09:12     CHINESE EST H<00127> - Unusual price & volume movements             

    The Stock Exchange has received a message from Chinese Estates Holdings   
    Limited which is reproduced as follows:-                                  
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted the recent increases in the price and trading volume of the 
    shares of the Company and wish to state that save as the announcement of  
    the Company dated 10th March, 2005 in relation to the proposed issue of   
    zero coupon convertible bonds due 2010 by the Company, we are not aware of
    any reasons for such increases.                                           
                                                                              
    We also confirm that there are no negotiations or agreements relating to  
    intended acquisitions or realisations which are discloseable under        
    rule 13.23 of the Listing Rules, neither is the Board aware of any        
    matter discloseable under the general obligation imposed by rule 13.09 of 
    the Listing Rules, which is or may be of a price-sensitive nature.        
                                                                              
    Made by the order of the Board of the Company the directors of            
    which individually and jointly accept responsibility for the accuracy of  
    this statement.                                                           
                                                                              
    By Order of the Board                                                     
                                                                              
    Lam, Kwong-wai                                                            
    Company Secretary                                                         
                                                                              
    18/3/2005                                                                 
                                                                              
    Executive Directors:                                                      
    Mr. Joseph Lau, Luen-hung                                                 
    Mr. Thomas Lau, Luen-hung                                                 
                                                                              
    Non-executive Director                                                    
    Ms Amy Lau, Yuk-wai                                                       
                                                                              
    Independent Non-executive Directors:                                      
    Mr. Koon, Wing-yee                                                        
    Mr. Cheng, Kwee                                                           
    Mr. Chan, Kwok-wai"