For Immediate Release

February 18, 2005

Sun Hung Kai Properties (SHKP) announced today (February 18) that it has signed a HK$12.6 billion, five-year syndicated revolving credit facility with a consortium of 21 leading local and international banks. Heavy over-subscription by the banking community at both the underwriting and general syndication stages led the developer to increase the loan substantially, from HK$5 billion to HK$12.6 billion. This was the most financing that SHKP has ever raised in the syndicated loan market at one time, and the enthusiastic response from banks demonstrates their confidence in SHKP's future prospects.

The facility carries attractive pricing, with an interest margin of 0.25 per cent per annum over one or two weeks, one, two, three or six-month HIBOR. The proceeds will be used for general corporate funding and to lengthen SHKP's debt-maturity profile.

SHKP Vice Chairman and Managing Director Raymond Kwok said at the loan-signing ceremony: "The facility was welcomed by a wide spectrum of lenders and ended up 1.7 times over subscribed at the underwriting stage with a total commitment of HK$13.55 billion. This strong response was a very positive vote of confidence in our Group and in the future of Hong Kong."

SHKP's strong financial position is evident from its net debt to shareholders' funds ratio, which was approximately 9.5% at the end of 2004. Moody's upgraded SHKP's long-term foreign debt rating from A2 to A1-Stable last September, on a par with Hong Kong's sovereign rating and the best of any local property company.

The Facility has the full backing of the following major local and international financial institutions:

Coordinating Arrangers & Underwriters

Sumitomo Mitsui Banking Corporation (Facility Agent)
Bank of China (Hong Kong) Limited (Bookrunner)
The Bank of Tokyo-Mitsubishi, Ltd. (Documentation Agent)
BNP Paribas Hong Kong Branch (Bookrunner)
The Hongkong and Shanghai Banking Corporation Limited (Bookrunner)
Hang Seng Bank Limited (Bookrunner)
Mizuho Corporate Bank, Ltd. (Signing Agent)
Standard Chartered Bank (Hong Kong) Limited (Bookrunner)
UFJ Bank Limited, Hong Kong Branch (Publicity Agent)
Industrial and Commercial Bank of China (Asia) Ltd.
Calyon
Bayerische Landesbank, Hong Kong Branch
Bank of Communications Hong Kong Branch
The Bank of East Asia, Limited
DBS Bank Ltd.
Agricultural Bank of China Hong Kong Branch
Citigroup

Co-Arrangers

Wing Lung Bank, Limited
Rabobank International Hong Kong Branch
Nanyang Commercial Bank, Limited

Lead Manager

Tai Fung Bank Limited

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