11:21     HK CONSTRUCTION<00190> - Announcement (2)                           

    The Project Companies are established for engagement                      
    in the construction of and operation/management of                        
    two 30 megawatts wind power plants in Heilongjiang,                       
    the PRC. The total investment and registered capital                      
    of each of Project Companies are RMB300 million and                       
    HK$100 million respectively.                                              
                                                                              
    To the best of the Directors' knowledge and after                         
    having made all reasonable enquiry, the Transferor,                       
    APC and their respective ultimate beneficial owners                       
    are independent third parties to the Company, are not                     
    connected persons of the Company and are not connected                    
    to the directors, chief executive or substantial                          
    shareholders of the Company, or its subsidiaries and                      
    their respective associates (as defined in the                            
    Listing Rules).                                                           
                                                                              
    The Wind Power Acquisition constitutes a discloseable                     
    transaction for the Company under Rule 14.06 of the                       
    Listing Rules. A circular containing, among others,                       
    further particulars of the Wind Power Acquisition                         
    will be despatched to the Shareholders as soon as                         
    practicable in accordance with the requirements of                        
    the Listing Rules.                                                        
                                                                              
    1.      INTRODUCTION                                                      
    The Board wishes to announce that pursuant to the                         
    Equity Transfer Agreements both dated 29 March 2005,                      
    the Company through Sinoriver, its wholly-owned                           
    subsidiary, agreed to acquire from the Transferor:                        
                                                                              
    (a)     29% of the registered capital of Project Company                  
    I; and                                                                    
                                                                              
    (b)     75% of the registered capital of Project Company                  
    II.                                                                       
                                                                              
    Details of the Equity Transfer Agreements are                             
    summarised below.                                                         
                                                                              
    2.      THE EQUITY TRANSFER AGREEMENTS                                    
    Date:   29 March 2005                                                     
                                                                              
    Parties:        In respect of the Equity Transfer Agreement               
    I:                                                                        
                                                                              
    (a)     Transferor: Asia Wind Power Investment Limited                    
                                                                              
    (b)     Transferees: Sinoriver and APC                                    
                                                                              
    In respect of the Equity Transfer Agreement II:                           
                                                                              
    (a)     Transferor: Asia Wind Power Investment Limited                    
                                                                              
    (b)     Transferee: Sinoriver                                             
                                                                              
    The Transferor is a private Hong Kong company and,                        
    to the best of the knowledge of the Directors after                       
    making all reasonable enquiry, its principal business                     
    is investment holding of the Project Companies. It                        
    is currently the sole shareholder of Project Company                      
    I. Upon establishment (expected to be near the end                        
    of April 2005), Project Company II will also be wholly                    
    owned by the Transferor prior to completion of the                        
    Equity Transfer Agreement II.                                             
                                                                              
    APC is a 70% owned subsidiary of Asia Power                               
    Corporation Limited which is incorporated in the                          
    Republic of Singapore and whose securities are listed                     
    on the Singapore Exchange Securities Trading Limited.                     
    To the best of the knowledge of the Directors after                       
    making all reasonable enquiry, the