Sino Golf Syndication Transferable Loan for the sum of HK$105Million

          (Hong Kong, March 20, 2003) - Sino Golf Manufacturing Company Ltd. ("Sino Golf") a wholly-owned subsidiary of Sino Golf Holdings Limited (Stock code : 0361), today signed a "Syndicate Loan Agreement" for a three years Transferable Term Facility for a sum of HK$105Million. The proceeds of the syndicate loan will partly be applied to reduce the existing short-term facilities and the balance will constitute additional working capital needed from time to time for future development and expansion.

          Mr. Augustine Chu, the chairman of Sino Golf Holdings Ltd., said "Traditionally, we rely mainly on the internal resources and general trading facilities granted by the bankers to provide necessary funding for our group. The successful conclusion of this syndicate loan project not only helps strengthening and rationalizing our Group's financial position, but also establishes a reliable finance framework for the medium term."

          In respect of the captioned syndicate loan, the arrangers are SinoPac Capital Limited and SinoPac Securities (Asia) Ltd. Standard Chartered Bank and Bank SinoPac act as the co-arranger and Agent Bank respectively. The managers are Nanyang Commercial Bank, Limited Guangzhou Branch, DBS Kwong On Bank Ltd., Taiwan Business Bank Hong Kong Branch and UFJ Bank Limited, Hong Kong Branch.