Holding in Company

Zhejiang Expressway Co
2 January 2001


            ZHEJIANG EXPRESSWAY COMPANY LIMITED -
                   CHANGE OF SHARE HOLDING
                              
Zhejiang   Expressway  Company  Limited  (Hong  Kong   Stock
Exchange stock code: 576) announced that 476,760,000  State-
owned  Shares  previously held by Zhejiang  Provincial  High
Class Highway Investment Company Limited for the Ministry of
Communications  of the People's Republic of  China  will  be
held by Hua Jian Transportation Economic Development Centre.

Hong  Kong,  28th  December, 2000 --  Zhejiang  Expressway
Company  Limited  (the  'Company)  announces  that  Zhejiang
Provincial  High  Class Highway Investment  Company  Limited
('Provincial   Investment   Co.'),   its   holding   company
originally  interested in approximately 67%  of  the  issued
share  capital  of the Company, and Hua Jian  Transportation
Economic  Development  Centre ('Hua Jian')  entered  into  a
State-owned Shares Transfer Agreement on 28th December, 2000
whereby   476,760,000   State-owned   Shares,   representing
approximately  11%  in  the issued capital  of  the  Company
originally  held  by  Provincial  Investment  Co.  for   the
Ministry of Communications of the People's Republic of China
will be held by Hua Jian and that within sixty days from the
date  of  the  agreement,  Hua Jian will  assist  Provincial
Investment Co. to complete the legal procedures in  relation
to the transfer.

Upon  completion of the share transfer, the shareholding  of
Provincial  Investment Co. in the Company  will  be  reduced
from  approximately 67% to approximately 56% of  the  issued
share  capital  of  the  Company  and  Hua  Jian  will  hold
approximately  11%  of  the  issued  share  capital  of  the
Company.   The remaining 33% of the issued share capital  of
the  Company, being H Shares of the Company, will remain  in
the hands of the public.

Company Information

The   Company   and  its  subsidiaries  (the  'Group')   are
principally  engaged  in  investing  in,  constructing   and
managing high grade roads.  The Group also operates  certain
ancillary   businesses,   such  as   automobile   servicing,
operations of gas stations and bill board advertising  along
expressways.

The  H  Shares  of  the  Company were listed  on  The  Stock
Exchange  of Hong Kong Limited in May 1997, and subsequently
obtained a secondary listing on the London Stock Exchange in
May 2000.

The  principal  assets  of the Group include  the  Shanghai-
Hangzhou-Ningbo Expressway and the Shangsan Expressway.
                              
                              
For further information, please contact:

Zhejiang  Expressway  Co.,  Ltd.       Tel:  [phone]
Mr.  Gabriel  Yu/  Tony  Zheng         Fax:  [phone]

Citigate  Dewe Rogerson                Tel:  [phone]
Ms.  Romagers Chan                     Fax:  [phone]