10:24     SHIMAO CHINA<00649> - Announcement & Resumption (22)                

    (Shanghai Shimao Enterprises Development Co. Ltd.),                       
    a company established in the PRC in which Mr. Xu holds                    
    a 93.33% interest                                                         
                                                                              
    "Shimao Lakeside Garden"        a property development at                 
    Jinyang Shenghuoyuanqu, Jinqiao, Pudong, Shanghai,                        
    PRC                                                                       
                                                                              
    "SPHL"  Shimao Property Holdings Limited, a company                       
    wholly-owned by Mr. Hui (but which is proposed to be                      
    transferred to Overseas Investment as part of Mr.                         
    Hui's personal estate planning) and which is proposed                     
    to be the holding company of Mainland China property                      
    development and investment interests                                      
                                                                              
    "SPHL Group"    SPHL, its subsidiaries and associated                     
    companies                                                                 
                                                                              
    "SPHL Offer Shares"     the ordinary shares of HK$0.10                    
    each in the share capital of SPHL to be offered under                     
    the Proposed SPHL Offering                                                
                                                                              
    "SPHL Share(s)" the ordinary share(s) of HK$0.10                          
    each in the share capital of SPHL                                         
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Suifenhe Announcement" the announcement published                        
    by the Company on 23 February 2005 relating to, inter                     
    alia, the conditional acquisition of the Suifenhe                         
    Shimao Development Project by the Group                                   
                                                                              
    "Suifenhe Shimao Development Project"   the                               
    property development located in a region designated                       
    for the development of cross-border commerce and                          
    tourism between the Russia and PRC and is planned to                      
    include a mixture of residential, commercial and                          
    retail space and warehousing and logistics facilities                     
                                                                              
    "Undertaking"   the non-competition undertaking dated                     
    19 February 2005 entered into between the Company,                        
    Mr. Hui, SPHL, Overseas Investment, Mr. Xu, Shimao                        
    Enterprises and the A Share Company, pursuant to which,                   
    inter alia, the parties agree to delineate their                          
    respective businesses on the terms and conditions set                     
    out therein                                                               
                                                                              
    "Underwriting Agreements"       the Hong Kong                             
    underwriting agreement and international purchase                         
    agreement to be entered into among SPHL and the                           
    underwriters named therein                                                
                                                                              
    Shareholders and potential investors of the Company                       
    are advised to exercise extreme caution when dealing                      
    in the securities of the Company.                                         
                                                                              
    By Order of the Board                                                     
    Shimao China Holdings Limited                                             
    Hui Wing Mau                                                              
    Chairman                                                                  
                                                                              
    As at the date of this announcement, the Board                            
    comprises                                                                 
                                                                              
    Directors:      Independent Non-executive Directors:                      
    Hui Wing Mau (Chairman and Non-Executive Director)                        
            Lee Chack Fan                                                     
    Chung Shui Ming, Timpson (Chief Executive Officer                         
            Liu Hing Hung                                                     
      and Executive Director)       Zhu Wenhui                                
    Hui Mei Mei, Carol (Deputy Chairman