09:48     CGD HOLDINGS<00162> - Announcement (1)                              

    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.                                                     
                                                                              
                                                                              
    China Golden Development Holdings Limited                                 
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 162)                                                         
                                                                              
                                                                              
    CLARIFICATION ANNOUNCEMENT                                                
                                                                              
    The Company would like to clarify certain information                     
    appearing in the Articles in relation to the Cruise Ship.                 
                                                                              
    Reference is made to certain press articles (the "Articles")              
    published recently in relation to the                                     
    suspension of the operation of Ming Fai Princess'                         
    cruises (the "Cruise Ship"), which is owned by China                      
    Golden Development Holdings Limited (the "Company")                       
    as a result of the gambling crackdown implemented by                      
    The Ministry of Public Security of the People's                           
    Republic of China (the "MPS"). The Company would like                     
    to clarify as follows.                                                    
                                                                              
    Save that the service of the Cruise Ship is currently                     
    suspended due to the regular annual maintenance and                       
    an extensive decoration works being carried out to                        
    upgrade and to add new entertainment facilities to                        
    the Cruise Ship, the Company is not aware of the source                   
    of information which states that the suspension of                        
    the operation of the Cruise Ship was a result of the                      
    gambling crackdown implemented by the MPS. The                            
    Company is also not aware of the contents of any status                   
    report of the MPS mentioned in the Articles nor has                       
    it received any notice or order from the MPS or any                       
    governmental authority in the People's Republic of                        
    China relating to the suspension of the operation of                      
    the Cruise Ship in mainland China waters.                                 
                                                                              
    The annual maintenance works of the Cruise Ship takes                     
    place once every year after lunar new year and usually                    
    takes about 1 month to complete. In addition, the                         
    extensive decoration to the Cruise Ship is considered                     
    necessary as it has been in service for over 30 years.                    
    The current maintenance and decoration works on the                       
    Cruise Ship commenced in mid-February 2005 and it is                      
    anticipated that such maintenance and decoration                          
    works will be completed by mid-May 2005. In view that                     
    it is traditional low season in the tourism industry                      
    during the period from February to April each year,                       
    the Company intended to take advantage of this period                     
    to carry out maintenance and decoration works on the                      
    Cruise Ship to raise its competitiveness in the                           
    industry.                                                                 
                                                                              
    Reference is also made to the announcement (the                           
    "Announcement") made by the Company on 30 March 2005                      
    in relation to the extension of the terms of the                          
    existing licensing agreement. Capitalised terms used                      
    herein shall have the same meanings as defined in the                     
    Announcement unless the context otherwise requires.                       
                                                                              
    The Company would like to report that the negotiations                    
    between the Company and Anglo View regarding a new                        
    licensing agreement continues to be underway and                          
    further announcement will be made by the Company                          
    regarding any further developments on the renewal of                      
    the Existing Licensing Agreement