For Immediate Release

Hong Kong, November 12, 2003: Ernst & Young and ifc Development announced today that the global professional services organization would lease six floors from the 11th to 18th, or about 180,000 square feet, in Two ifc, the premier office address in Hong Kong.

Speaking on behalf of the ifc consortium, Thomas Kwok, Vice Chairman and Managing Director of Sun Hung Kai Properties, said: "Ernst & Young is now our largest tenant. This represents a big commitment to Hong Kong by a leading global organization and a strong vote of confidence in Two ifc."

Mr Kwok said the ifc complex was built in response to the trend of companies in the finance sector relocating to new integrated developments with state-of-the-art facilities.

"We built ifc because it was needed - to ensure that Hong Kong continues to meet the needs of the world's financial community and maintains its position as Asia's world city. Our dedication to quality and the highest standards is being rewarded, as more and more world leaders like Ernst & Young decide to make ifc their home in Hong Kong.

"As a leading global organization, Ernst & Young shares our commitment to excellence and the finest service, and we are proud that they have chosen ifc as the base from which they will continue to grow with Hong Kong and the region," he added.

At the lease signing today, Anthony Wu, Chairman of Ernst & Young Far East, Hong Kong and China, said: "I believe that this magnificent building is already an icon - a symbol of Hong Kong's revival and of its future prosperity."

Mr Wu also expressed confidence in Hong Kong's business advantages and the underlying strength and resilience of its economy: "Hong Kong will continue to be a sound platform for us to serve our local and multinational clients and to oversee our pan-China operations."

Ernst & Young will consolidate its presence in Hong Kong all under one roof by moving 1,500 professionals from Central and Tsim Sha Tsui offices to Two ifc. "People are our most important asset. We are committed to what we call our "People First" strategy and one aspect of this is to ensure that our staff are based in a comfortable, modern office environment," Mr Wu said.

"Consolidated offices certainly help in many ways - not least by encouraging internal consultation and building team spirit. I firmly believe that this ultimately translates into enhanced client service, as we work hard to attract and retain the best and the most motivated people."

Colin Lam, Vice Chairman of Henderson Land, was also present at the signing ceremony.

Two ifc is Hong Kong's tallest building at 420 metres. It is part of the ifc complex, which contains 4.7 million square feet of offices and retail shops, plus a six-star hotel set to open in early 2005. The skyscraper was designed by world-renowned architect Cesar Pelli as a great obelisk reaching into the sky. It provides approximately 1.9 million square feet of prime office accommodation.

The development was built to exceed international standard for comfort, health and safety, combining exceptional space efficiency with comprehensive communications and advanced information technology infrastructure.

About Ernst & Young

Ernst & Young, a global leader in professional services, operates with the highest levels of integrity, quality and professionalism to provide solutions for clients. Its 110,000 people in more than 140 countries around the globe are committed to restoring the public's trust in professional services firms and the quality of financial reporting by getting the right information, making the right judgements and taking the right actions - every time, on every engagement, everywhere in the world. Ernst & Young provides services based on financial, transaction and risk management knowledge in audit, tax and transaction advisory services. The firm also provides legal services in those parts of the world where permitted. A collection of Ernst & Young's views on a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to all the members of the global Ernst & Young organization.

About the ifc consortium

The ifc consortium comprises Sun Hung Kai Properties, Henderson Land, the Hong Kong and China Gas Company and Sun Chung Estate Company. The site is owned by the MTR Corporation.

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