(Hong Kong, 30 October 2003) Shui On Building Contractors Limited (SOBC), a wholly owned subsidiary of Shui On Construction and Materials Limited (SOCAM; stock code: 983), has been awarded a new contract worth HK$375.8 million by the Hong Kong Housing Authority for a construction project in Fanling Area 36 Phase 3.

The project includes the construction of three New Harmony One blocks (Option 5, 6) and all associated drainage and external works. It is scheduled to be completed in January 2006.

SOBC, a leading building contractor in public housing construction in Hong Kong, has been selected by the Hong Kong Housing Authority as one of six Premier League contractors. The company has also been included in the Works Bureau's List of Approved Specialist Contractors for Public Works under the category of Repair and Restoration of Historic Buildings.

SOCAM, a member of the Shui On Group, was listed on the Hong Kong Stock Exchange in 1997 and is engaged in property development, construction and construction materials in Hong Kong and the Chinese Mainland. Apart from SOCAM, the Shui On Group has a separate, non-listed property arm with investments in Hong Kong, Shanghai, Hangzhou, Chongqing, Beijing, Guangzhou and New York.