CHI CHEUNG<0112> & FE CONSORT INTL<0035>-Joint 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.

Chi Cheung Investment Company, Limited
(Incorporated in Hong Kong with limited liability)

FAR EAST CONSORTIUM INTERNATIONAL LIMITED
(Incorporated in the Cayman Islands with limited liability)

Debt restructuring proposal for 
Chi Cheung Investment Company, Limited (the "Proposal")

Far East Consortium International has applied for an extension of 
the despatch of a circular in relation to the Proposal to 21 days 
after the announcement of the entering into the Formal Agreement. 
The Proposal is subject to, among other things, the signing of the 
Formal Agreement. The Proposal may or may not proceed.

The directors of Chi Cheung Investment Company, Limited and Far East 
Consortium International Limited refer to the joint announcement 
dated 13th December, 1999, in relation to the entering of a heads of 
agreement between Chi Cheung and Far East Consortium International 
regarding a debt restructuring proposal of Chi Cheung. Terms used in 
this announcement shall have the same meanings as defined in the 
announcement of the Proposal dated 13th December, 1999. The Proposal 
involves, among other things, the injection by Far East Consortium 
International of certain assets into Newco (which will become the 
new holding company of Chi Cheung upon Completion) and debt 
restructuring of Chi Cheung. The Proposal is subject to certain 
conditions, including the entering into of the Formal Agreement, the 
Stock Exchange confirming in writing that the Newco will not be 
treated as a new application for listing upon Completion and an 
application by Far East Consortium International for a waiver from 
the obligations to make a general offer for all the existing issued 
shares of Chi Cheung pursuant to Rule 26 of the Code from the 
Executive Director of the Corporate Finance Division of the SFC. 
Under the Code, a document giving details of the Proposal (the 
"Document") is required to be posted to shareholders of Chi Cheung 
within 21 days of the announcement of terms of the Proposal.

The Stock Exchange has informed Chi Cheung that Newco will be 
treated as a new listing applicant pursuant to the Proposal. Chi 
Cheung has submitted a revised structure of the Proposal to the 
Stock Exchange seeking their views on the proper compliance of the 
Listing Rules in respect of the revised Proposal. As the structure 
of the Proposal is still under negotiation between the parties, Far 
East Consortium International has applied to the Executive Director 
of the Corporate Finance Division of the SFC for an extension for 
the despatch of the Document to a date falling on 21 days after the 
announcement of the entering into the Formal Agreement.

Shareholders and potential investors of Chi Cheung and Far East 
Consortium International are reminded that the Proposal may or may 
not proceed. Investors should exercise caution in dealings in the 
securities of the companies.

By Order of the Board of                By Order of the Board of
Chi Cheung Investment                   Far East Consortium 
Company, Limited                        International Limited
Ng Kwok Cheung, Paul                    Michael Chi Ning O' Young
Chairman and Chief Executive Officer    Managing Director

Hong Kong, 5th January, 2000

The directors of Chi Cheung jointly and severally accept full 
responsibility for the accuracy of the information contained in this 
announcement (other than that relating to Far East Consortium 
International) and confirm, having made all reasonable inquiries, 
that to the best of their knowledge, opinions expressed in this 
announcement have been arrived at after due and careful 
consideration and there are no other material fact not contained in 
this announcement, the omission of which would make any statement in 
this announcement misleading.

The directors of Far East Consortium International jointly and 
severally accept full responsibility for the accuracy of the 
information contained in this announcement (other than that relating 
to Chi Cheung) and confirm, having made all reasonable inquiries, 
that to the best of their knowledge, opinions expressed in this 
announcement have been arrived at after due and careful 
consideration and there are no other material fact not contained in 
this announcement, the omission of which would make any statement in 
this announcement misleading.