| To : Business Editor | For immediate release |
4th September 1997 -- Hongkong Land Holdings Limited announced today that its wholly-owned subsidiary, Hongkong Land China Holdings Limited, has formed a joint venture company which will focus on a property investment in China.
The new company is King Kok Investment Limited, in which Hongkong Land has a 40% interest. Also taking a 40% interest is Rodamco China B.V., a wholly owned subsidiary of Holland-based Rodamco N.V., the world's third largest listed property investment fund, while Crown Pacific Development Ltd, a joint venture between Hong Leong Group (Singapore), Temasek Holdings Pte. Ltd and Keck Seng Group, holds the remaining 20%.
King Kok Investment is in the final stage of negotiation to acquire a luxury residential development in China and expects to enter into an agreement shortly. The joint venture's initial investment is expected to be in excess of US$100 million.
"I am delighted that Hongkong Land has formed a joint venture with such strong partners and we look forward to making an investment in China very soon," said Mr Percy Weatherall, Managing Director of Hongkong Land.
"Hongkong Land is engaged in a new phase of activity in the Hong Kong SAR and elsewhere in Asia and is evaluating property investment and trading opportunities in both the commercial and residential sectors. We have been monitoring the China market closely for some time and the formation of this joint venture is in line with our strategy," Mr Weatherall said.
The Hongkong Land Group owns and manages some 5 million square feet of prime office and retail space in the heart of Hong Kong's Central business district. The Group is also building a portfolio of property and infrastructure projects in Asia and is active in the Philippines, Singapore, Vietnam and Indonesia in addition to China and the Hong Kong SAR.
For further information, please contact:
| Hongkong Land Robert Wong |
office (852) 2842 8141 |
| Ludgate Asia Stuart Ridsdale |
office (852) 2543 5413 |
This announcement can be accessed through the Internet at "http://www.irasia.com/listco/sg/hkland" and is also available through "First Call".
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