For Immediate Release

August 21, 2001

Sun Hung Kai Properties (SHKP) announced that Arcadia Shanghai, a luxury residence in the city of Shanghai, will go on the market soon in both Hong Kong and Shanghai. The first internal sale is now scheduled for August 25.

Midland Realty is the lead sales agent, with DTZ Debenham Tie Leung and Jones Lang LaSalle as secondary sales agents. The development was planned and built by a joint-venture partnership including SHKP, the ITOCHU Corporation and Shanghai Hui Cheng Estate Corporation. SHKP's subsidiary Kai Shing Management Services will provide professional Hong Kong-style management in the property.

Arcadia Shanghai is on Guang Yuan Xi Road, next to Huashan Road in Xu Hui District, a traditional deluxe residential area of the city. The 160,000 square-foot site contains 640,000 square feet of gross floor area. Phase One includes one premium residential block and one block of serviced apartments. In total, there are 369 units. The block being offered has 145 units ranging in size from 800 to 1,400 square feet, with one or three bedrooms. The development also has a 13,000 square-foot residents' club house and a 40,000 square-foot green belt.

Andrew Zhou, Director of Sun Hung Kai Development (China) said 'China will soon take up membership in the WTO, and with the added bonus of Beijing winning the 2008 Olympics, China's economic development will get a further boost. This in turn will have a positive impact on the Mainland property market, and major cities like Shanghai have a bright future ahead. The top-end residential property market has become increasingly active in the last 12 months, and demand continues to rise. The developers decided to offer a number of units targeting Hong Kong people, staff of multinationals in Shanghai and offshore investors, including people doing business in Shanghai or who have family connections there. In view of the large base of potential buyers, the developers are optimistic about sales.'

Arcadia Shanghai is next to the Xu Jia Hui Commercial District. Transportation is easy with the nearest subway station just a three-minute walk away, and the Hung Qiao International Airport 15 minutes away by car. With its prime location and top-quality materials, Arcadia Shanghai is one of the city's landmarks. Many multinational companies lease flats in the property for their senior management staff, including J Walter Thompson, Pricewaterhouse Coopers, Cisco Systems, GE Jiabao Lighting, Ericssion Business Consulting, Hewlett-Packard, Philips, HSBC and Standard Chartered Bank.

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