09:34     CHEVALIER INT'L<00025> - 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.                                
                                                                              
    CHEVALIER INTERNATIONAL HOLDINGS LIMITED                                  
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 025)                                                         
                                                                              
    CLARIFICATION ANNOUNCEMENT                                                
                                                                              
    The Company and the JV Partner confirm that the gross floor               
    area of the commercial/residential complex to be developed                
    under the Xi Ling Project should be 150,800 sq.m.                         
                                                                              
    Reference is made to the announcement of the Company dated 4th            
    January, 2005 (the "Announcement") in relation to the                     
    formation of a joint venture company in the PRC. Capitalised              
    terms used in this announcement shall have the same meanings              
    as defined in the Announcement unless the context herein                  
    requires otherwise.                                                       
                                                                              
    In the course of preparation of the circular to be issued to              
    the shareholders of the Company regarding the formation of the            
    Joint Venture Company, the Company and the JV Partner confirm             
    that the gross floor area of the commercial/residential                   
    complex to be developed under the Xi Ling Project should be               
    150,800 sq. m.. This is due to a clerical error made in the               
    Joint Venture Agreement which has been rectified. The Company             
    and the JV Partner also confirm that the contribution to be               
    made for Xi Ling Project as disclosed in the Announcement will            
    remain unchanged.                                                         
                                                                              
    By Order of the Board                                                     
    Chevalier International Holdings Limited                                  
    KAN Ka Hon                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 24th January, 2005                                             
                                                                              
    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.