WAI KEE HOLD<0610> - Announcement

The Stock Exchange has received a message from Wai Kee Holdings Limited 
which is reproduced as follows:-

"                       WAI KEE HOLDINGS LIMITED
                               ANNOUNCEMENT

Wai Kee Holdings Limited (the "Company") has been informed that six 
persons, including its chairman and vice-chairman were arrested by the 
Independent Committee Against Corruption ("ICAC").

The other four arrested were a former executive director and a serving 
executive director of the Company, and two members of staff of the Wai Kee 
group of companies.

According to the ICAC it was suspected that the arrestees had obtained the 
assistance of staff of an architects firm to certify interim payments (in 
relation to a government Private Sector Participation Scheme project) that 
were inflated.

The project in question involves the construction of seven blocks of 
residential buildings and other amenities in Hung Hom.

The six arrestees have been released on ICAC bail.

The Company is not aware of any circumstances that support the ICAC's 
suspicions, and does not expect that the arrests will have any immediate 
impact on the day to day operations of the Company or its subsidiaries.  
The Company is cooperating fully with the ICAC in its investigation and 
will make further announcements as and when appropriate.

Trading in the securities of the Company has been suspended at the request 
of the Company at 10:00 a.m. on Thursday, 22 March 2001.

By order of the Board
Keter Fong Shiu Leung
Company Secretary

Hong Kong, 22nd March, 2001"