For Immediate Release

August 2, 2001

Work officially began today (August 2) on the superstructure of the Four Seasons Hotel Hong Kong Project at International Finance Centre (IFC). Ji Peiding, Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region, and representatives of the IFC development consortium gathered at the IFC site in Central with the head of Four Seasons Hotels and Resorts for a special ceremony to mark the start of construction.

The project will include two hotel towers -- the first Four Seasons-branded properties in Hong Kong -- to open in the middle of 2004. Upon completion, this will be the largest six-star hotel facility in the territory. One tower will contain 400 guest rooms and opulent facilities including a grand ballroom, junior ballrooms, shops, banquet halls, conference rooms, swimming pools, a health spa and a variety of restaurants. The other tower will have 600 rooms for long-term guests. The towers will share a grand podium forecourt with separate entrances, and guests in both will have full access to all the amenities.

The hotel towers will be part of the IFC commercial complex above Hong Kong Station on the Airport Railway. The complex is being developed in two phases to provide 4.7 million square feet of gross floor area, including 2.8 million square feet of office space, 800,000 square feet of retail space and 1.1 million square feet of hotel accommodation. There will also be a 140,000 square-foot landscaped garden and 1,800 parking spaces. The 800,000 square feet of offices and 180,000 square feet of shopping in the first phase are complete and fully occupied. The second phase of the project will be completed in stages between the third quarter of 2002 and the middle of 2004.

Officiating at today's ceremony were the MTR Corporation's Chairman Jack C.K. So and Property Director Thomas Ho, Four Seasons Hotels & Resorts' Chairman & Chief Executive Isadore Sharp and President of Asia/Pacific Jim FitzGibbon. From the developers were Sun Hung Kai Properties' Chairman & Chief Executive Walter Kwok and Vice Chairman & Managing Director Raymond Kwok, and Henderson Land's Chairman Lee Shau Kee and Vice Chairman Colin Lam. Other officiating guests from the developers included Ronald Chan, Executive Director of The Hong Kong & China Gas Company and Lam King Wai, Managing Director & General Manager of Sun Chung Estate Company.

Speaking at the ceremony, Henderson Chairman Lee Shau Kee said 'The world-famous Four Seasons Hotels and Resorts has been chosen to manage the hotel towers, which are expected to open in mid 2004. This will be the largest six-star hotel facility and the first Four Seasons-branded property in Hong Kong. With the world's leading operator of luxury hotels, I believe that the hotel complex in IFC will establish a milestone for the hospitality industry.'

Sun Hung Kai Properties' Chairman Walter Kwok said 'International Finance Centre is destined to become Hong Kong's premier commercial, retail and hotel development, with its state-of-the-art office space, first-class shopping malls, and now, Hong Kong's finest hotel complex to be managed by Four Seasons. This unique combination of facilities concentrated in the heart of Central will make IFC the new focal point for international business in the territory.'

MTR Corporation Chairman Jack C.K. So said 'We have the pleasure of seeing the project taking shape day by day. With the completion of the Grade A office towers, shopping malls and superior hotel towers, the Central waterfront is given a brand new and ultra-modern appearance. The twin tower hotel will not only enjoy spectacular harbour view, they will certainly be the newest and one of the best in Asia.'

Four Seasons' Isadore Sharp said 'This agreement signifies that we have made a major, long-term commitment to Hong Kong, 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 hotel towers has been designed to be both modern and breathtaking, and to cater to the needs of business travellers, they 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 hotel towers will provide direct access to the world's most efficient integrated transportation system. All this convenience and nearby Hong Kong dining and shopping attractions will make this the first choice of business and leisure travellers alike.

The entire IFC complex is a project of IFC Development Limited, a consortium including Sun Hung Kai Properties, Henderson Land Development, The Hong Kong and China Gas Company and the Sun Chung Estate Company (part of the Bank of China Group).

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