For Immediate Release

May 31, 2001

The Belcher's is a luxury development in the western Mid-Levels of Hong Kong Island, jointly developed by the Shun Tak Group, Sun Hung Kai Properties, New World Development and Liu Chong Hing Investment. Phase 1 of the property recently became ready for occupation, and new owners are very satisfied with its quality and comprehensive handover service. There is a limited number of units in Phase 1 still available, and the developers have selected 30 of them to be eligible for special payment packages with Standard Chartered Bank, providing the most flexible terms.

Andy Hon, General Manager of Mortgages & Auto with Standard Chartered Bank, Johnson Cheng, Sales and Leasing Manager of Shun Tak Real Estate Limited, Eric Chow, General Manager of the Sun Hung Kai Real Estate Agency and Ball Wong, Senior Project Manager met the press today (May 31) to announce details of the special payment plans.

Effective today, buyers of those 30 selected units in The Belcher's Phase 1 will be eligible for a second mortgage with no interest and no payments for the first four years; equal to as much as 25% of the unit price. In addition, they can take advantage of the following exclusive mortgage offers:

1. Mortgage Rate Swap
Buyers can opt for prime rate, HIBOR or fixed-rate mortgage interest. Unlike a standard mortgage, this allows switching between interest rates options according to interest rate trends and buyers' financial needs.

2. Mortgage One
Within the installment period, buyers can set their own monthly installments, thereby reducing interest or shortening the installment period. Any excess principal repaid can be withdrawn anytime, to provide added financial flexibility.

Eric Chow said 'The Belcher's Phase 1 has been handed over smoothly this month, and the property's quality and after-sale service were highly praised by owners. Interest rates in Hong Kong have fallen recently, and monthly mortgage payments are now lower than rent. In this favourable circumstance, we believe this is the right time to offer the remaining Phase 1 units in The Belcher's.

He continued 'The impact of the five consecutive interest rate cuts by local banks is becoming visible. There is a pent-up demand among upgraders, and transactions involving large units have increased significantly. Besides end users, investors are also getting into the market, taking up deluxe property with high investment value. If interest rates fall again, market confidence will get an added boost.'

The Belcher's has a number of remarkable strengths, including a prime location, convenient transportation and being in the finest primary and secondary school district. It also has a 190,000 square-foot luxury club house, all of which make it the first choice with people looking for a discerning lifestyle.

Units in The Belcher's Phase 1 range from over 850 to over 1,800 square feet. Layouts include two bedrooms, two bedrooms and en suite, three bedrooms and en suite or four bedrooms with twin en suites, all at over 80% efficiency. On-site show flats are now open to the public, daily from 10:00 am to 5:30 pm.

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