For Immediate Release

August 11, 2003

Sun Hung Kai Properties' (SHKP) last annual report won two more honours in the International ARC Awards: the gold medal for best report overall and bronze for cover photo/design, both in the Real Estate sector. These come shortly after CFO Asia magazine named the same report best from an Asian property developer. The honours recognize SHKP's efforts to raise the quality of its corporate communications to a higher standard. The ARC Awards are among the most highly respected in the communications industry, and SHKP is gratified to be chosen out of numerous entries from 35 countries around the world.

The International ARC Awards are part of the MerComm Awards programme, which has achieved world-wide recognition for its professionalism, integrity and fairness in the judging process. They are considered the Oscars of the industry. Entries are judged for creativity, clarity, effectiveness and excellence in communicating a company's message and philosophy. They are also evaluated on the presentation of corporate information, clarity of written text, expression of financial data and how well the spirit of the organization is communicated.

SHKP celebrated its 30th anniversary last year, and the 2001-02 annual report had 'Building Homes With Our Heart' as the cover theme. The design symbolized the fact that SHKP has been building Homes with Heart for Hong Kong people over the past 30 years. The report also has a fold-out page recounting how the company makes Hong Kong its home and investment focus, and its faith to overcome the ups and downs with Hong Kong people, as well as a chronology of its major milestones over the last 30 years. The report is full of detailed information, outlining SHKP's strategy and financial position accurately and clearly.

SHKP Vice Chairman and Managing Director Raymond Kwok said, "We recognize the importance of our annual report as one of the communication channels with our investors, customers and the public. Our report is an accurate and a clear reflection of the company's strategies, business developments and financial information, which reflects a high level of transparency. We are very proud to win these awards, and we will maintain our commitment to accurate financial reporting and good corporate governance."

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