EXHIBIT 1.1

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.

CHINA EASTERN AIRLINES CORPORATION LIMITED

(A joint stock limited company incorporated in the People's Republic of China
with limited liability)

CONNECTED TRANSACTION

The Directors are pleased to announce that on 24th April, 2003, the Company
entered into the Share Transfer Agreement with CEA Holding, the controlling
shareholder of the Company holding approximately 61.64% of its total issued
share capital, pursuant to which the Company has agreed to acquire from CEA
Holding 45% of the equity interest in EAIEC for a consideration of approximately
RMB43,820,000 (approximately HK$41,340,000).

As CEA Holding is the controlling shareholder and, hence, a connected person, of
the Company, the transaction contemplated under the Share Transfer Agreement
constitutes a connected transaction for the Company pursuant to paragraph
14.23(1) of the Listing Rules. As the transaction contemplated under the Share
Transfer Agreement falls within the ambit under paragraph 14.25(1) of the
Listing Rules, this transaction is not subject to shareholders' approval, but
details of which will be included in the Company's next annual report for the
year ending 31st December, 2003.

THE SHARE TRANSFER AGREEMENT

Date : 24th April, 2003

Parties : the Company; and

CEA Holding, the controlling shareholder of the Company holding approximately
61.64% of its total issued share capital

Interests to be transferred : 45% of the equity interest in EAIEC

As at 30th June, 2002, the audited net asset value attributable to 45% of the
equity interest in EAIEC, determined in accordance with the accounting standards
of the PRC, was approximately RMB41,753,000 (approximately HK$39,390,000).

The audited net profits attributable to 45% of the equity interest in EAIEC,
determined in accordance with the accounting standards of the PRC, were
approximately RMB7,043,300 (approximately HK$6,644,600) and RMB4,358,500
(approximately HK$4,111,800) for the two financial years ended 31st December,
2001 and 2002, respectively.

Consideration : Approximately RMB43,820,000 (approximately HK$41,340,000) which
was determined primarily based on the financial and trading position of EAIEC as
at 30th June, 2002 with reference to the then audited net asset value of EAIEC
as assessed by an independent valuer and adjusted by the financial position of
EAIEC for the six months' period from 1st July, 2002 to 31st December, 2002.
Such consideration represents approximately 104.95% of the audited net asset
value attributable to 45% of the equity interest in EAIEC as at 30th June, 2002.

The consideration will be funded out of the Company's internal resources and is
payable by the Company to CEA Holding in cash within ten business days after
completion.

Completion : Completion shall take place simultaneously on the date of the Share
Transfer Agreement, under which the Company shall, with effect from 1st January,
2003, be entitled to the profits of EAIEC in proportion to its equity interest
in EAIEC following completion.

                                       1



EAIEC : (Eastern Aviation Import and Export Company) is a company incorporated
in the PRC and was, immediately before completion of the transaction
contemplated under the Share Transfer Agreement, a wholly-owned subsidiary of
CEA Holding. EAIEC, immediately after completion of such transaction, continues
to be a subsidiary of CEA Holding which is its controlling shareholder
interested in its 55% equity interest.

EAIEC is principally engaged in the business of import and export of fuel and
aviation transport equipment.

Benefits which are expected to accrue to the Company: The Company is principally
engaged in the business of civil aviation. The Directors believe that the
acquisition of the 45% equity interest in EAIEC is expected to enhance the
Company's operating benefits by reducing the cost to be incurred in the import
and export of raw materials in the course of its business, and will enhance the
profits to be generated from the investment of the Company.

The Directors, including the independent non-executive Directors, consider that
the terms of the Share Transfer Agreement, which were determined after arm's
length negotiation, are normal commercial terms and are fair and reasonable so
far as the Company and its shareholders are concerned, and that the acquisition
is in the commercial interests of the Company.

Non-competition undertaking : Under the Share Transfer Agreement, the Company
and CEA Holding have undertaken with each other that they will not establish any
other entity which will engage in any business similar to that conducted by
EAIEC, whether in nature or in its scope of business.

Connected party relationship : As CEA Holding is the controlling shareholder of
the Company holding approximately 61.64% of its total issued share capital, CEA
Holding is a connected person of the Company and, hence, the transaction
contemplated under the Share Transfer Agreement constitutes a connected
transaction for the Company pursuant to paragraph 14.23(1) of the Listing Rules.

As the transaction contemplated under the Share Transfer Agreement falls within
the ambit under paragraph 14.25(1) of the Listing Rules, this transaction is not
subject to shareholders' approval, but details of which will be included in the
Company's next annual report for the year ending 31st December, 2003.

DEFINITIONS

In this announcement, the terms "connected person", "controlling shareholder"
and "subsidiary" shall have the meanings ascribed thereto under the Listing
Rules, and, unless the context otherwise requires, the following terms shall
have the following meanings:

"CEA Holding" means (China Eastern Air Holding Company), a wholly State-owned
enterprise and is the controlling shareholder of the Company holding
approximately 61.64% of its total issued share capital;

"Company" means (China Eastern Airlines Corporation Limited), a joint stock
limited company incorporated in the PRC with limited liability, which is
principally engaged in the business of civil aviation and whose H shares are
listed on the Stock Exchange;

"Directors" means the directors of the Company;

"EAIEC" means (Eastern Aviation Import and Export Company), a company
incorporated in the PRC;

"Listing Rules" means The Rules Governing the Listing of Securities on the Stock
Exchange;

"PRC" means The People's Republic of China;

                                       2


"Share Transfer Agreement" means the share transfer agreement dated 24th April,
2003 entered into between the Company and CEA Holding in respect of the
acquisition by the Company from CEA Holding of 45% equity interest in EAIEC; and

"Stock Exchange" means The Stock Exchange of Hong Kong Limited.

By Order of the board of Directors
CHINA EASTERN AIRLINES CORPORATION LIMITED
Luo Zhuping
Company Secretary

Shanghai, the PRC, 24th April, 2003


                                       3