SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 15165 / November 22, 1996

Securities and Exchange Commission v. Tianrong Building Material Holdings, Ltd.
Case No. 96-CV-02640 (D.D.C.)  (filed November 22, 1996)

     On November 22, 1996, the Commission filed a complaint in
the United States District Court for the District of Columbia
against Tianrong Building Material Holdings, Ltd.  The complaint
alleges that Tianrong, a New York-based building materials
corporation, failed to make available to the investing public
current and accurate information about its financial condition
and results of operation through the filing of periodic reports
with the Commission as required by the Securities Exchange Act of
1934 ("Exchange Act").  Specifically, the complaint alleges that
Tianrong has not filed its Annual Report on Form 10-K for the
fiscal year ended December 31, 1995, two Quarterly Reports on
Form 10-Q for the fiscal quarters ended March 31, 1996 and June
30, 1996, and three Notifications of Late Filing with respect to
its delinquent reports.  The Commission seeks to compel Tianrong
to file its delinquent periodic reports and to enjoin Tianrong
from further violations of Section 13(a) of the Exchange Act of
1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder. 
Simultaneously with the filing of the Commission's complaint,
Tianrong consented to the entry of a Final Judgment granting the
relief sought by the Commission and admitted that it had not
filed the periodic reports as described above.