09:13     PAUL Y-ITC<00498> - Unusual volume movements                        

    The Stock Exchange has received a message from Paul Y.-ITC Construction   
    Holdings Limited which is reproduced as follows:-                         
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted the recent increase in trading volume of the ordinary shares
    of the Company and wish to state that we are not aware of any reasons for 
    such increase.                                                            
                                                                              
    We also confirm that there are no negotiations or agreements relating to  
    intended acquisitions or realisations which are discloseable under rule   
    13.23 of the Rules Governing the Listing of Securities on The Stock       
    Exchange of Hong Kong Limited (the "Listing Rules"), neither is the board 
    of directors of the Company ("Board") aware of any matter discloseable    
    under the general obligation imposed by rule 13.09 of the Listing Rules,  
    which is or may be of a price-sensitive nature.                           
                                                                              
    Made by the order of the Board of Paul Y. - ITC Construction Holdings     
    Limited the directors of which individually and jointly accept            
    responsibility for the accuracy of this statement.                        
                                                                              
    As at the date of this statement, the Board comprises nine directors of   
    the Company, of which (i) five are executive directors, namely Dr. Chan   
    Kwok Keung, Charles, Mr. Lau Ko Yuen, Tom, Mr. Chan Fut Yan, Ms. Chau Mei 
    Wah, Rosanna and Mr. Cheung Hon Kit; (ii) one is non-executive director,  
    namely Mr. Cheung Ting Kau, Vincent; and (iii) three are independent non- 
    executive directors, namely Mr. Kwok Shiu Keung, Ernest, Mr. Chan Shu Kin 
    and Dr. Chow Ming Kuen, Joseph.                                           
                                                                              
                                                                              
    For and on behalf of board of                                             
    PAUL Y. - ITC CONSTRUCTION                                                
    HOLDINGS LIMITED                                                          
                                                                              
                                                                              
    Wong Lai Kin, Elsa                                                        
    Company Secretary                                                         
                                                                              
    6 May 2005"