For Immediate Release

October 10, 2001

Thomas Kwok, Vice Chairman of Sun Hung Kai Properties (SHKP), welcomed the Chief Executive's latest Policy Address and the measures it contained to stimulate the economy. The new initiatives, such as the accelerated pace of development for infrastructure and public works projects, large-scale creation of new jobs, closer economic cooperation with the Pearl River Delta and the removal of restrictions on mainland tourists, were both timely and appropriate for the current situation, and should prove effective in boosting the economy. In addition, the increased tax deduction for mortgage interest and reduction in Government rates will ease people's hardships and lessen the financial burden on negative-equity homeowners.

Mr Kwok said the Policy Address aims to facilitate the smooth restructuring of Hong Kong's economy and speed up the process of financial recovery. SHKP shares the Chief Executive's belief in Hong Kong's uniquely advantageous position, and is confident that if people all work together, and under the Chief Executive's leadership, we will soon emerge from the present economic gloom, see the successful evolution of the territory's economy and ensure Hong Kong's continued strength.

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