ITC CORPORATION<0372> - 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.

ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

Announcement  in  relation  to  a possible disposal of certain
technology  and  internet-related  assets  held by ITC Corporation
Limited  (the  `Company') and the explanation of the recent increases
in the price and trading volume of the shares of the Company.

Shareholders  and potential investors are advised to exercise extreme
caution when dealing in the securities of the Company.

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

The  board  of  directors of the Company (the `Board') has noted the
recent  increases in the price and trading volume of the shares of the
Company.

Further  to  the announcements issued by the Company through teletext
on  27th  October,  1999 and 28th October, 1999, the Board wishes to
state  that  the  Company is in the process of negotiation with two
listed  companies  not connected with the directors, chief executives
or  substantial shareholders of the Company or any of its subsidiaries
or  associates of any of them in connection with the possible disposal
of  certain technology and internet-related assets held by the Company
which  may  or may not include its interest in Star East Information
Technology  Corp. Such negotiation may or may not materialise and the
intended  disposal may or may not constitute a notifiable transaction.
Although  negotiations are in progress, no agreement has been reached
nor  terms  have been finalised, and the intended disposal may or may
not  proceed.  Further  announcement will be made by the Company to
update  shareholders  if  there is any material development. In the
meantime,  shareholders  and  potential  investors  are advised to
exercise  extreme  caution  when  dealing in the securities of the
Company.

Save  and  except the aforesaid, the Board confirms that there are no
negotiations  or  agreements  relating  to intended acquisitions or
realisations  which are discloseable under paragraph 3 of the Listing
Agreement,  neither  is  the Board aware of any matter discloseable
under  the  general obligation imposed by paragraph 2 of the Listing
Agreement,  which is or may be of a price-sensitive nature. The Board
also  wishes  to  state that none of its directors has dealt in the
shares  of the Company from 21st October, 1999 to 28th October, 1999,
both dates inclusive.

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

                               By Order of the Board 
                               Wong Lai Kin, Elsa 
                               Company Secretary                     
                                                             

Hong Kong, 28th October, 1999