09:17     SHIMAO CHINA<00649>-Announcement & Resumption of Trading(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)                                                         
                                                                              
    ANNOUNCEMENT                                                              
    ADJOURNMENT OF SPECIAL GENERAL MEETING                                    
                                                                              
    The Board received a letter dated 4 March 2005 from                       
    the Listing Committee and a further letter dated 8                        
    March 2005 from the Listing Division. The letters                         
    relate to the Company's proposal to enter into the                        
    Undertaking (the "Proposal"), the contents of which                       
    are further disclosed in this announcement below. The                     
    Company wrote on 9 March 2005 to request that the                         
    Listing Committee provide written reasons for the                         
    decision made on 4 March 2005. 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 7 March                        
    2005 pending the publication of this announcement.                        
    Application has been made to the Stock Exchange for                       
    the resumption of trading in the Shares with effect                       
    from 9:30 am on 11 March 2005.                                            
                                                                              
    Shareholders and potential investors of the Company                       
    are advised to exercise extreme caution when dealing                      
    in the Shares.                                                            
                                                                              
    The Board refers to the announcement regarding                            
    business delineation and the Undertaking dated 23                         
    February 2005 (the "Announcement") as well as the                         
    Company's circular dated 26 February 2005 containing,                     
    inter alia, the recommendation of the independent                         
    board committee and the advice of the independent                         
    financial adviser, and the notice of the SGM dated                        
    the same day.                                                             
                                                                              
    Terms used in the Announcement shall have the same                        
    meanings when used in this announcement.                                  
                                                                              
    The Company would like to inform the investors that                       
    it received a letter dated 4 March 2005 from the                          
    Listing Committee in relation to the Undertaking as                       
    well as the business delineation with Shimao Property                     
    Holdings Limited following a hearing of the Listing                       
    Committee held on 3 March 2005. Given the interest                        
    of some of the directors of the Company in the                            
    Undertaking, the Listing Committee raised questions                       
    about fairness of the Undertaking and the handling                        
    of the Proposal which involves conflicts of interests.                    
    The Listing Committee took the view that the                              
    principles that Stock Exchange applies in considering                     
    spin-off applications should apply to the Proposal                        
    and, in particular, the principle that the Company                        
    should retain a sufficient level of operations and                        
    sufficient assets to support its listing status after                     
    completion of the Proposal. The Listing Committee                         
    also requested that the