For Immediate Release

October 9, 2002

Sun Hung Kai Properties (SHKP) today announced the appointment of Rudolf Greiner as President of its hotel division. Mr Greiner will be directly responsible for the prestigious hotel The Royal Garden. He will also oversee the planning and development of SHKP's world-class hotels in International Finance Centre (IFC) and the 100-storey-plus high-rise above Kowloon Station on the Airport Railway, as well as the company's future hotel projects.

Mr Greiner has vast experience in the hotel industry, having held senior executive positions in first-class establishments in the Americas, Europe, China and elsewhere in Asia. Before joining SHKP, he was President and Chief Operating Officer of the former Regent International Hotels based in Hong Kong, directing worldwide development. He is an ex-chairman of the Hong Kong Hotels Association and an active member of several noted professional tourism associations.

SHKP Chairman and Chief Executive Walter Kwok said, "We are delighted to have Mr Greiner joining us as President of our hotel division at this most opportune time. With the government's initiatives to promote Hong Kong as a regional tourist hub, China's entry to the WTO and the upcoming Beijing Olympics, we anticipate increased demand for first-class guest accommodation in the territory. We are confident that Mr Greiner's experience will carry our hotels to new milestones."

Mr Greiner said, "I am very excited about taking on this position with SHKP. The company's new hotel projects will offer the ultimate in service and premium facilities to business and leisure travellers from around the world, in two new landmarks for the territory. With SHKP's fine reputation in the industry and the enormous business opportunities in the region, I am sure the hotels will show outstanding performance in this expanding sector."

The two hotel towers in IFC will contain 1.1 million square feet of area, scheduled for completion in 2004. One tower will be six-star guest rooms and the other serviced hotel suites. Together, they will offer almost 1,000 first-class rooms in what will be the first Four Seasons Hotel in Hong Kong. The Kowloon Station development will include one million square feet of deluxe hotel rooms and suites.

Rudolf Greiner appointed President of SHKP hotel division.

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