For Immediate Release

Hong Kong, February 26, 2001 - Shui On Construction and Materials Limited ("SOCAM", SEHK: 983) has won the Silver Award from among more than 260 companies in the 2000 "Good Housekeeping Plan" with its Yau Tong Estate Redevelopment Phase 5 project. The company has also received Certificates of Merit for eight other projects. Organized by the Occupational Safety and Health Council, the Good Housekeeping Plan aims at improving the working environment and occupational safety and health standards as well as eliminating accidents through promoting the 5S practice in the workplace (systematizing, standardization, sweeping, sanitizing and self-discipline). The awards once again testify to SOCAM's high standards of safety and health management.

SOCAM constantly reviews its work procedures and methods and conducts frequent training and promotions to raise employees' awareness of occupational health and safety issues. Through its efforts in promoting health and safety in the workplace, SOCAM obtained the Occupational Health and Safety Assessment Series (OHSAS) 18001 certificate in November 2000, making it the first construction company in Hong Kong to receive this certification.

SOCAM, 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

For further information, please contact:
Shui On Construction and Materials Limited
Ronny Pang
Tel: 2879 1860     Fax: 2787 4211
Email: corpcomm@shuion.com.hk