For immediate release

September 13, 2005

Sun Hung Kai Properties (SHKP) has won top international awards for its annual report in each of the last three years. SHKP's 2003/04 annual report again won gold medals in the International ARC Awards, this time for both Overall Annual Report in Real Estate Development/Services and Overall Annual Report: Printing and Publishing. The accolades are evidence of SHKP's commitment to open communications and corporate governance.

The 2003/04 SHKP annual report was illustrated with kingfishers to convey the company's commitment to 'Building Homes With Heart'. Kingfishers are choosy birds; nesting only in the best locations close to water, which echoes SHKP's criteria of selecting prime sites and constructing high-quality developments that offer excellent service and convenience. The report also gave a full account of SHKP's business direction and development strategy, plus financial data, all in a modern design accompanied by high-quality photos.

SHKP Vice Chairman & Managing Director Raymond Kwok said: "We are always striving to increase our standards of corporate governance and transparency, which includes disclosing information clearly and communicating effectively. Our annual report is one of the most important channels we have to communicate with shareholders, investors, customers and the public, so we take it very seriously. Obviously I am pleased that it has again won praise from this prestigious international organization."

The International ARC Awards are considered the Oscars of the industry, with world-wide recognition for their professionalism, integrity and fairness in the judging process. Entries are judged for creativity, clarity, effectiveness and excellence in communicating a company's message and philosophy, as well as the presentation of corporate information, clarity of written text and elucidation of financial data.

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