10:22     SHIMAO CHINA<00649> - Announcement & Resumption (17)                

    formal approval in respect of SPHL's listing                              
    application. The Preferential Offer may or may not                        
    proceed. If the Preferential Offer proceeds, further                      
    announcement(s) will be made by the Company regarding                     
    details of the Proposed SPHL Offering, the                                
    Preferential Offer, the assured entitlements, the                         
    date of the Record Date, the timetable of the                             
    Preferential Offer and, if the timetable for the                          
    Proposed SPHL Offering is revised, the corresponding                      
    changes to the timetable for the Preferential Offer.                      
                                                                              
    CHANGE OF COMPANY NAME                                                    
    The Board proposes to change the name of the Company                      
    to Shimao International Holdings Limited (*) to reflect the strategic     
    business focus of the Group going forward, which is to focus on           
    international markets (including Hong Kong) outside                       
    of Mainland China. The proposed change of name is                         
    expected to be put forward to the Shareholders for                        
    approval at the next annual general meeting of the                        
    Company.                                                                  
                                                                              
    CHANGE IN BOARD COMPOSITION                                               
    The Board also proposes to change the composition of                      
    the Board to reflect the strategic business focus of                      
    the Group going forward, which involves the                               
    appointment of two new executive Directors, the                           
    redesignation of the role of one Director and the                         
    resignation of seven Directors from the Board.                            
    Details of the changes are set out below:                                 
                                                                              
    Appointment of Directors                                                  
    The Board is pleased to announce that Mr. Chan Loo                        
    Shya and Mr. Tung Chi Shing, Joseph have been                             
    appointed as directors of the Company with effect from                    
    19 February 2005.                                                         
                                                                              
    Chan Loo Shya, aged 36 and a Malaysian national, is                       
    responsible for the corporate finance                                     
    management/overall financial planning and management                      
    of the Group. He graduated from TungkuAbdul Rahman                        
    College in Malaysia and is an associate member of the                     
    Association of Chartered Certified Accountants. Mr.                       
    Chan has over 11 years' experience in accounting,                         
    finance and management of which two were gained in                        
    Malaysia and nine in the PRC. Mr. Chan worked for                         
    Horsedale Development Berhad, a Malaysian property                        
    company and was involved in a number property projects                    
    in Malaysia as financial management executive                             
    including Kota Kemuning, Pan Pacific Glenmarie Resort                     
    and Glenmarie Golf and Country Club. Prior to joining                     
    the Company, Mr. Chan was a deputy financial                              
    controller of the SPHL Group. Mr. Chan has not held                       
    any directorship in any listed company in Hong Kong                       
    in the last three years.                                                  
                                                                              
    Tung Chi Shing, Joseph, aged 44, is responsible for                       
    the monitoring of project management for the Group's                      
    development projects and quality assurance. Mr. Tung                      
    graduated from The Hong Kong Polytechnic University                       
    and has worked in the Public Works Department of the                      
    Hong Kong Government, Dragages et Travaux Publics,                        
    FJT (HK) Ltd. and HCCM Nuclear Power Construction                         
    Joint Venture Company as quantity surveyor in Hong                        
    Kong and was involved in a number of projects                             
    including Island Shangrila and Conrad Hotel in                            
    Pacific Place, Phase 1A of the University of Hong Kong,                   
    Stanley Fort Married Quarters, the Pumping station                        
    areas of the Daya Bay Nuclear Power Station and a Xian                    
    five-star hotel in the PRC. Prior to joining the                          
    Company, Mr. Tung was a project controller of the SPHL                    
    Group. Mr. Tung has not held any directorship in any                      
    listed company