09:48     YUE FUNG INT'L<00965> - Announcement                                

    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.                                        
                                                                              
                                                                              
    YUE FUNG INTERNATIONAL GROUP HOLDING LIMITED                              
    (Provisional Liquidators Appointed)                                       
    ()*                                                                       
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 965)                                                         
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    CANCELLATION OF LISTING                                                   
                                                                              
    IN ACCORDANCE WITH THE DELISTING PROCEDURES STIPULATED IN PRACTICE NOTE 17
    TO THE LISTING RULES                                                      
                                                                              
    The Stock Exchange announces that with effect from 9:30 a.m. on 20 January
    2005, the listing of the shares of the Company will be cancelled in       
    accordance with the Delisting Procedures.                                 
                                                                              
    By the end of the Deadline mentioned below, the Stock Exchange considered 
    the proposals submitted are not viable.  Therefore, the Stock Exchange    
    will cancel the listing of the Company's shares in accordance with the    
    Delisting Procedures.                                                     
    The Stock Exchange of Hong Kong Limited (the "Stock Exchange") announces  
    that the listing of the shares Yue Fung International Group Holding       
    Limited (Provisional Liquidators Appointed) ("the Company") will be       
    cancelled with effect from 9:30 a.m. on 20 January 2005 in accordance with
    the delisting procedures stipulated in Practice Note 17 to the Listing    
    Rules (the "Delisting Procedures").  Practice Note 17 to the rules        
    governing the listing of securities on the Stock Exchange (the Listing    
    Rules") formalizes the procedures to be adopted to delist long-suspended  
    companies.                                                                
                                                                              
    Dealings in the Company's shares have been suspended since 16 December    
    2002.  The Company was put into the third stage of the Delisting          
    Procedures on 10 June 2004.  Pursuant to the Delisting Procedures, at the 
    end of the third stage which in the case of the Company was 9 December    
    2004 (the "Deadline"), where no valid proposals have been received for    
    resumption, the listing of the Company's shares will be cancelled.        
    Following the suspension of trading in the Company's shares and before the
    Deadline, two resumption proposals were submitted to the Exchange on 22   
    April 2004 and 19 November 2004 respectively.  However, the Stock Exchange
    considered that the resumption proposals were not viable.  Therefore, the 
    Stock Exchange will cancel the listing of the Company's shares in         
    accordance with the Delisting Procedures.                                 
                                                                              
    Pursuant to paragraph 3.1 of Practice Note 17, the Joint and Several      
    Provisional Liquidators of the Company hereby announce the cancellation of
    the listing of the Company's shares with effect from 9:30 a.m. on  20     
    January 2005.                                                             
                                                                              
    Shareholders of the Company who have any queries about the implications of
    the delisting should seek professional advice.                            
                                                                              
    As limited financial resources are available to the Company, this         
    announcement is only published on the Stock Exchange's website.           
                                                                              
                                                                              
    For and on behalf of                                                      
    YUE FUNG INTERNATIONAL                                                    
          GROUP HOLDING LIMITED                                               
    (Provisional Liquidators Appointed)                                       
                                                                              
                                                                              
                                                                              
    Gabriel CK Tam                                                            
    Joint & Several Provisional Liquidator                                    
    Acting without personal liability                                         
                                                                              
    19 January 2005                                                           
                                                                              
    * for identification purposes only