For immediate release

June 13, 2006

The foundation work of Shanghai International Finance Centre (IFC), developed by Sun Hung Kai Properties (SHKP) in Lujiazui of Pudong, Shanghai, has commenced in recent months. Shanghai IFC is a large-scale integrated complex which has attracted the attention of all sectors. The target monthly rental of offices ranges from HK$28 to HK$33 per square foot, on par with that of premier offices in Puxi. Leasing for the shopping mall will start shortly. The target monthly rental of the mall ranges from HK$35 to HK$45 per square foot, with ground floor outlets costing as much as HK$90 to HK$110. The mall has already received plenty of leasing enquiries from noted international brands. SHKP is confident of creating the Shanghai IFC as a new international landmark of China for the 21st century.

SHKP is actively developing its business on the Mainland. The Groups' vast expertise and experience in developing grade-A office projects in Hong Kong will ensure success for the Lujiazui development. Shanghai IFC, with the development cost of HK$8 billion, is adjacent to the Oriental Pearl TV Tower, Asia's tallest, and the Jin Mao Building, the tallest in China. Being the new and most established business hub of Shanghai, Pudong is full of development potential. With the strategic location and world-class quality, the completion of Shanghai IFC will certainly boost the area's development and become the most-sought-after address for multinationals and financial institutions to set up regional headquarters and flagship stores in Shanghai.

The site measures about 700,000 square feet and will be developed into 4 million square feet of gross area, comprising three towers, including the twin towers at 260 metres and 250 metres respectively and another 85-metre tower. The Shanghai IFC will have a mixture of grade-A offices, a shopping mall and two hotels managed by the Ritz-Carlton and W Hotels Groups respectively. The whole project is scheduled for completion in phases from mid 2009 to 2010.

Tower One will contain 900,000 square feet of grade-A offices, which is expected to be completed in mid 2009. In view of rapid economic growth in Shanghai, SHKP is fully confident in the potential of this project. The target monthly rental of offices ranges from HK$28 to HK$33 per square foot, on par with that of premium commercial buildings in Puxi, making Shanghai IFC one of the highest-rental commercial buildings in Shanghai.

Sun Hung Kai Real Estate Agency Executive Director Victor Lui said: "Shanghai has experienced a rapid economic growth in recent years, with Pudong taking the lead in this growth. The demand for premium offices in Pudong is extremely keen. Lujiazui is planned as a finance and trade zone, successfully drawing banks and financial institutions from Puxi. SHKP taps this excellent business opportunity by introducing its substantial experience in developing top-notch commercial buildings to Lujiazui, and creating this mammoth project as an ultra-modern first-class landmark, with standard comparable to the highest building in Hong Kong, Two IFC. We believe the Shanghai IFC will be home to major foreign and mainland corporations, and become a new hub of finance and entrepreneurship."

The six-storey shopping mall, covering 900,000 square feet of gross floor area, will be completed in mid 2009. Leasing activity will start shortly. A large marketing suite, which costs over HK$15 million and covers an area of about 30,000 square feet, will be opened early next year to showcase the project that will set it apart as the hallmark of quality in Shanghai.

Sun Hung Kai Real Estate Agency General Manager (Leasing) Maureen Fung said: "The Shanghai IFC occupies premium location and the brand of SHKP is strong. The development has already received plenty of leasing enquiries from leading international brand-name retailers, including many top players of the fashion and catering industries. Many of them plan to set up flagship stores in Shanghai IFC as their footholds in China. Shanghai IFC will definitely become an ideal location in Shanghai for prestigious international retailers and an essential new destination for top-class brands in Asia."

Shanghai IFC is designed by the world-renowned Cesar Pelli who also designed Two IFC in Hong Kong. The shopping mall is designed by noted architects Benoy Architects.

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