15:35     CHINA INSURANCE<00966> - Announcement (3)                           

    Limited, a company incorporated in Hong Kong with limited liability,      
    the shares of which are listed on the main board of the Stock Exchange    
                                                                              
    "Consideration"        the consideration payable by the Purchaser to      
    the Vendor pursuant to the Agreement, as more particularly set out        
    under the section headed "The Consideration" of this announcement         
                                                                              
    "Directors"        the directors of the Company                           
                                                                              
    "Disposal"        the disposal of the Properties by the Vendor            
    pursuant to the terms and conditions of the Agreement                     
                                                                              
    "Group"        the Company and its subsidiaries                           
                                                                              
    "HK$"        Hong Kong dollars                                            
                                                                              
    "Hong Kong"        the Hong Kong Special Administrative Region of the     
    PRC                                                                       
                                                                              
    "Listing Rules"        Rules Governing the Listing of Securities on       
    the Stock Exchange                                                        
                                                                              
    "PRC"        The People's Republic of China which for the purpose of      
    this announcement excludes Hong Kong, the Macao Special Administrative    
    Region of the PRC and Taiwan                                              
                                                                              
    "Properties"        the properties known as "*" (P. & R.                  
    Times Mansion) located in * (Fuqiang Road, Futian                         
    District, Shenzhen, the PRC), as more particularly described under the    
    paragraph headed "Information on the Properties" under the section        
    headed "Assets to be disposed of" in this announcement                    
                                                                              
    "Purchaser"        Panbillion Finance Company Limited, a company          
    incorporated in Hong Kong with limited liability on 12 October 1993       
    and an indirect wholly-owned subsidiary of CIHK                           
                                                                              
    "RMB"        Renminbi                                                     
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Vendor"        China International Reinsurance Company Limited, a        
    company incorporated in Hong Kong with limited liability, and a           
    wholly-owned subsidiary of the Company                                    
                                                                              
            By Order of the Board                                             
            TAM Chiu Tai Richard                                              
            Company Secretary                                                 
                                                                              
    Hong Kong, 10 May 2005                                                    
                                                                              
    In this announcement, RMB has been translated to HK$ at the rate of       
    RMB1.06 = HK$1 for illustration purpose only. No representation is        
    made that any amounts in RMB or HK$ have been, could have been or         
    could be converted at the above rate or at any other rates or at all.     
                                                                              
    As at the date of this announcement, the Board comprises 13 Directors,    
    of which Mr. YANG Chao, Mr. LIN Fan, Mr. MIAO Jianmin, Mr. SONG           
    Shuguang, Mr. XIE Yiqun, Mr. NG Yu Lam Kenneth, Dr. DONG Ming, Mr.        
    SHEN Koping Michael and Mr. LAU Siu Mun Sammy, are executive              
    Directors, Mr. ZHENG Changyong is the non-executive Director and Dr.      
    WU Jiesi, Mr. CHE Shujian and Mr. LAU Wai Kit are independent non-        
    executive Directors.                                                      
                                                                              
    This announcement is posted on the website of the main board of The       
    Stock Exchange of Hong Kong Limited at www.hkex.com.hk on the "Listed     
    Companies Information" page and on the website of the Company at          
    www.ciih.com.                                                             
                                                                              
    (* For the Chinese names, please refer to the press announcement.)