KONG SUN HOLD<0295> - Announcement

KONG SUN HOLDINGS LIMITED

EXTENSION OF COMPLETION DATE
FOR
MAJOR AND CONNECTED TRANSACTION
INVOLVING ISSUE OF NEW SHARES

The completion date of the major and connected transaction involving issue
of new shares will be extended to on or before 18 April 2000.

The board of directors of the Company (the "Board") refers to the circular
to shareholders dated 15 September 1999 and an updated circular to the
shareholders dated 1 February 2000 in relation to acquisition of 55%
interest in Pioneer Heritage Sdn Bhd by Hua Chiao Development Limited,
("Hua Chiao"), a wholly-owned subsidiary of the Company, from Kong Sun
Enterprise Sdn Bhd ("KSE"), a Malaysian company beneficially owned as to
70% by Mr. Kong Look Sen ("Mr Kong") and his immediate family. The Board
announces that the terms and conditions as stipulated in the Agreement for
the transaction cannot be fulfilled on 31 March 2000. The outstanding
condition precedent is the legal opinion from the Malaysian lawyer is not
yet obtained. A supplemental agreement has been signed by Hua Chiao, KSE
and Mr. Kong on 31 March 2000 to extend the completion date to 18 April
2000. Therefore, completion of the transaction will be extended to on or
before 18 April 2000.

        By Order of the Board
        KONG SUN HOLDINGS LIMITED
        Kong Look Sen
        Chairman

Hong Kong, 31 March 2000