank                       
    confirmations in relation to the indebtedness statement have              
    been received. For the issue of the letter on sufficiency of              
    working capital, additional time is needed for the collection             
    of all the confirmations in relation to the working capital               
    statement of the Paul Y. - ITC group to be contained in the               
    circular. Accordingly, the circular cannot be completed within            
    the time limit. An application has been made to the Stock                 
    Exchange for a further extension of the time limit for the                
    despatch of the circular. It is currently anticipated that the            
    circular will be despatched to the shareholders of Paul Y. -              
    ITC on or before 24th January, 2005.                                      
                                                                              
    Executive directors:                                                      
    Dr. Chan Kwok Keung, Charles (Chairman)                                   
    Mr. Lau Ko Yuen, Tom (Deputy Chairman)                                    
    Mr. Chan Fut Yan (Managing Director)                                      
    Ms. Chau Mei Wah, Rosanna                                                 
    Mr. Cheung Hon Kit                                                        
                                                                              
    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                               
    Wong Lai Kin, Elsa                                                        
    Company Secretary                                                         
                                                                              
    Hong Kong, 17th January, 2005