09:29     PIONEER GLOBAL<00224> - Announcement                                

    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.                   
                                                                              
    PIONEER GLOBAL GROUP LIMITED                                              
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code : 00224)                                                      
                                                                              
    MAJOR TRANSACTION: ACQUISITION OF PROPERTY                                
    AT CITY GARDEN PODIUM                                                     
    &                                                                         
    DISCLOSEABLE TRANSACTION:                                                 
    ACQUISITION OF PROPERTY AT GREAT EAGLE CENTRE                             
                                                                              
    The despatch of the Circular in relation to the major transaction and     
    discloseable transaction will be delayed from 14 March 2005 to on or      
    before 30 March 2005.                                                     
                                                                              
    Reference is made to the announcement of the Company dated 18 February    
    2005 (the "Announcement") in relation to the major transaction and        
    discloseable transaction of the Company. Unless the context otherwise     
    stated, the terms used herein shall have the same respective meanings     
    as those defined in the Announcement.                                     
                                                                              
    According to Rules 14.38 and 14.40 of the Listing Rules, the Company is   
    required to despatch to its shareholders a circular (the "Circular") in   
    respect of the aforesaid major transaction and discloseable transaction   
    within 21 days after publication of the Announcement on 21 February       
    2005, that is, on or before 14 March 2005. However, as additional time    
    will be required by the Company to finalise the Circular, in              
    particular, the collection of financial information of the acquired       
    properties, the Company has applied to the Stock Exchange for an          
    extension of the date of the despatch of the Circular to the              
    shareholders to a date on or before 30 March 2005.                        
                                                                              
    By Order of the Board                                                     
    Kenneth Gaw                                                               
    Managing Director                                                         
                                                                              
    Hong Kong, 14 March 2005                                                  
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mrs. Rossana Wang Gaw, Mr. Goodwin Gaw, Mr. Kenneth Gaw and   
    Ms. Jane Kwai Ying Tsui and the independent non-executive directors of    
    the Company are Dr. Charles Wai Bun Cheung, J.P., The Hon. Bernard        
    Charnwut Chan and Mr. Arnold Tin Chee Ip.