For Immediate Release

May 27, 2001

The developer of International Finance Centre (IFC) announced that world-renowned Four Seasons Hotels and Resorts has been selected to manage two new luxury guest and suite hotels in the IFC development. To be known as Four Seasons Hotel Hong Kong and Four Seasons Suites, the two towers will be the first Four Seasons-branded properties in Hong Kong. They are expected to open in the first part of 2004, becoming the largest six-star hotel facility in Hong Kong.

The 38-storey Four Seasons Hotel Hong Kong will have about 400 guest rooms, with opulent facilities including a grand ballroom, junior ballrooms, shops, banquet halls, conference rooms, swimming pools, a health spa and a variety of restaurants. There will also be 600 guest units in the 48-storey Four Seasons Suites. The two towers will share a grand podium forecourt, with separate entrances to the hotel and the suites, and guests in both will have full access to all the amenities.

The hotels will be part of the second phase of the IFC commercial complex above Hong Kong Station on the Airport Railway. The complex will include an 88-storey office tower, the tallest on Hong Kong Island, the existing 38-storey One IFC, 800,000 square feet of retail space and a 140,000 square-foot landscaped garden. The IFC complex is a project of IFC Development Limited, a consortium including Sun Hung Kai Properties (SHKP), Henderson Land, the Hong Kong and China Gas Company and the Sun Chung Estate Company (a subsidiary of the Bank of China Group). The project will be completed in phases between the third quarter of 2002 and the first quarter of 2004.

IFC is destined to become Hong Kong's newest landmark and part of the Victoria Harbour Gateway. Located on the Central waterfront, the new Four Seasons hotels will enjoy spectacular views of Victoria Harbour, and being linked to the prestigious IFC office towers and shopping arcades will place them among the world's best. Four Seasons hotels get the highest ranking from discerning business travellers, and these will serve as a base for both business people and visitors wanting to experience all that Hong Kong has to offer.

Walter Kwok, SHKP Chairman & Chief Executive, said, 'IFC is going to become a Hong Kong landmark recognized around the world. The ultra-modern office towers are designed specifically for the needs of international business, offering the finest-quality commercial space in Hong Kong, and this will be complemented by the new Four Seasons properties, making IFC a truly international business hub.

'We have full confidence in this project,' continued Mr. Kwok. 'The demand for grade-A office space and first-class hotels continues to rise, and when China joins the World Trade Organization, that demand can only keep growing. This is one reason we are pleased to have Four Seasons as the manager of this important new hotel and suite complex. With Four Seasons' experience in providing superior amenities and the finest personalized service to travellers worldwide, we are sure that this will be a remarkable success, setting new standards for the hospitality industry.'

Isadore Sharp, Four Seasons' Chairman and Chief Executive Officer, said, 'This agreement signifies that we have made a major, long-term commitment to Hong Kong and the Hong Kong Station, which we see as a major focus for development in the 21st century. We are delighted to be able to partner the Four Seasons brand with this prestigious project, one of Hong Kong's most significant developments in years.'

The exterior of the towers has been designed to be both modern and breathtaking, and to cater to the needs of business travellers, the hotels will be equipped with the most advanced communication facilities. The size of a standard guest room, averaging 538 square feet, will be the largest among major hotels in Hong Kong, with ceilings over ten feet high. The strategic location means the hotels will provide direct access to the world's most efficient integrated transportation system. Getting to the airport will take just 23 minutes via the Airport Express Line, and nearby Hong Kong dining and shopping attractions will make the new hotels the first choice of business and leisure travellers alike.

With a history spanning four decades and a portfolio that now extends to six continents, Four Seasons Hotels and Resorts is the world's leading operator of luxury hotels, currently managing 51 properties in 23 countries. The award-winning Canadian company has claimed first position on numerous honors lists, among them the AAA Five Diamond awards (receiving more than any other hotel company for the 20th consecutive year), Zagat Survey 2001(ranking as "Top Hotel Chain in the U.S." and "Top Hotel Chain" internationally), and leading publications and industry awards around the globe. Information on the company and its 40 years of achievements in the hospitality industry can be accessed through the Four Seasons Web site at www.fourseasons.com.

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