13:20     SHIMAO CHINA<00649> - Results Announcement (1)                      

    Shimao China Holdings Limited announced on 22/04/2005:                    
    (stock code: 00649 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                        2  : 6,612              8,334             
    Profit/(Loss) from Operations      : (31,769)           (12,896)          
    Finance cost                       : (3,516)            (4,811)           
    Share of Profit/(Loss) of                                                 
      Associates                       : 200,030            N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                192,610           
    Profit/(Loss) after Tax & MI       : 132,639            144,274           
    % Change over Last Period          : -8.06     %                          
    EPS/(LPS)-Basic (in dollars)    3  : 0.16               0.174             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 132,639            144,274           
    Final Dividend                  4  : $0.05              NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 19/05/2005         to 23/05/2005 bdi.
    Payable Date                       : 10/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 19/05/2005         to 23/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      Basis of preparation                                              
                                                                              
    The accounts have been prepared in accordance with accounting principles  
    generally accepted in Hong Kong and comply with accounting standards      
    issued by the Hong Kong Institute of Certified Public Accountants ("      
    HKICPA").  They have been prepared under the historical cost convention   
    except that, as disclosed in the accounting policies below, investment    
    properties are stated at valuation.                                       
                                                                              
    The HKICPA has issued a number of new and revised Hong Kong Financial     
    Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs")     
    which are effective for accounting periods beginning on or after 1st      
    January 2005.  The Group has not early adopted these new HKFRSs in the    
    accounts for the year ended 31st December 2004.  The Group has already    
    commenced an assessment of the impact on these new HKFRSs but is not yet  
    in position to state whether these new HKFRSs would have a significant    
    impact on its results of operations and financial position.               
                                                                              
    2.      Turnover                                                          
                                                                              
    The Group is principally engaged in property investment and development of
    property projects in Hong Kong and the Mainland China.  Turnover comprises
    gross proceeds from sales of properties and revenue from rental operation.
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
            Company and subsidiaries                                          
             Rental income                     6,612           8,334          
            Share of an associated company/a jointly controlled entity        
                                                                              
             Sales of properties             598,094         570,707          
                                            ------------------------          
                                            604,706         579,041           
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