SPECIMEN

                 RESTRICTED STOCK (see reverse for definitions)
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                   [Logo of Heng Fai China Industries, Inc.]

H ______                                                *** RESTRICTED ***

- ------------                                                  ------------
  NUMBER                                                         SHARES
  H ______                                                    ** ______ **
- ------------                                                  ------------

                        HENG FAI CHINA INDUSTRIES, INC.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                        SEE REVERSE SIDE FOR CERTAIN DEFINITIONS

                                                         CUSIP 425502 10 1

      THIS CERTIFIES that ________________________________
                    
is the owner of  _______________________________________ 

  FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $.01 PAR VALUE, OF

        =============== HENG FAI CHINA INDUSTRIES, INC. ===============

transferable  on the books of the  Corporation by the holder hereof in person or
by  duly  authorized  attorney  upon  surrender  of  this  certificate  properly
endorsed.  This  certificate is not valid unless  countersigned  by the Transfer
Agent and registered by the Registrar.
     WITNESS the facsimile seal of the Corporation and the facsimile  signatures
of its duly authorized officers.

Dated: _______________

               [Corporate Seal of Heng Fai China Industries, Inc.]


/s/ Robert H. Trapp                                              /s/ Fai H. Chan
SECRETARY & TREASURER                                                  PRESIDENT

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Registered and Countersigned
OXFORD TRANSFER & REGISTRAR
317 SW Alder St., Suite 1120, Portland, OR 97204
/s/ [Illegible]