NEW WORLD DEV<0017> - 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.

New World Development Company Limited
(incorporated in Hong Kong with limited liability)

ANNOUNCEMENT

Further to the Announcement, the Board wishes to state that 
although the exclusivity period under the exclusivity 
agreement dated 27th January 2000 entered into between the 
Company and Davnet Limited has expired and not been extended, 
the parties are still in discussion of the Proposed 
Acquisition. Further announcement will be made if the 
Proposed Acquisition is materialised or not proceeded with. 
Shareholders of the Company and potential investors are 
advised to exercise caution in dealing with the shares of the 
Company.
 
The board of directors (the "Board") of New World Development 
Company Limited (the "Company") refers to the announcement 
of the Company dated 28th January 2000 (the "Annoncement").

The Board wishes to state that the 45 days exclusivity period 
from 27th January 2000 granted to Davnet Limited to negotiate 
exclusively with the Company for the proposed acquisition 
(the "Proposed Acquisition") of an estimate 74% interest in 
New World Telephone Limited, 88% indirectly owned subsidiary 
of the Company, under the exclusivity agreement (the 
"Agreement") dated 27th January 2000 entered into between the 
Company and Davnet Limited has expired and not been extended. 
Notwithstanding the expiration of the said exclusivity period, 
the Company and Davnet Limited are still in discussion of the 
Proposed Acquisition. The Proposed Acquisition may or may not 
materialize. Further announcement will be made if the 
Proposed Acquisition is materialized or not proceeded with.

Shareholders of the Company and potential investors are 
advised to exercise caution in dealing in the shares of the 
Company.

Made by the order of the Board, the Directors of which 
individually and jointly accept responsibility for the 
accuracy of this statement. 

By Order of the Board
New World Development Company Limited
Leung Chi-Kin Stewart
Company Secretary

Hong Kong, 6th April 2000