FOR IMMEDIATE RELEASE

(Hong Kong, 22 November 2000) Shui On Construction and Materials Limited ("SOCAM", SEHK: 983) achieved steady profit growth over the six-month period ended 30 September 2000. Profit attributable to shareholders rose 10% to HK$254 million (1999: HK$230 million) even though turnover declined to HK$2,409 million (1999: HK$2,713 million, down 11%). Earnings per share were HK$0.97, an increase of 10% over the same period last year (1999: HK$0.88). The Directors of the Company recommended the payment of an interim dividend of HK$0.60 per share, which represented an increase of 9% over the corresponding period last year (1999: HK$0.55). The gross and outstanding values of construction contracts on hand were HK$11.9 billion and HK$6.6 billion respectively, and contracts with values of HK$1.8 billion are expected to be awarded in the near future.

The Construction Materials Division, with its existing two cement plants in Chongqing and Nanjing and the newly acquired plant in Zun Yi city, Guizhou, has an annual cement production of 1.8 million tonnes. Taking advantage of the opening up of the Central and Western Provinces in the Chinese Mainland, the Group, with a strong foothold established through its joint venture in Chongqing, is in the process of formulating plans for substantial expansion in the cement industry.

SOCAM.com, the Company's initiative to streamline internal procurement and project management control processes via the Internet, is at the final stage of pilot run. The e-commerce website has received overwhelming support from the Company's suppliers and sub-contractors since pre-registration started in early November. Its e-Tendering service is expected to be launched on 29 November and its e-Project Management System is scheduled to be launched in December this year, resulting in greater cost savings and higher efficiency. AsiaMaterials.com, a trading platform for quality construction materials, will have its soft launch at the end of this year.

"The Internet and e-commerce have opened up vast opportunities in our business expansion. We will embrace these new opportunities as new drivers of growth, keeping SOCAM at the forefront of the digital economy," said Mr Vincent Hong Sui Lo, Chairman of SOCAM.

A leader in the local construction and construction materials markets, SOCAM has once again set industry standards with two new initiatives: "Direct Labour" and "Safe Working Cycle". With "Direct Labour", construction workers in certain trades come under the direct management of the Company to avoid the common quality problems found in subcontracting. And to improve safety standards and bring better efficiency, SOCAM has adopted the Japanese practice of "Safe Working Cycle", which offers a proper communication channel to subcontractors' workers for clearer job accountability and responsibility as well as improved safety awareness.

SOCAM's continual strive for excellence was again recognized by industry authorities. SOCAM's construction arm is expected to be the first contractor in Hong Kong to receive the OHSAS 18001 certification from HKQAA in recognition of the high standards of its safety and health management system. And in addition to receiving the ISO 14001 certification from HKQAA in December 1999 for its outstanding performance in environmental protection practices, SOCAM was also the first company in Hong Kong awarded ISO 14001 by the China National Accreditation Committee for Environmental System Certification Bodies (CACEB).

Shui On Construction and Materials Limited, a member of the Shui On Group, was listed on the Hong Kong Stock Exchange in 1997. Apart from SOCAM, the Shui On Group has a separate, non-listed property arm with investments in Hong Kong, the United States, Beijing, Guangzhou and, in particular, Shanghai where it has a land bank of 3.5 million square metres of buildable space in very centrally located sites.

The full text of this release can be accessed through the Internet at: http://www.shuion.com and http://www.irasia.com/listco/hk/shuion

Shui On Construction and Materials Limited Ronny Pang Tel: (852) 2879 1866 Fax: (852) 2787 4211 Email: corpcomm@shuion.com.hk

Ogilvy Public Relations Anita Ko Tel: (852) 2884 8529 Fax: (852) 2560 0681 Email: anita.ko@ogilvy.com