CITIC PACIFIC<0267> - 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.

CITIC Pacific Limited
(incorporated in Hong Kong with limited liability)

EXERCISE OF OVER-ALLOTMENT OPTION
ANNOUNCEMENT

Unless otherwise defined herein, terms defined in the 
announcement ("Announcement") of CITIC Pacific Limited (the 
"Company") dated 10th February, 2000 in relation to the 
placing of existing shares of the Company and subscription 
of new shares of the Company have the same meanings when used 
in this announcement.

The Company announces that the over-allotment option in 
respect of 20,000,000 additional Shares (the "Over-
allotment Shares") referred to in the Announcement is fully 
exercised by BNP Prime Peregrine Securities Limited on 11th 
February, 2000, solely to cover over-allocations in the 
Placing. The Over-allotment Shares are placed at a price of 
HK$40.38 per Share, being the Placing Price. The placees are 
third parties independent of, and not acting in concert with, 
any of the directors, chief executive or substantial 
shareholders of the Company, any of its subsidiaries or any 
of their respective associates (as defined in the Listing 
Rules). As the over-allotment option is fully exercised, the 
net proceeds of the Subscription are estimated to be about 
HK$3,941 million.

The Over-allotment Shares represent about 0.94 per cert. of 
the existing issued share capital of the Company and 
represent about 0.90 per cent. of the enlarged issued share 
capital of the Company immediately after completion of the 
Placing and the Subscription. Upon completion of the Placing 
(including the Over-allotment Shares), the beneficial 
interest of CITIC HK and its associates (as defined in the 
Listing Rules), in the issued share capital of the Company 
will be reduced from about 30.6 per cent. to about 25.9 per 
cent. Such interest will then be increased to about 29.2 per 
cent. after completion of the Placing and the Subscription, 
which is expected to be on or before 24th February, 2000.

By Order of the Board
CITIC PACIFIC LIMITED
Alice Tso Mun Wai
Secretary

Hong Kong, 11th February, 2000