For Immediate Release

March 6, 2002

Thomas Kwok, Vice Chairman & Managing Director of Sun Hung Kai Properties (SHKP), welcomed the first budget by Financial Secretary Antony Leung since his appointment. Mr. Kwok said the direction of public finances under the new budget is well crafted for current economic conditions in Hong Kong and controls spending effectively. It also shows an understanding of the difficulties people are facing. By maximizing Hong Kong's advantages through closer economic interaction with the Mainland and stimulating the economy, the budget sets the stage for future economic growth.

Mr. Kwok continued, "Mr. Leung expressed his passion for Hong Kong in his speech, and SHKP shares that feeling. We are rooted in Hong Kong and see the territory as our home." He also agrees that Hong Kong people can achieve new heights, if they just pull together, work harder, and exploit the unique strengths of Hong Kong.

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