For Immediate Release

January 22, 2002

Signature Homes is the Sun Hung Kai Properties brand name that handles deluxe residential leasing, with the largest top-end residential property portfolio in Hong Kong. Entering 2002, Signature Homes will build on its achievements, continuing to provide six-star service to tenants and strengthening its leading market position. Signature Homes' Managing Director Iris Chiu predicts that the luxury leasing market will remain steady this year, with rents in certain premium luxury flats to rise 5% in the third or fourth quarter.

Ms Chiu said, "The overall luxury leasing market was steady last year, with a slight increase in the first six months compared to the same period in 2000. In the second half of the year, the market was stimulated by positive events like China's entry to WTO, and the short-term effect of the 911 attacks was overcome fairly quickly, so the luxury leasing market was almost stable by the end of 2001. By offering premium developments and the finest customer service, Signature Homes maintained high occupancy, with levels reaching 96% last year. Overall performance was better than other similar players in the market."

Because of China's entry to the WTO, more leases were signed by companies in several growth industries in 2001. In 2000, electronic/hi-tech companies made up 5% of the clientele and trading/logistics companies 14%. In 2001, the former increased to 13% and the latter rose to 20%. The petrochemical and medical/pharmaceutical industries each showed a 3% increase in the client mix last year. This phenomenon shows that companies in these sectors are developing business in Hong Kong more actively.

For 2002, Iris Chiu said "Several international securities firms recently predicted that the US economy would improve in the third quarter this year, which should help the global economic recovery. In addition, the effects of WTO membership should be more obvious this year and the supply of luxury properties for lease is limited. Therefore, we predict that rents will remain steady in the first half year and have room to rise for certain luxury flats in the second half."

Ms Chiu said, "In addition to the above favorable factors, Hong Kong itself has numerous advantages in attracting foreign companies, including comprehensive infrastructure, a population with an international perspective, an open economy and a well-established legal system. According to the SAR Census, as of mid-2001, Hong Kong attracted more than 3,000 foreign companies to choose the territory as a base to explore business in the region. As a result, we have confidence in Hong Kong's luxury leasing market. Signature Homes will also fully utilize these business opportunities, continue to demonstrate its strength, and to achieve better occupancy rates."

Signature Homes' property portfolio includes 1.4 million square feet of area in total. The serviced apartments in Phase Two of International Finance Centre and the Airport Railway Kowloon Station Development Packages 5, 6 and 7 will soon be included in the portfolio, adding another one million square feet. Signature Homes properties are all well-known residential developments either owned by Sun Hung Kai Properties or leased under this new brand. They include Dynasty Court, Le Palais, 3 Repulse Bay Road, 127 Repulse Bay Road, Pacific View, The Harbourview, Hillsborough Court, 8 Deep Water Bay Road, 51, 55 and 63 Deep Water Bay Road, 37 Severn Road, 12 Shouson Hill Road, Hamilton Court, Coral Villas and The Royal Plaza Serviced Suites. The portfolio has a mix of luxury apartments, detached and semi-detached houses and serviced hotel suites. Signature Homes' customer ambassador, the SignatuRep, provides one-stop service to tenants.

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