CHINA RESOURCES<0291> - 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.

China Resources Enterprise, Limited
(Incorporated in Hong Kong under the Companies Ordinance)

Announcement

The directors of China Resources Enterprise, Limited advise that the 
Company is currently not engaged in any negotiations to acquire its 
parent's interest in People's Telephone.

The directors of China Resources Enterprise, Limited (the 
``directors'') refer to various articles appearing on the press on 
17th February, 1999 regarding the possible acquisition by China 
Resources Enterprise, Limited (the ``Company'') from its parent 
company, its interest in People's Telephone. The directors would 
like to advise the public that the Company is currently not engaged 
in any negotiations with the parent company to acquire its interest 
in People's Telephone.

Investors are advised to exercise extreme caution when dealing in 
the securities of the Company.

By order of the board of
China Resources Enterprise, Limited
Lee Yip Wah, Peter
Secretary

17th February, 2000