Hong Kong, 17 December 2002 - Shui On Properties Ltd (SOP), a privately held subsidiary of the Shui On Group, announces the appointment of Mr Louis Wong as Managing Director. Mr Wong will oversee SOP's current property development projects in Shanghai. Currently, SOP's major projects in Shanghai include Shui On Plaza, Shanghai Xintiandi and the nearby luxury residential and Grade A office developments. Mr Wong will also be in charge of Shanghai Rui Hong Xin Cheng, a large scale quality housing development of Shui On Construction And Materials Ltd ("SOCAM", stock code: 0983), the publicly listed arm of the Shui On Group.

Mr. Wong is a veteran in the construction industry with 28 years' experience.  He joined the Shui On Group in 1981 and became Deputy Managing Director of SOCAM in 2000. He will remain a Director of SOCAM. Before joining Shui On, Mr Wong had worked with consultant and utility companies in England, Saudi Arabia and Hong Kong. Currently, he is First Vice President of the Hong Kong Construction Association, and a member of the Provisional Construction Industry Co-ordination Board, Construction Industry Training Authority and Occupational Safety and Health Council.

Mr. Wong obtained his Bachelor of Science Degree in Civil Engineering from the University of Manchester.

About Shui On Group
The Shui On Group, developer of Shanghai Xintiandi, was founded in Hong Kong in 1971 by Mr Vincent H.S. Lo. Through the years Shui On has been built from a small construction company into a diversified group engaged in property development and investment, construction and contracting, and construction materials, with interests in Hong Kong, the Chinese Mainland and North America.

Shui On Construction and Materials Limited (SOCAM), a member of the Shui On Group, was listed on the Hong Kong Stock Exchange in 1997. The Group also has a separate, non-listed property arm with investments in Shanghai, Hong Kong, Hangzhou, Beijing, Guangzhou and New York.

For more information or enquiries, please contact Ms Christine Mui at +852 2879 1866 or corpcomm@shuion.com.hk.