13:21     SHIMAO CHINA<00649> - Results Announcement (2)                      

                                                                              
    3.         Earnings per share                                             
                                                                              
    The calculation of earnings per share is based on the profit attributable 
    to shareholders of HK$132,639,000 (2003: HK$144,274,000) and 827,639,886  
    (2003: weighted average of 827,418,282) ordinary shares in issue during   
    the year.                                                                 
                                                                              
    4.        Dividend                                                        
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
            Special, paid, of HK$0.06 per ordinary share                      
                                                 -          49,658            
            Proposed, final, of HK$0.05 (2003: Nil) per ordinary share        
                                            41,382               -            
                                            ------------------------          
                                            41,382          49,658            
                                            ========================          
                                                                              
    A special dividend of HK$0.06 per ordinary share was paid out of the      
    contributed surplus of the Company on 15th April 2004.                    
                                                                              
    The Board of Directors proposes a final dividend in respect of 2004 of    
    HK$0.05 (2003: Nil) per ordinary share. This dividend will be accounted   
    for as an appropriation of retained profit in the year ending 31st        
    December 2005.