For Immediate Release

(Hong Kong, July 3, 2001) The Shui On Group announced today the appointment of Professor Chia-Wei Woo, the founding President of the Hong Kong University of Science and Technology (HKUST), as Senior Advisor to the Board of Directors of the Shui On Group.

Mr Vincent H S Lo, Chairman of the Shui On Group, said, "I am very pleased to welcome Professor Woo to the Shui On Group. He joins us at the most opportune time as the Group is aggressively implementing new strategies and expansion plans in the Mainland market. His knowledge and expertise in science and technology will help the Group speed up its adoption of new technologies in the information age and, in particular, further boost the development of AsiaMaterials.com. His insight and extensive networks in Hong Kong, the Chinese Mainland, the US and Europe will help create strong momentum for the future development of the Group."

Professor Woo said, "I look forward to working with Vincent in this new capacity, and with his colleagues whom I have got to know over the years as a group of competent and admirable people. I hope my experience in human resources development and technology transfer can be of use to Shui On. I also hope that my networks in America and Europe can be put to use as Shui On becomes even more globally oriented."

In addition to his role as Senior Advisor to the Board in Shui On, Professor Woo will continue with his community service as well as his voluntary work at the HKUST.

Established in 1971, the Shui On Group is engaged in property development, construction and construction materials with investments in Hong Kong, the Chinese Mainland and North America. Its publicly listed arm, Shui On Construction and Materials Limited ("SOCAM", stock code: 983), was listed on the Hong Kong Stock Exchange in 1997. The privately held Shui On Properties Limited is a leading developer in Shanghai with a substantial land bank of centrally located sites. The company also has investments in Hong Kong, the US, Beijing and Guangzhou.

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:

Ms Ronny Pang Shui On Group Tel: (852) 2879 1866 Fax: (852) 2802 4396 Email: corpcomm@shuion.com.hk

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