10:32     SHENZHEN INT'L<00152>&SHENZHENEXPRESS<00548>- JA & Resume-14        

                                   expressway class dual                      
                                   four-lane expressway                       
                                   measuring 70.3 kilometers                  
                                   running from the Southern                  
                                   Ring Railway Bridge at                     
                                   Guanshan First Road in the                 
                                   city of Wuhan  to Huangshi                 
                                   Yangtze River Bridge                       
    `Xin Tong Chan'                 (Xin Tong Chan Development                
                                   (Shenzhen) Co. Ltd.), a                    
                                   wholly owned subsidiary of SZ              
                                   International and a                        
                                   substantial shareholder of SZ              
                                   Expressway holding 30.03% of               
                                   the equity interest of SZ                  
                                   Expressway                                 
                                                                              
                                                                              
                                                                              
                                                                              
    By Order of the Board of                                                  
    Shenzhen International                                                    
    Holdings Limited                                                          
    Li Hei Hu                                                                 
    Chairman                                                                  
                                                                              
    By Order of the Board of                                                  
    Shenzhen Expressway                                                       
    Company Limited                                                           
    Chen Chao                                                                 
    Chairman                                                                  
                                                                              
    Hong Kong, 22 March 2005                                                  
                                                                              
    Note: For the purpose of this Announcement, foreign currency amounts      
    have been converted into Hong Kong dollars using an exchange rate of      
    HK$1 = RMB1.06 and HK$7.80 = US$1.                                        
                                                                              
                                                                              
                                                                              
    The directors of SZ International as at the date of this                  
    announcement are Mr. Li Hei Hu (chairman), Mr. Chen Chao                  
    (vice-chairman and chief executive), Mr. Li Jing Qi (executive            
    director), Mr. Qiao Gang (executive director) and Mr. Liu Jun             
    (executive director). Mr. To Chi Keung Simon (non-executive               
    director). Mr. Leung Ming Yuen Simon (independent non-executive           
    director), Mr. Ding Xun (independent non-executive director) and Mr.      
    Nip Yun Wing (independent non-executive director).                        
                                                                              
    The directors of SZ Expressway as at the date of this announcement        
    are: Mr. Chen Chao (chairman); Mr. Wu Ya De (director and general         
    manager); Mr. Zhang Rong Xing (director); Mr. Zhong Shan Qun              
    (director); Ms. Tao Hong (director); Mr. Lin Xiang Ke (director); Ms.     
    Zhang Yang (director); Mr. Chiu Chi Cheong, Clifton (director); Mr.       
    Ho Pak Cho, Denis Morgie (independent non-executive director); Ms. Li     
    Zhi Zheng (independent non-executive director); Mr. Zhang Zhi Xue         
    (independent non-executive director) and Mr. Poon Kai Leung, James        
    (independent non-executive director).