09:25     SHIMAO CHINA<00649> - Announcement (1)                              

    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.                                                     
                                                                              
    SHIMAO CHINA HOLDINGS LIMITED                                             
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 649)                                                         
                                                                              
    Proposed Business Delineation                                             
    Non-Competition Undertaking constituting a Connected                      
    Transaction                                                               
                                                                              
    Formation of Independent Board Committee and                              
    Appointment of Independent Financial Adviser                              
                                                                              
    Despatch of Circular                                                      
                                                                              
    Independent Financial Adviser to the Independent                          
    Board Committee                                                           
                                                                              
    PLATINUM Securities                                                       
                                                                              
    The Board is pleased to announce (1) the formation                        
    of Independent Board Committee, (2) the appointment                       
    of Platinum as the independent financial adviser, and                     
    (3) the despatch of the circular.                                         
                                                                              
    Reference is made to the Company's announcement dated                     
    23 February 2005 (the "Previous Announcement")                            
    relating to the proposed business delineation and the                     
    Undertaking. Unless otherwise stated, terms defined                       
    in the Previous Announcement shall have the same                          
    meanings when used in this announcement.                                  
                                                                              
    Formation of Independent Board Committee                                  
    The Board announces today that it has established an                      
    Independent Board Committee, comprising Professor                         
    Lee Chack Fan, Mr. Liu Hing Hung and Mr. Zhu Wenhui,                      
    to advise the Independent Shareholders with respect                       
    to the Undertaking.                                                       
                                                                              
    Appointment of independent financial adviser                              
    The Board further announces that Platinum Securities                      
    Company Limited has been appointed as the independent                     
    financial adviser ("Platinum") to advise the                              
    Independent Board Committee and the Independent                           
    Shareholders with respect to the Undertaking.                             
                                                                              
    Despatch of circular                                                      
    The circular containing, inter alia, details of the                       
    Undertaking, the recommendation of the Independent                        
    Board Committee and the letter from the Platinum has                      
    been despatched to Shareholders today.                                    
                                                                              
    The SGM to consider and, if thought fit, approve the                      
    Undertaking has been convened to take place at 10:00                      
    a.m. on Monday, 14 March 2005. The notice of the SGM                      
    is contained in the circular.                                             
                                                                              
    By Order of the Board                                                     
    Shimao China Holdings Limited                                             
    Hui Wing Mau                                                              
    Chairman                                                                  
                                                                              
    As at the date of this announcement, the Board                            
    comprises:                                                                
                                                                              
    Hui Wing Mau (Chairman and Non-Executive Director)                        
    Chung Shui Ming, Timpson (Chief Executive Officer