For Immediate Release

December 7, 2001

Sun Hung Kai Properties (SHKP) announced that it has sold about 40 Belgravia units in Arcadia Shanghai, a luxury residence in the city of Shanghai. In light of the extremely good market response, the developer joined the Shanghai Xuhui Real Estate Exhibition organized by the Shanghai City Government and will offer a selection of eight exclusive units for sale, at an average price of HK$1,200 per square foot. The exhibition runs from today until Monday (December 7 to 10), at the Hong Kong Convention & Exhibition Centre. The exhibition will open daily from 10:00 am to 6:00 pm, closing at 2:00 pm next Monday.

Andrew Zhou, Director of Sun Hung Kai Development (China), said, "After China's entry to the WTO, foreign companies have become more active in developing business on the Mainland, particularly in Shanghai. This gives a direct boost to the luxury residential leasing market. In the last few months, we received more inquiries about leasing, and the time for signing a lease has been shortened. Compared with the same period last year, the rental of prestigious properties in Shanghai has increased by 8%. We expect that the influence of China's entry to the WTO will become more appealing in the next half year, and there will be a dramatic increase in the number of companies doing business on the Mainland. Also, the supply of deluxe serviced apartment suites on the Mainland is scarce. We are very optimistic for the future leasing market, so we are only offering eight selected units now."

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. The occupancy rate of Arcadia is as high as 85%. Many of the tenants are the senior management of well-known companies, made up of 30% Japanese and 30% Hong Kong people. Other residents are from Europe, the US, Singapore and Taiwan. Between 85 and 90% of the leases are with companies, including names like HSBC, Standard Chartered Bank, Philips, Hewlett-Packard, Ericsson Business Consulting and Motorola.

Units on sale in Arcadia Shanghai's Belgravia have one or three bedrooms ranging from about 800 to 1,400 square feet, with SHKP's subsidiary Kai Shing Management Services delivering professional Hong Kong-style management. The development has a superb club house with comprehensive facilities, including an indoor swimming pool with skylight, Jacuzzi, sauna and steam rooms, gymnasium, tennis court, scenic Japanese garden, jogging path, aerobics room, table-tennis room, children's swimming pool, children's playground, children's play room, multi-function room and business centre.

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