09:23     TEMFAT HINGFUNG<00661> - Announcement (2)                           

    If the Restructuring Proposal is completed, the Investor                  
    will be interested in approximately 95% of the enlarged                   
    issued ordinary share capital of the Company (before                      
    conversion of the CPS and the Convertible Notes). The                     
    Investor has undertaken to the Stock Exchange that before                 
    completion of the Restructuring Proposal, a placing agent                 
    will be appointed to place out such number of the New Shares              
    to independent third parties independent of and not                       
    connected with the Directors, chief executive or                          
    substantial shareholders of the Company or any of its                     
    subsidiaries or the Investor or an associate of any of them               
    as defined under the Listing Rules so that the public float               
    of the Company will be restored to not less than 25% of the               
    issued ordinary share capital under Rule 8.08 of the Listing              
    Rules.                                                                    
                                                                              
    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.                                           
                                                                              
    By Order of the Board                                                     
    Tem Fat Hing Fung (Holdings) Limited                                      
    Chan Fat Chu, Raymond                                                     
    Chairman                                                                  
                                                                              
    By Order of the Board                                                     
    Perfect View Development Limited                                          
    Cheung Yu Shum, Jenkin                                                    
    Sole Director                                                             
                                                                              
    Hong Kong, 27 November 2002                                               
                                                                              
    The Directors of the Company, jointly and severally, accept               
    full responsibility for the accuracy of the information                   
    contained in this announcement other than that relating to                
    the Investor and confirm, having made all reasonable                      
    inquiries, that to the best of their knowledge and belief,                
    the opinions expressed in this announcement have been                     
    arrived at after due and careful consideration and there are              
    no other facts not contained in this announcement, the                    
    omission of which would make any statement in this                        
    announcement misleading.                                                  
                                                                              
    The sole director of the Investor accepts full                            
    responsibility for the accuracy of the information                        
    contained in this announcement other than that relating to                
    the Company and confirms, having made all reasonable                      
    inquiries, that to the best of his knowledge and belief, the              
    opinions expressed in this announcement have been arrived                 
    at after due and careful consideration and there are no other             
    facts not contained in this announcement, the omission of                 
    which would make any statement in this announcement                       
    misleading.