09:21     PICO FAR EAST<00752> - Unusual volume movement                      

    The Stock Exchange has received a message from Pico Far East Holdings     
    Limited which is reproduced as follows:-                                  
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted the recent increase in trading volume of the shares of the  
    Company and wish to state that we are not aware of any reasons for such   
    movements.                                                                
                                                                              
    We also confirm that there are no negotiations or agreements relating to  
    intended acquisitions or realisations which are discloseable under Rule   
    13.23 of the Listing Rules, neither is the Board aware of any matter      
    discloseable under the general obligation imposed by Rule 13.09 of the    
    Listing Rules, which is or may be of a price-sensitive nature.            
                                                                              
    Made by the order of the Board of Pico Far East Holdings Limited the      
    directors of which individually and jointly accept responsibility of the  
    accuracy of this statement                                                
                                                                              
    By the order of the Board,                                                
                                                                              
    Leung Hoi Yan                                                             
    Company Secretary                                                         
                                                                              
    As at the dated of this announcements, the executive directors of the     
    Company are (i) Mr. Lawrence Chia Song Huat, Mr. James Chia Song Heng, and
    Mr. Yong Choon Kong; (ii) the non-executive director is Mr. Frank Lee Kee 
    Wai; (iii) the independent  non-executive directors are  Mr. Gregory      
    Robert Scott Crichton, Mr. Charlie Yucheng Shi and Mr. James Patrick      
    Cunningham.                                                               
                                                                              
    January 3 2005"