CHEUNG WAH DEV<0648> - 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.

CHEUNG WAH DEVELOPMENT COMPANY LIMITED
(Incorporated in Hong Kong under the Companies Ordinance)

SUBSCRIPTION FOR NEW SHARES BY
SOFTBANK INVESTMENT (INTERNATIONAL) HOLDINGS LIMITED AND
WAIVER FROM THE OBLIGATION ARISING
UNDER THE TAKEOVERS CODE TO
MAKE A GENERAL OFFER

- The independent shareholders of Cheung Wah Development
Company  Limited  (the  `Company')  have approved the Subscription
Agreement  dated  19th January, 2000 between the Company and Softbank
Investment  (International) Holdings Limited (`SBIIH'), the issue and
allotment  of  new shares in the Company to SBIIH and the granting of
the  Whitewash  Waiver  by  the Executive Director of the Corporate
Finance  Division  of  the  Securities  and  Futures  Commission
(`Executive').

- Completion  of  the Subscription Agreement (`Completion') took place
on 10th March, 2000.

- Trading  in  the  shares  of the Company on the Stock Exchange was
suspended  at the request of the Company on 13th March, 2000 and will
remain  suspended  pending  the  announcement  of certain proposed
notifiable transactions.

Reference  is made to the joint announcement of the Company and SBIIH
dated  19th  January,  2000  (the `Announcement') and the Company's
circular  dated  17th  February,  2000 relating to the Subscription
Agreement,  the  allotment and issue of the new shares of the Company
to  SBIIH  and the Whitewash Waiver. Unless otherwise defined, terms
defined  in the Announcement shall have the same meanings when used in
this announcement.

Completion of the Subscription
The  extraordinary  general  meeting  (the  `Extraordinary General
Meeting')  of  the Company was held on 10th March, 2000 to consider,
among  others,  the resolutions approving the Subscription Agreement,
the  allotment and issue of 1,152,500,000 new shares to SBIIH and the
granting of the Whitewash Waiver by the Executive.

The  Company is pleased to announce that at the Extraordinary General
Meeting,  all  ordinary  and special resolutions were passed by the
shareholders,  or (where applicable) independent shareholders, of the
Company  in accordance with the Articles of Association of the Company
and the Hong Kong Code on Takeovers and Mergers.

The  Subscription  was  completed on 10th March, 2000 following the
Extraordinary  General  Meeting.  The  name of the Company will be
changed to Softbank Investment International (Strategic) Limited .

SBIIH  now owns 1,152,500,000 shares in the Company representing 61.1
per  cent. of the Company's share capital as enlarged by the issue of
the new shares pursuant to the Subscription.

Change in the board of directors of the Company
Upon  Completion,  Messrs. Yu Kam Chiu, Eddie, Au Ping Wing, Lam Tak
Hung,  Ho Sai Chu and Ho Ming Tak, John have resigned. Messrs. Yu Kam
Kee,  Lawrence,  Yu Kam Wai, Ricky and Yu Kam Yuen, Lincoln remain as
executive  directors.  Messrs.  Yoshitaka Kitao, Hiroyuki Nakanishi,
Katsuya  Kawashima,  Junichi  Goto  and  Ming Jang Chang have been
nominated  by  SBIIH and appointed to join the board of directors of
the Company as executive directors.

Trading  in  the  shares  of the Company on the Stock Exchange was
suspended  at the request of the Company on 13th March, 2000 and will
remain  suspended  pending  the  announcement  of certain proposed
notifiable transactions.

                               By order of the Board 
                               Junichi Goto                          
                               President                     
                                                           

Hong Kong, 14th March, 2000

The  directors  of  the  Company jointly and severally accept full
responsibility  for the accuracy of the information contained in this
announcement  and confirm, having made all reasonable enquiries, that
to  the  best  of  their  knowledge,  opinions expressed in this
announcement  have been arrived at after due and careful consideration
and  there are no other facts not contained in this announcement, the
omission  of  which  would  make any statement in this announcement
misleading.