10:14     SHIMAO CHINA<00649> - Announcement & Resumption (3)                 

    In addition to the main building of The Genesis, the                      
    Group has two property investment interests in                            
    Mainland China, namely Dongfanghong Shopping Centre                       
    in Lanzhou City, Gansu Province and three Retail Units                    
    in Epoch Centre Phase II in Beijing.  Both of these                       
    investments are retail properties that were not                           
    originally developed by the Group, but were acquired                      
    as investment properties in 2002.  The Group intends                      
    to continue to hold the investments in Dongfanghong                       
    Shopping Centre and Epoch Centre Phase II properties                      
    for long-term investment purposes.                                        
                                                                              
    The Private Group's Current Principal Business                            
    Mr. Hui and his associates currently hold significant                     
    property development interests outside the Group,                         
    including the property development and investment                         
    interests in Mainland China of the SPHL Group and of                      
    the Private Group.                                                        
                                                                              
    The following table sets out details of the location                      
    and planned use of, as well as SPHL's interest in,                        
    its eleven property development projects:                                 
    Total   SPHL's          Estimated                                         
    Estimated       Interest                Completion                        
    Planned in the          Date for                                          
    Project Location        Planned Use(1)  GFA (m2)        Project           
            Whole Project                                                     
                                                                              
    Shimao Riviera Garden   Shanghai        Residential, Retail               
            883,217 100%    (2)     06/2007                                   
    Shimao International Plaza      Shanghai        Hotel, Retail             
            170,935 100%            03/2006                                   
    Shimao She Shan         Shanghai        Residential, Hotel                
            135,416 100%            03/2006                                   
    Shimao North Bund       Shanghai        Residential, Hotel                
            100,472 100%            04/2006                                   
    Shimao Olympic Garden   Beijing Residential, Retail                       
            260,072 80%             12/2007                                   
    Shimao Nanjing  Nanjing Residential, Retail, Hotel                        
            1,460,389       50%     (3)     12/2010                           
    Shimao Fuzhou   Fuzhou  Residential, Retail     287,717                   
            50%     (3)     10/2006                                           
    Shimao Harbin   Harbin  Residential, Retail                               
            1,703,537       100%            12/2007                           
    Shimao Kunshan  Kunshan Residential, Retail                               
            1,270,600       50.5%   (2)     12/2010                           
    Shimao Changshu Changshu        Residential, Retail,                      
    Office, Hotel   1,970,000       100%            06/2008                   
    Shimao Wuhan    Wuhan   Residential, Retail, Office,                      
    Hotel   1,907,000       100%            12/2010                           
                                                                              
    Notes:                                                                    
                                                                              
    (1)     The planned use of the above projects includes                    
    land for which the SPHL Group has not yet obtained                        
    land use rights certificates.                                             
                                                                              
    (2)     The interests in Shimao Riviera Garden and                        
    Shimao Kunshan assume completion of the                                   
    reorganisation to be undertaken in anticipation of                        
    the Proposed SPHL Listing.                                                
                                                                              
    (3)     The SPHL Group does not have a controlling                        
    interest in the project companies of Shimao Nanjing                       
    and Shimao Fuzhou and does not consolidate the results                    
    of these projects into its accounts.                                      
                                                                              
    The following table sets out details of the location                      
    and planned use of property development projects in                       
    Mainland China held by the Private Group:                                 
    Approximate                                                               
    Total Site Area/                                                          
    Completed GFA