SHIMAO CHINA<00649> - Results Announcement

Shimao China Holdings Limited announced on 01/09/2004:
(stock code: 00649 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2004    from 01/01/2003
                                     to 30/06/2004      to 30/06/2003 
                               Note  ('000      )       ('000      )
Turnover                        2  : 3,423              5,672             
Profit/(Loss) from Operations      : (8,268)            (4,051)           
Finance cost                       : (1,358)            (2,667)           
Share of Profit/(Loss) of 
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 127,637            60,888            
Profit/(Loss) after Tax & MI       : 98,019             44,577            
% Change over Last Period          : +120      %
EPS/(LPS)-Basic (in dollars)    3  : 0.1184             0.0539            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 98,019             44,577            
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


1.      Basis of Preparation

The unaudited interim financial report have been prepared in accordance 
with Hong Kong Statement of Standard Accounting Practice 25 "Interim 
Financial Reporting" issued by the Hong Kong Society of Accountants and 
the disclosure requirements of the Listing Rules of The Stock Exchange of 
Hong Kong Limited.

The accounting policies and methods of computation used in the preparation 
of the interim financial report are consistent with those used in the 
annual accounts for the year ended 31st December 2003.

2.      Turnover

The Group is principally engaged in property investment and development of 
property projects in Hong Kong and the People's Republic of China. 
Turnover comprises gross proceeds from sales of properties and revenue 
from rental operation.

                                         Six months ended 30th June 
                                              2004             2003
                                           HK$'000          HK$'000

Company and subsidiaries
   Rental income                             3,423            5,672

Share of a jointly controlled entity
   Sales of properties                     293,212          216,888
                                          ---------        ---------
                                           296,635          222,560
                                           =======          =======

3.      Earnings per share

The calculation of earnings per share is based on the profit for the 
period of HK$98,019,000 (2003: HK$44,577,000) and 827,640,000 (2003: 
weighted average of 827,625,000) ordinary shares in issue during the 
period.