For Immediate Release

Hong Kong, May 22, 2001 - As a key player in the local construction industry, Shui On Construction and Materials Limited ("SOCAM", SEHK: 983) actively invests in innovative construction techniques and sophisticated tools. The company has recently imported the first large hoist in Hong Kong that has a loading capacity of six tonnes and can accommodate a forklift.

The large hoist is being used at the Yau Tong Estate Redevelopment Phase 5 project to improve vertical transportation at the site. Because the project includes the construction of four 36-storey and three 35-storey Concord Blocks on top of a four-storey shopping centre, a large amount of construction materials and equipment need to be transported to the shopping centre podium. This, together with the unique terrain of the site, makes standard hoists insufficient. SOCAM has, therefore, invested nearly HK$1 million to import the large hoist, which has a loading capacity five times higher than that of a standard hoist, and is 11 times bigger.

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 Shanghai.

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