FOR IMMEDIATE RELEASE

(Hong Kong, December 18, 2000) Shui On Construction and Materials Limited ("SOCAM", SEHK: 983) announced today the official launch of SOCAM.com, a website tailored to the internal procurement and project management needs of SOCAM. The new initiative will help Shui On streamline work processes, reduce operational costs and stay competitive in today's digital economy.

SOCAM.com has attracted over 200 suppliers and subcontractors to become its members since pre-registration started in early November. SOCAM expects the new website to help save 1-3% of the Construction Division's operational cost within the first year of service launch.

"We are delighted to announce the official launch of SOCAM.com. This is a major step forward for SOCAM to capture the vast new opportunities in the Internet era," stated Mr Vincent Hong Sui Lo, Chairman of SOCAM.

"SOCAM.com transforms a significant portion of the conventional manual and paper-based work procedures in the construction industry into a web-based environment. This means better efficiency, better information flow and better cost savings for SOCAM and our business partners."

At the core of SOCAM.com's services is the e-Tendering System, an advanced web-based portal with which the entire traditional manual tendering process (tender invitation, tender collection, tender submission by suppliers/ subcontractors as well as tender opening) is conducted on the Internet using a secured system. Tenders for the supply of goods and subletting of works for all projects of Shui On Building Contractors Limited and Shui On Construction Company Limited are put on the website for registered members to bid.

Another key function of SOCAM.com is e-PMS (Electronic Project Management System), designed to meet the specific requirements of SOCAM's construction projects. It incorporates every aspect of construction management procedures and allows SOCAM staff to strengthen site management. Construction project team members can share and review documents and drawings, compile and track site reports, monitor site resources and follow the submission and maintenance processes.

To facilitate the work of frontline staff, SOCAM will also be introducing PDA (Personal Data Assistant) applications as part of the e-PMS practice. SOCAM's construction site staff can use PDAs to generate in-process inspection checklists, defect checklists and system testing checklists. Such data will then be synchronized to the e-PMS database for storage and quick retrieval by all construction project team members.

The e-PMS and PDA applications will be introduced in phases to the construction projects of Shui On Building Contractors Ltd and Shui On Construction Co Ltd starting in January 2001.

Today also saw the pre-registration of AsiaMaterials.com, another key e-commerce initiative of SOCAM. Supported by a network of trade operating centers, outstanding customer service and seamlessly integrated online and offline supply chain management, AsiaMaterials.com aims to become the premier global trading platform for construction and home improvement materials. Members around the world will be able to source the best quality construction materials at the most competitive prices. AsiaMaterials.com is moving on track and the official launch will take place in early March 2001.

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
http://www.socam.com
http://www.irasia.com/listco/hk/shuion

For further information, please contact:

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