For Immediate Release

November 7, 2001

Sun Hung Kai Properties' (SHKP) estate management subsidiaries, the Hong Yip Service Company and Kai Shing Management Services, recently won Employers Gold Star awards from the Employees Retraining Board. Despite current economic conditions, the companies were able to record significant growth and take on a number of new property management projects. Hundreds of new staff were hired to meet the increased need, some after receiving professional retraining.

Hong Yip and Kai Shing both have excellent reputations in the industry, and they are the largest property managers in Hong Kong. Kai Shing now manages 110 properties totalling 90 million square feet, while Hong Yip manages 280 properties that encompass 86 million square feet. They also manage the most residential units in Hong Kong.

In spite of the current economic climate, both companies have maintained steady growth and begun to manage a number of new properties, some owned by SHKP. Other new projects include a variety of public and private properties. To meet these added responsibilities, Kai Shing hired more than 400 new staff last year and an additional 200 by September 2001, while Hong Yip hired 220 people last year and over 400 more by September 2001.

Hong Yip and Kai Shing have always been committed to putting customers first and delivering first-class care, as well as introducing advanced facilities and innovative services. During the past year, the two companies received a total of 30 awards - including ones for Best Property Management Agent, Outstanding Property Management / Security Guard, Top Ten Prime Quality Estates, Grand Gold ECO-Business (Green Property Management) and Outstanding Green Project.

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