Xinhua Far East Assigns A+ Issuer Credit Rating to Shenzhen Chiwan Wharf Holdings Co., Ltd.

Xinhua Far East Assigns A+ Issuer Credit Rating to Shenzhen Chiwan Wharf Holdings Co., Ltd.

April 12, 2006

    HONG KONG, April 12 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today assigned Shenzhen Chiwan Wharf
Holdings Co., Ltd. ("CWH" or "the
Company," SZ A 000022, SZ B 200022) with an A+
domestic currency issuer credit rating.  The Company's
rating outlook is stable.  The rating reflects Xinhua Far
East's view about the high entry barriers and operating
requirements for port operation businesses and the benefits
of soaring foreign trade volumes resulting from the vibrant
economy in China's Pearl River Delta region.

    In fact, Shenzhen port ranked fourth in the world and
second in mainland China in 2005 in terms of container
throughput.  Shenzhen Chiwan port, one of the major
terminals in Shenzhen, handled 3.13 million TEUs in 2004,
representing 22.9% of total container throughput for
Shenzhen port that year. Moreover, Shenzhen Chiwan port is
one of the main bulk trans-shipment bases used for the
import and export of bulk chemical fertilizers in China,
with one-fourth of the market share for Shenzhen's bulk and
general cargo business in 2004.

    The Company is expected to enjoy strong growth,
particularly with full operation in Berth 13 of Shenzhen's
Chiwan port and Berths 5, 6 and 7 of Shenzhen's Mawan port.
 These ports will bring an extra two million TEUs (more than
50% increase) over the current container handling capacity.

    The new rating also takes into account the Company's
competitive advantage in container handling charges
compared to its Pearl River Delta peers, its robust
profitability, improved cost control capability and sound
cash flow generating capacity.

    However, container shipping industry is cyclical in
nature, and there is a possibility that China's economy
will slow in the near future.  There are other factors that
may place pressure on the Company's performance, including
competition among the ports in the Pearl River Delta,
projected capital expenditure for new port facilities,
restrictions on stacking yards availability, and congestion
on the road linking Shenzhen Chiwan port to other
locations.

    Shenzhen Chiwan is engaged mainly in port handling,
warehousing and transportation of containers and bulk and
general cargo at the Shenzhen Port terminals.  In 2004, it
generated 90.9% of turnover from its port handling
business.  China Nanshan Development (Group) Incorporation
("CND") held a 58.84% stake in the Company in
1H05.  In the first three quarters of 2005, the Company
reported turnover and EBIT of RMB1,397 million and RMB876
million respectively.

   Shenzhen Chiwan Wharf Holdings Co., Ltd. is also a large
cap company in the Xinhua/FTSE China A50 Index.  As of April
11, 2006, its total market cap was RMB7.37billion, with
investable market cap of RMB1.47 billion.

    For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .

    Note to Editors:

    About FTSE/Xinhua China A50 Index 

    The FTSE/Xinhua China A50 Index is a real-time tradable
index comprising the largest 50 A Share companies by full
market capitalization.  Designed to meet the needs of
QFIIs, it can be used as a basis for both on-exchange and
OTC derivative products, mutual funds and ETFs.  For daily
data and further information, see http://www.xinhuaftse.com
.

    About Xinhua Far East China Ratings

    Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China.  It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd.  Shanghai Far East became
a Xinhua Finance partner company in 2003 and the first
China member of The Association of Credit Rating Agencies
in Asia in December 2003. 

    Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards.  Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies.  It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market.  For more
information, see http://www.xfn.com/creditrating .

    About Xinhua Finance Limited

    Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY).  Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations.  Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.  For more information, please visit
http://www.xinhuafinance.com . 
 
    About Shanghai Far East Credit Rating Co., Ltd

    Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China.  It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China.  The company
is a pioneer in conducting bond-rating business in China. 
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.

    Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence.  The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years.  With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion.  For more information, see
http://www.fareast-cr.com .

    For more information, please contact:    

    Hong Kong
     Joy Tsang, 
     Corporate & Investor Communications Director, 
     Xinhua Finance
     Tel:   [phone] or
[phone]   
     Email: [e-mail]

    US
     David Leeney, 
     Taylor Rafferty (IR/PR Contact in US)
     Tel:   [phone]
     Email: [e-mail]

SOURCE  Xinhua Far East China Ratings