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China Travel International Investment Hong Kong Limited
(incorporated in Hong Kong with limited liability)

Announcement

The Board of directors (the "Board") of the China Travel International Investment Hong Kong Limited (the "Company") clarifies various newspaper articles dated June 29, 1999 (the "Articles") relating to China Travel Service (Holdings) Hong Kong Limited ("CTSH") and the Company.

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

The Board of the Company noted the Articles relating to CTSH and the Company and clarifies as follows:

1 The Company has had ongoing discussions with its parent, CTSH, on the possibility, among others, of a possible spin off of its infrastructure business. No concrete terms of these possibilities have been proposed as far as the Company is concerned.

2 The Company is considering, among others, possible acquisitions of power plants and highways. No concrete terms of these possibilities have been proposed as far as the Company is concerned.

3 The Company is aware that the possibilities mentioned in paragraphs 1 and 2 were already expressed at the Annual General Meeting, June 28, 1999, held at the Furama Hotel at 4:00 p.m. by the Company's Managing Director, Mr. Zhu Yuening.

4 Accordingly, the Board does not consider the information reported in the various articles discloseable under the Listing Agreement as the Company has no spin off or any other agreements relating to CTSH which are discloseable under paragraph 3 of the Listing Agreement. Neither is the Board aware of any agreement relating to CTSH discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which may be of a price sensitive nature.

By Order of the Board
Chen Wangtao
Executive Director

Hong Kong, June 29, 1999

Source: China Travel International Investment Hong Kong Limited

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1	The Company has had ongoing discussions with its parent, CTSH, on the possibility, among others, of a possible spin off of its infrastructure business. No concrete terms of these possibilities have been proposed as far as the Company is concerned.
2	The Company is considering, among others, possible acquisitions of power plants and highways. No concrete terms of these possibilities have been proposed as far as the Company is concerned.
3	The Company is aware that the possibilities mentioned in paragraphs 1 and 2 were already expressed at the Annual General Meeting, June 28, 1999, held at the Furama Hotel at 4:00 p.m. by the Company's Managing Director, Mr. Zhu Yuening.
4	Accordingly, the Board does not consider the information reported in the various articles discloseable under the Listing Agreement as the Company has no spin off or any other agreements relating to CTSH which are discloseable under paragraph 3 of the Listing Agreement. Neither is the Board aware of any agreement relating to CTSH discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which may be of a price sensitive nature.