For immediate release

April 15, 2002

Sun Hung Kai Properties (SHKP) announced today (April 15) that it has concluded a self-arranged HK$7.5 billion loan facility with a consortium of 16 leading local and international banks. The facility was well received by the market and significantly over-subscribed from the initial HK$5 billion up to more than HK$8 billion. SHKP eventually decided to settle the facility at HK$7.5 billion.

The facility is split 40:60 between term loan and revolving credit tranches, and has a maturity of seven years at 43 basis points over HIBOR. SHKP will use the proceeds for refinancing existing short-term loans and general working capital. The company continues to maintain a low gearing, with substantial committed undrawn facilities on standby. This new facility will allow SHKP to extend its debt maturity profile in keeping with its financial strategy.

Speaking at the loan-signing ceremony, SHKP Vice Chairman and Managing Director Raymond Kwok said the fact that the facility was oversubscribed by a consortium of 16 leading lenders should be seen as a very strong vote of confidence in the SHKP Group.

Mr Kwok said the Group has a strong on-going cash inflow from the pre-sale of development projects and rental income. Since the beginning of 2002, the Group has successfully sold about 1,500 residential units in attributable term. For the rest of this year, it plans to launch 5,500 residential units for pre-sale. The Group's recurrent income is mainly generated from a well-diversified investment property portfolio with annual gross rental income exceeding HK$5 billion. The Group will continue its policy of remaining a low gearing, and its net debt to shareholders' funds remains at 16.5%.

The loan has the backing of the following major local and international financial institutions:

Coordinating Arrangers

Bank of China (Hong Kong) Limited
Industrial and Commercial Bank of China (Asia) Limited
The Bank of Tokyo-Mitsubishi, Ltd.
China Construction Bank, Hong Kong Branch
BNP Paribas Hong Kong Branch
The Hongkong and Shanghai Banking Corporation Limited
Sumitomo Mitsui Banking Corporation
Bayerische Landesbank Girozentrale, Hong Kong Branch
Standard Chartered Bank
The Bank of East Asia, Limited
Citibank/Salomon Smith Barney
Mizuho Corporate Bank, Ltd.

Co-Arrangers

Nanyang Commercial Bank, Limited
Agricultural Bank of China, Hong Kong Branch
Bank of China, Macau Branch
Bank of Communications, Hong Kong Branch

Raymond Kwok, Vice Chairman and Managing Director of SHKP (middle) toasted at the signing ceremony. From left: Mignonne Cheng, Deputy Chief Executive of BNP Paribas Hong Kong Branch, Tatsuo Tanaka, Director, Regional Head for Hong Kong & General Manager of The Bank of Tokyo-Mitsubishi, Limited, Lo Chung Hing, Deputy General Manager, Corporate Banking & Financial Institutions Department of Bank of China (Hong Kong) Limited, Zhu Qi, Chief Executive Officer of ICBC (Asia) Limited, Louis Cheung, Assistant General Manager of China Construction Bank Hong Kong Branch , and Brian Robertson, Head of Corporate and Institutional Banking of Hongkong and Shanghai Banking Corporation Limited.

For further information, please contact Brenda Wong at 2828 5164.

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