For Immediate Release

August 15, 2003

Sun Hung Kai Properties (SHKP) and the Shanghai Lujiazui Finance and Trade Zone Development Company signed a land use contract today (August 15) for SHKP's major development project in Lujiazui, Shanghai. The signing triggers the official implementation of this world-class project, in which SHKP will invest more than HK$8 billion.

The development site has a strategic location in Shanghai's Lujiazui finance and trade zone, next to the Oriental Pearl TV Tower, Asia's tallest, and Jin Mao Tower, the tallest building in China. The 690,000 square-foot site will be developed into 4.5 million square feet of gross floor area, with grade-A offices, serviced apartments, a shopping centre and hotels. The project will be built in three phases, with construction starting in 2004. The first phase is scheduled for completion in 2007, and the whole project will be finished by 2011.

SHKP Chairman and Chief Executive Walter Kwok and Shanghai Lujiazui Finance and Trade Zone Development Company Chairman Kang Huijun signed the contract at a ceremony in Shanghai. Dignitaries in attendance included Huang Yuejin, Member of the Standing Committee of the Chinese Communist Party's Shanghai Committee, and Jiang Sixian, Vice Mayor of Shanghai and Magistrate of the Pudong New Area, as well as SHKP's Vice Chairman and Managing Director Thomas Kwok, Executive Director Mike Wong, Executive Director and Chief Executive Officer (China) Victor So, Sun Hung Kai Real Estate Agency Executive Director Eric Tung, Group Head of Financial Control and Business Development Paul Wong and Consultant Sandy Yung.

Chen Liangyu, Secretary of the Chinese Communist Party's Shanghai Committee, hosted a banquet for Mr Kwok and senior SHKP management following the ceremony.

Speaking at the ceremony, Mr Kang said the Lujiazui project would go forward at full speed to become one of the major landmarks in the central business district. Shanghai's hosting the World Expo and continued development on both sides of the Huangpu River will present new business opportunities and encourage more local and foreign corporations, as well as multinationals, to invest in Lujiazui. These will help Lujiazui develop into a central business district of international standard with comprehensive support facilities.

Mr Kwok said SHKP has vast experience in developing prime office projects in Hong Kong and an established brand name. Given the full support of the Shanghai Municipal Government and Pudong Development Zone authorities, SHKP is fully confident in the project's success, and is committed to creating the finest commercial complex as a new landmark for Pudong and Shanghai.

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