The board of directors (the "Board") of China Travel International Investment Hong Kong Limited (the "Company") clarifies various newspaper articles dated 5 May, 1999 (the "Articles") relating to the Company, China Travel Service (Holdings) Hong Kong Limited ("CTS"), Paliburg Holdings Limited ("Paliburg") and Century City International Holdings Limited ("Century City").

This announcement is made at the request of The Stock Exchange of Hong Kong Limited.

The Board of the Company noted the Articles relating to the Company, CTS, Paliburg and Century City and clarifies as follows:

1. As of today, there are ongoing discussions with Paliburg and Century City on various prospective opportunities available to all parties. No concrete terms of these possibilities have been proposed as far as the Company is concerned.

2. The Company is currently not negotiating with Paliburg or Century City on an acquisition of a 30 per cent equity interest in Paliburg as far as the Company is concerned.

3. The Company has no asset injection ventures or any other agreements relating to Paliburg or Century City which are discloseable under paragraph 3 of the Listing Agreement. Neither is the Board aware of any agreement relating to Paliburg or Century City discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which may be of a price sensitive nature.

4. The Company is currently not negotiating with Paliburg or Regal Hotels International Holdings Limited in relation to an asset injection venture in exchange for a 30 per cent equity interest in Paliburg.

5. The Company is aware that its parent company, CTS, is discussing with Paliburg and Century City in respect of a possible acquisition of an equity interest in Paliburg.

By Order of the Board
Chen Wangtao
Executive Director

Hong Kong, 5 May, 1999

The Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

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