December 30, 2002

HONG KONG, December 30, 2002 -- Sun Hung Kai Properties ("SHKP")(Ticker: 0016.HK) today confirmed that the Company, through its wholly owned subsidiaries, has increased the general offer price of SmarTone (Ticker: 0315.HK) from HK$8.25 to HK$8.50 per share, after receiving an irrevocable undertaking from BT (International) Holdings Limited ("BT"), a substantial beneficial shareholder of SmarTone, that it would tender for acceptance of its entire shareholding of SmarTone at the revised offer price.

SHKP continues to believe in the future prospects of SmarTone and presently intends to hold SmarTone's shares as long-term investments. The solid balance sheet of SmarTone will further strengthen SHKP's financial position upon SmarTone becoming a subsidiary. The Company also believes the facilitating of BT's exit of SmarTone will be beneficial to both SmarTone and SHKP. It is the intention of the Company to maintain the public listing of SmarTone.

The general offer is conditional upon shares being tendered such that SHKP passes the 50% ownership threshold. Unless the revised offer has already become unconditional, the acceptance of the revised offer by BT will result in the revised offer becoming unconditional. SHKP intends to distribute the revised offering circular to SmarTone shareholders within 21 days from the date of this announcement. The general offer as revised will remain open for 14 days after the distribution of the revised offering circular.

Morgan Stanley is acting as the financial advisor to SHKP in this transaction.

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