| To : Business Editor | For immediate release |
HONGKONG LAND IN PHILIPPINE HOUSING VENTURE
1st April 1996 -- Hongkong Land Holdings Limited today announced that its wholly-owned subsidiary, Hongkong Land International, is to participate in a joint venture company in the Philippines to develop middle income housing for sale.
The venture brings together five partners - Hongkong Land International, Jardine Davies Inc., a 72%-owned subsidiary of Jardine Pacific operating in the Philippines, San Miguel Properties Philippines Inc., Equitable Banking Corporation and Metropolitan Bank and Trust Company. Each partner will hold 20% of the joint venture company, Jardine Land Incorporated, and will contribute US$20 million towards its capital.
Mr Percy Weatherall, Managing Director of Hongkong Land, said, "This new joint venture will participate in the middle income housing market in the Philippines where demand outstrips supply. We believe that Hongkong Land International's commitment to quality, combined with first class partners, will create a competitive position for the company."
This is the second investment in the Philippines for Hongkong Land International, which last month announced its involvement in a US$400 million high-rise condominium project in Makati, Metro Manila.
Hongkong Land Holdings Limited has two principal operating subsidiaries: Hongkong Land China, which owns and manages some 5 million sq. ft of prime office and retail space in the heart of Hong Kong's Core Central business district; and Hongkong Land International, through which the Group holds investments that include property developments in Vietnam and the Philippines with exploratory operations in Thailand. Hongkong Land has net assets in excess of US$7,000 million.
For further information please contact:
| Hongkong Land Limited Percy Weatherall Robert Wong |
(852) 2842 8428 (office) (852) 2842-8383 (office) |
| Ludgate Asia Limited Martin Spurrier |
(852) 2543-5413 (office) |
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