09:57     SHIMAO CHINA<00649> - Announcement & Resumption (13)                

    "Land"  two parcels of land located in the                                
    Municipality of Suifenhe with a total site area of                        
    722,824.5 sq.m. which are held by Suifenhe Shimao for                     
    the purpose of development as part of the                                 
    Pogranichny-Suifenhe Intertrading Economic Zone                           
                                                                              
    "Listing Rules" the Rules Governing the Listing of                        
    Securities on the Stock Exchange                                          
                                                                              
    "Loan Consideration"    the consideration for the                         
    purchase of the Sale Loan to be paid by the Company                       
    to the Vendor under the S&P Agreement, which shall                        
    be equal to HK$194,611,000, being the face amount of                      
    the Sale Loan as at the date of the S&P Agreement                         
                                                                              
    "Mr. Hui"       Mr. Hui Wing Mau, the Chairman of the                     
    Company                                                                   
                                                                              
    "PRC"   the People's Republic of China, which, for the                    
    purpose of the S&P Agreement only, excludes Hong Kong,                    
    Taiwan and Macau Special Administrative Region of the                     
    PRC                                                                       
                                                                              
    "Promissory Note"       a promissory note in an aggregate                 
    principal amount equal to HK$246,220,000 to be issued                     
    by the Company to the Vendor for settlement of part                       
    of the Consideration payable under the S&P Agreement                      
                                                                              
    "Russian Party" * (Coastal                                                
    Information Analysis Closed-end Stock Company                             
    Limited) , a company established in the Russia                            
    Federation (whose English and Chinese names are for                       
    identification purpose only)                                              
                                                                              
    "S&P Agreement" the sale and purchase agreement                           
    dated 19 February 2005 entered into between the                           
    Company, the Vendor and Mr. Hui, pursuant to which,                       
    inter alia, the Company agreed to acquire and the                         
    Vendor agreed to sell the Sale Share and the Sale Loan                    
                                                                              
    "Sale Loan"     the amount due from Value Ahead to the                    
    Vendor as at the Completion Date which shall not be                       
    less than HK$194,611,000                                                  
                                                                              
    "Sale Share"    the one share of US$1.00 beneficially                     
    owned by and registered in the name of the Vendor,                        
    representing the entire issued share capital of Value                     
    Ahead                                                                     
                                                                              
    "SGM"   the special general meeting of the Company to                     
    be convened for approving the S&P Agreement and the                       
    transactions contemplated thereunder and the new                          
    share option scheme of the Company                                        
                                                                              
    "Share Consideration"   HK$301,609,000 being the                          
    consideration for the purchase of the Sale Share to                       
    be paid by the Company to the Vendor                                      
                                                                              
    "Share(s)"      share(s) of HK$0.10 each in the share                     
    capital of the Company                                                    
                                                                              
    "Shareholders"  holders of Shares                                         
                                                                              
    "Shimao Jianshe"        * (Shanghai Shimao                                
    Jianshe Company Limited), an enterprise established                       
    in the PRC and beneficially and wholly owned by Mr.                       
    Hui                                                                       
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Suifenhe Shimao"       *