| To : Business Editor | For immediate release |
HONGKONG LAND PROPOSES US$200 MILLION PROPERTY DEVELOPMENT IN HONG KONG
9th August 1996 -- Hongkong Land Holdings Limited today announced that its wholly-owned subsidiary, Hongkong Land China Holdings, has agreed to acquire Pacific Century Group's interest in a property at 1063 King's Road in Quarry Bay, Hong Kong and to develop an office building on the site.
This acquisition from Pacific Century Group Holdings Ltd is subject to satisfactory completion of the property purchase with vacant possession from Crown Motors Ltd. This is expected to take place in late 1996.
Hongkong Land plans to invest some US$200 million in the project overall and will develop an office building of approximately 300,000 sq. ft. of gross floor area which will be held for lease as a long-term investment. The development is expected to be completed by the year 2000.
Mr Percy Weatherall, Managing Director,
said, "We believe this investment in one of Hong Kong's emerging
decentralised office markets represents a good opportunity for
us. This new development will complement the Company's existing
portfolio of prime office space in Hong Kong's Central District."
He added, "Hongkong Land continues
to participate in a consortium seeking to develop a container terminal in Hong Kong. We also
continue to evaluate property and infrastructure investment opportunities
in Hong Kong, China and elsewhere in the region."
The announcement follows Hongkong Land's recent acquisition of a residential development in Hong Kong and property projects in the Philippines and Vietnam. The Company has also recently invested in a water infrastructure company in China.
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 Robert Wong |
Tel: (852) 2842-8383 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: (852) 2543-5413 (office) |
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