10:24     SHIMAO CHINA<00649> - 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.                                                     
                                                                              
                                                                              
    SHIMAO CHINA HOLDINGS LIMITED                                             
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 649)                                                         
                                                                              
    FURTHER DELAY IN DESPATCH OF CIRCULAR                                     
                                                                              
    The Company announces that the despatch of the                            
    Circular will be postponed to on or before 4 May 2005                     
    as additional time is required to provide further                         
    information for inclusion in the Circular. The                            
    Company has applied to the Stock Exchange for a waiver                    
    from the strict compliance with Rule 14.38 of the                         
    Listing Rules by further extending the deadline for                       
    the despatch of the Circular to 4 May 2005.                               
                                                                              
    Reference is made to the announcements of the Company                     
    dated 23 February 2005 (the "Announcement"), 16 March                     
    2005 and 1 April 2005 (together, the "Announcements")                     
    in respect of, among others, the major and connected                      
    transaction of the Company and the delay in despatch                      
    of the Circular. Terms used herein shall have the same                    
    meanings as those defined in the Announcements unless                     
    the context requires otherwise.                                           
                                                                              
    Pursuant to Rule 14.38 of the Listing Rules, the                          
    Company is required to despatch the Circular to the                       
    Shareholders within 21 days after the publication of                      
    the Announcement, which is on or before 17 March 2005.                    
    As stated in the announcements of the Company dated                       
    16 March 2005 and 1 April 2005, the Company has applied                   
    to the Stock Exchange for waivers by extending the                        
    deadline for the despatch of the Circular to 18 April 2005.               
                                                                              
    As additional time is required to provide further                         
    information for inclusion in the Circular, the                            
    Company has applied to the Stock Exchange for a waiver                    
    from the strict compliance with Rule 14.38 of the                         
    Listing Rules by further extending the deadline for                       
    the despatch of the Circular to 4 May 2005.                               
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
    Shimao China Holdings Limited                                             
    Mok Chung Fu, Eric                                                        
    Company Secretary                                                         
                                                                              
    Hong Kong, 18 April 2005                                                  
                                                                              
    As at the date of this announcement, the Board                            
    comprises:                                                                
                                                                              
    Directors:      Independent Non-executive Directors:                      
    Hui Wing Mau (Chairman and Non-executive Director)                        
            Lee Chack Fan                                                     
    Chung Shui Ming, Timpson        Liu Hing Hung                             
    (Chief Executive Officer and Executive Director)                          
            Zhu Wenhui                                                        
    Hui Mei Mei, Carol                                                        
    (Deputy Chairman and Executive Director)                                  
    Hui Sai Tan, Jason (Executive Director)                                   
    Tung Chi Shing (Executive Director)                                       
    Chan Loo Shya (Executive Director)