For Immediate Release

September 15, 2003

Sun Hung Kai Properties (SHKP) is going to spend $100 million on renovations to Grand Century Place in Mong Kok. The facelift will enhance the mall's facilities to provide a more comfortable shopping environment, drawing more shoppers and stimulating spending to boost tenants' business.

Peionie Kong, Senior Leasing Manager with the Sun Hung Kai Real Estate Agency, announced the plan today (September 15). The renovations will make the mall more spacious and fashionable to increase its attraction and competitive position. Work will proceed in stages, beginning in March 2004 and ending mid-2005.

The planned work includes revamping the entrance, widening walkways, better lighting and new ceilings, floors and walls. There will also be a large display panel behind the Level 2 stage and the food court on Level 5 will be rearranged and a new outdoor dining area added. A youth zone on Level 3 is being considered as well.

Ms Kong said that SHKP believes in enhancing the value of its properties by constantly upgrading facilities and service, in order to provide tenants with better business opportunities. The renovations will keep Grand Century Place current with the market by adding new elements and adjusting the trade-mix with more trendy shops, brand name fashions and specialty cuisine to give customers added choice.

The renovations will add to the enjoyment of shopping at Grand Century Place, and the mall's first-class management and regular promotions should make it more attractive and competitive.

Ms Kong went on to say that Grand Century Place is catering to the recent influx of Mainland tourists to Hong Kong and the business opportunities they offer. The mall has expanded its promotional activities in major Mainland cities since Easter, and it is planning a series of initiatives like special cosmetic and electronic product bazaars to appeal to Mainland visitors.

Grand Century Place has a prime location with direct access from the Mong Kok KCR station, so it only takes half an hour to get to the mall from Shenzen. This makes it a popular shopping destination with Mainland visitors. There are around 200 retailers in the mall spread over 725,000 square feet, and occupancy is near 100%. The mall has been a landmark that attracts heavy traffic since opened in 1997, and a favorite with tourists and locals.

Grand Century Place will give special discounts and gifts to Mainland shoppers to mark the National Day golden week, with Customer Care Ambassadors on hand to offer personal service tailored to Mainland shoppers' needs. The mall will also cooperate with Takecard, a Mainland VIP card, to allow tourists to get special discounts or gifts while they shop.

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