For Immediate Release

April 24, 2001

Sun Hung Kai Properties announced that its new incentive financing packages for Oscar by the Sea proved to be extremely popular with buyers since they were introduced last Friday, resulting in impressive sales of 100 units last Saturday, Sunday and Monday. As the quota for the incentives is nearly full, from April 27, the developer intends to change the no-interest, no-payment term to two years. The other incentives remain unchanged.

Eric Chow, General Manager of the Sun Hung Kai Real Estate Agency, predicted that the new arrangements will continue to be popular. Together with the favourable low interest environment and a possibility of further US interest rate cuts, buyer confidence has strengthened. Mr Chow predicted that the property market is going to show steady growth.

Show flats for Oscar by the Sea, on 10/F of Millennium City Phase 2 at 378 Kwun Tong Road, are open to the public from 10:00 am to 9:00 pm daily.

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