HUNG FUNG GROUP<1141>-Exceptional Price & Turnover Movements

The Stock Exchange has received a message from Hung Fung Group 
Holdings Limited which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited (the "Stock Exchange").

The directors of Hung Fung Group Holdings Limited, (the "Company") (the 
"Directors") have noted the recent increase in the price and trading 
volume of the shares in the Company and wish to state that other than the 
notices the Company received as stated below, we are not aware of any 
resasons for such an increase.  Up to the time of this announcement, the 
Company has received the notices that the major shareholder, Baxter 
Resources S.A. which is beneficially owned by Messrs. Chan Chun Hung and 
Wong Kin Ching who are the executive directors of the Company, acquired 
3,970,000 shares of the Company, representing about 1.75% of total issued 
shares of the Company during the period from 20 December 1999 to 29 
December 1999.  The Company has knowledge that such notices have been duly 
filed to the Stock Exchange.

The Directors confirm that there are no negotiations or agreements 
relating to intended acquisitions or realisations which are discloseable 
under paragraph 3 of the Listing Agreement, neither is the board aware of 
any matter discloseable under the general obligation imposed by paragraph 
2 of the Listing Agreement, which is or may be of a price-sensitive 
nature.

This statement is made by the Directors who individually and jointly 
accept responsibility for the accuracy of this statement.

By Order of the Board
Hung Fung Group Holdings Limited
Chan Chun Hung
Director

3 January, 2000"