TF HINGFUNG PRE<0421> - 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.

TEM FAT HING FUNG (HOLDINGS) LIMITED 
(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT OF HALF-YEAR PAYMENT OF 
PREFERENCE SHARE DIVIDEND

*       Half-year preference share dividend per Preference Share HK$0.151

*       Book close date 16th-17th December, 1999

*       Dividend payment date 30th December, 1999

The Board of the Company is pleased to announce that the directors have 
approved the payment of a half-year preference share dividend of HK$0.151 
per 6% Limited Voting Convertible Cumulative Redeemable Preference Share 
of HK$1 each of the Company ("Preference Share") for the period from 
30th June, 1999 to 30th December, 1999, both days inclusive ("Dividend 
Period"), payable on 30th December, 1999 to the preference shareholders on 
the register of the Company on 16th December, 1999. The amount of the 
dividend payable per Preference Share is calculated at 6% on the notional 
value of HK$5 per Preference Share for the Dividend Period over a 365 day 
year.

The transfer books and register of preference shareholders of the Company 
will be closed from 16th December, 1999 to 17th December, 1999, both days 
inclusive. To rank for the preference dividend, preference shareholders 
must ensure that transfers are lodged with the Company's Registrars, 
Central Registration Hong Kong Limited at 19th Floor, Hopewell Centre, 
Wanchai, Hong Kong for the registration no later than 4:00 p.m. on 
Wednesday, 15th December, 1999.

By Order of the Board
Tse Kam Fai
Company Secretary

Hong Kong, 1st December, 1999