| For Immediate Release | November 30, 2001 |
Sun Hung Kai Properties (SHKP) announced today that it has reached a consensus with the Hong Kong Government's Lands Department for land premiums on seven development sites in the territory. The aggregate premium payable is HK$2.1 billion.
The sites are:
| Lot no. | Location | Use |
| YLTL 503 | Yau Tin East Road in Yuen Long | Residential |
| KIL 11100 | Yunnan Lane in Yau Ma Tei | Residential |
| TMTL 399 | Fu Tei in Tuen Mun | Residential |
| KIL 11151 | Olympic Station Development Package 3 | Residential |
| TWTL 373 | Yeung Uk Road in Tsuen Wan (previously the Swire Bottlers site) | Residential |
| NKIL 6328 | Cheung Sha Wan Shipyard redevelopment | Residential/Commercial |
| KTIL 750 | Millennium City Phase 5 | Office/Commercial |
It is estimated that the total investment in the seven sites will exceed HK$20 billion. The majority of these properties are expected to be complete within three years' time. The residential sites will supply about 9,500 units, while the office / commercial development of Millennium City Phase 5 will provide 710,000 square feet of office space and 570,000 square feet of retail area.
Thomas Kwok, SHKP's Vice Chairman and Managing Director, said "The fact that we have reached a consensus on such a substantial sum for land premiums, and are prepared to invest over HK$20 billion in four years, is a clear demonstration of SHKP's faith in the local property market. With strong economic growth on the Mainland, new business opportunities and added commercial momentum as a result of China's entry to the WTO, and low interest rates in Hong Kong, we believe the likelihood of any further slide in the property market is minimal. As such, this was the most appropriate time to finalize the agreements." Mr Kwok also added that these projects would create a great many new jobs in the territory.
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