09:50     PIONEER GLOBAL<00224> - 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.                   
                                                                              
    PIONEER GLOBAL GROUP LIMITED                                              
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code : 00224)                                                      
                                                                              
    MAJOR TRANSACTION: ACQUISITION OF PROPERTY AT                             
    CITY GARDEN PODIUM                                                        
    &                                                                         
    DISCLOSEABLE TRANSACTION: ACQUISITION OF PROPERTY AT GREAT EAGLE CENTRE   
                                                                              
    The Company has made an application to the Stock Exchange for a further   
    extension of time limit for the despatch of the Circular to 9 June 2005.  
                                                                              
    Reference is made to the following announcements of the Company (the      
    "Announcements"):                                                         
                                                                              
    i.   dated 18 February 2005 published on 21 February 2005 in respect of   
    the "Major Transaction: Acquisition of Property at City Garden Podium     
    and Discloseable Transaction: Acquisition of Property at Great Eagle      
    Centre"("First Announcement");                                            
                                                                              
    ii.   dated 14 March 2005 in respect of the first delay in the despatch   
    of the Circular ("Second Announcement");                                  
                                                                              
    iii.   dated 31 March 2005 in respect of the second delay in the          
    despatch of the Circular ("Third Announcement"); and                      
                                                                              
    iv.   dated 11 April 2005 in respect of the third delay in the despatch   
    of the Circular ("Fourth Announcement") respectively.                     
                                                                              
    Unless the context otherwise stated, the terms used herein shall have     
    the same respective meanings as those defined in the Announcements.       
                                                                              
    As set out in the Announcements, pursuant to Rules 14.38 and 14.40 of     
    the Listing Rules, the Company is required to despatch to its             
    shareholders a circular (the "Circular") in respect of the aforesaid      
    major transaction and discloseable transaction within 21 days after       
    publication of the First Announcement on 21 February 2005, that is, on    
    or before 14 March 2005. The Company subsequently applied to extend the   
    time limit for the despatch of the Circular to 30 March 2005, 11 April    
    2005 and 11 May 2005, as set out in the Second Announcement, Third        
    Announcement and Fourth Announcement respectively.                        
                                                                              
    However, as additional time will be required by the Company to finalise   
    the Circular, in particular, the collection of financial information of   
    the acquired properties to be included therein, the Company has applied   
    to the Stock Exchange for a further extension of the time limit for the   
    despatch of the Circular to the shareholders to a date on or before 9     
    June 2005.                                                                
                                                                              
    By Order of the Board                                                     
    Kenneth Gaw                                                               
    Managing Director                                                         
                                                                              
    Hong Kong, 10 May 2005                                                    
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mrs. Rossana Wang Gaw, Mr. Goodwin Gaw, Mr. Kenneth Gaw and   
    Ms. Jane Kwai Ying Tsui and the independent non-executive directors of    
    the Company are Dr. Charles Wai Bun Cheung, J.P., The Hon. Bernard        
    Charnwut Chan and Mr. Arnold Tin Chee Ip.