09:17     SHIMAO CHINA<00649>-Announcement & Resumption of Trading(2)         

    Company make further disclosure to the Shareholders                       
    to ensure that the Shareholders are in a position to                      
    consider the Proposal. The Board received a further                       
    letter dated 8 March 2005 from the Listing Division                       
    requesting further information to demonstrate the                         
    fairness of the process undertaken, or proposed to                        
    be undertaken, by the Company to approve the Proposal.                    
    The Company wrote on 9 March 2005 to request that the                     
    Listing Committee provide written reasons for the                         
    decision made on 4 March 2005. Pending receipt of the                     
    reasons, the Company continues to consider the                            
    appropriate course of action. The Company is                              
    considering the content of and its response to both                       
    letters.                                                                  
                                                                              
    Under these circumstances, the Board considers it                         
    appropriate to adjourn the SGM scheduled to be held                       
    on 14 March 2005 until further notice. A further                          
    announcement will be published by the Company in due                      
    course.                                                                   
                                                                              
    Trading in the Shares was suspended at the request                        
    of the Company with effect from 9:30 am on Monday,                        
    7 March 2005 pending the release of this announcement.                    
    An application has been made by the Company for the                       
    resumption of trading in the Shares with effect from                      
    9:30 am on Friday, 11 March 2005.                                         
                                                                              
    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        Liu Hing Hung                             
      (Chief Executive Officer and Executive Director)                        
            Zhu Wenhui                                                        
    Hui Mei Mei, Carol                                                        
      (Deputy Chairman and Executive Director)                                
    Hui Sai Tan, Jason (Executive Director)                                   
    Chan Loo Shya (Executive Director)                                        
    Tung Chi Shing, Joseph (Executive Director)                               
                                                                              
    Hong Kong, 10 March 2005