09:47     K. WAH INT'L<00173>&K. WAH CONS<00027>-J. Ann.&Resumption(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.               
                                                                              
    K. WAH INTERNATIONAL HOLDINGS LIMITED                                     
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 173)                                                         
                                                                              
    K. WAH CONSTRUCTION MATERIALS LIMITED                                     
    (incorporated in Hong Kong with limited liability)                        
    (Stock Code: 27)                                                          
                                                                              
    Joint Announcement                                                        
                                                                              
    The KWIH Board and the KWCM Board refer to the Announcements and wish     
    to report that KWCM has been informed by Galaxy that approval has         
    been obtained from the Macau Government for the possible injection        
    into KWCM of a majority interest in Galaxy. Galaxy is one of the          
    gaming concessionaries which is engaging in gaming and other related      
    business (including hotel, resort and entertainment business) in          
    Macau. While discussion relating to the possible injection has not        
    yet commenced, KWCM was further informed that it can only commence        
    after such time as further discussions among the Galaxy shareholders      
    have taken place.                                                         
                                                                              
    The KWIH Board and the KWCM Board wish to state that notwithstanding      
    such approval, the preliminary conceptual studies by KWCM relating        
    to the feasibility of the possible injection of certain Macau gaming      
    business which may include other related business (including hotel,       
    resort and entertainment business) are progressing and have yet to        
    be completed. The timetable for the possible injection is yet to be       
    decided. The KWIH Board and the KWCM Board wish to clarify that such      
    preliminary conceptual studies may or may not lead to a transaction.      
    In the event that such transaction materialises, KWIH and KWCM will       
    make appropriate announcements as required by the Listing Rules.          
                                                                              
    The respective shareholders of KWIH and KWCM and potential investors      
    are advised to exercise caution when dealing in the shares of KWIH        
    and KWCM.                                                                 
                                                                              
    Tradings in the shares of KWIH and KWCM on the Stock Exchange were        
    suspended at the respective requests of KWIH and KWCM with effect         
    from 9:30 a.m. on 20 January 2005 pending the release of this             
    announcement. KWIH and KWCM have applied for a resumption of tradings     
    in their Shares with effect from 9:30 a.m. on 21 January 2005.            
                                                                              
    The board of directors (``KWIH Board'') of K. Wah International           
    Holdings Limited (``KWIH'') and the board of directors (``KWCM            
    Board'') of K. Wah Construction Materials Limited (``KWCM'') refer        
    to the joint announcements made by KWIH and KWCM on 7 and 14 October      
    2004, and 6 and 11 January 2005 and the announcement made by KWCM         
    on 14 January 2005 (the ``Announcements'') and wish to report that        
    KWCM has been informed by Galaxy Casino S.A., Macau (``Galaxy'') that     
    approval has been obtained from the Macau Government for the possible     
    injection into KWCM of a majority interest in Galaxy. Galaxy is one       
    of the gaming concessionaries which is engaging in gaming and other       
    related business (including hotel, resort and entertainment               
    business) in Macau. While discussion relating to the possible             
    injection has not yet commenced, KWCM was further informed that it        
    can only commence after such time as further discussions between the      
    Galaxy shareholders have taken place.                                     
                                                                              
    The KWIH Board and the KWCM Board wish to state that notwithstanding      
    such approval, the preliminary conceptual studies by KWCM relating        
    to the feasibility of the possible injection of certain Macau gaming      
    business which may include other related business (including hotel,       
    resort and entertainment business) are progressing and have yet to        
    be completed. The timetable for the possible injection is yet to be       
    decided. The KWIH Board and the KWCM Board wish to clarify that such      
    preliminary conceptual studies may or may not lead to a transaction.      
    In the event that such transaction materialises, KWIH and KWCM will       
    make appropriate announcements as required by the Rules Governing         
    the Listing of Securities (``Listing Rules'') on The Stock Exchange       
    of Hong Kong Limited (``Stock Exchange'').