09:23     TEMFAT HINGFUNG<00661> - Announcement (1)                           

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement, makes               
    no representation as to its accuracy or completeness and                  
    expressly disclaims any liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any               
    part of the contents of this announcement.                                
                                                                              
    TEM FAT HING FUNG (HOLDINGS) LIMITED                                      
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    PERFECT VIEW DEVELOPMENT LIMITED                                          
    (Incorporated in the British Virgin Islands with limited                  
    liability)                                                                
                                                                              
    ANNOUNCEMENT IN RELATION TO THE RESULTS OF THE SGM                        
                                                                              
    The Directors and the Investor are pleased to announce that               
    all the resolutions set out in the notice of the SGM                      
    contained in the circular of the Company in relation to the               
    Restructuring Proposal dated 4 November 2002 were duly                    
    passed at the SGM held today.                                             
                                                                              
    The respective hearings before the Hong Kong Court and the                
    Bermuda Court to sanction the Schemes will be held on 28                  
    November 2002 and 29 November 2002. A further announcement                
    in relation to the results of the hearings will be made as                
    and when appropriate.                                                     
                                                                              
    Trading in the securities of the Company was suspended at                 
    the request of the Company with effect from 10:00 a.m. on                 
    24 December 2001 and will remain suspended until the Company              
    can satisfy the Stock Exchange that (i) upon resumption it                
    has and will maintain a sufficient level of operations and                
    have assets of sufficient value to comply with paragraph 38               
    of the Listing Agreement and (ii) there is sufficient public              
    float of the securities of not less than 25% of the                       
    respective class of the issued share capital to comply with               
    Rule 8.08 of the Listing Rules.                                           
                                                                              
    Terms used herein shall have the same meaning as those                    
    defined in the circular of the Company in relation to the                 
    Restructuring Proposal and Investor dated 4 November 2002.                
                                                                              
    The Directors and the Investor are pleased to announce that               
    all the resolutions set out in the notice of the SGM                      
    contained in the circular of the Company in relation to the               
    Restructuring Proposal dated 4 November 2002 were duly                    
    passed at the SGM held today. The proposed resolutions                    
    relating to the approval of the Restructuring Agreements,                 
    the Subscription and capitalization of Loans, the issuance                
    of the Convertible Notes and the Whitewash Wavier were                    
    approved by way of a poll. Independent Shareholders holding,              
    in aggregate, 228,678,570 Shares, representing 85.6% of the               
    total Shares voted by the Shareholders present and voting                 
    in person or proxy at the SGM voted in favour of the                      
    resolutions. Independent Shareholders holding, in                         
    aggregate, 38,342,050 Shares, representing 14.4% of the                   
    total Shares voted by the Shareholders present and voting                 
    in person or proxy at the SGM voted against the resolutions.