Re Convertible Bond Issue

Hongkong Land Hldgs Ld
07 December 2005

For immediate release

               HONGKONG LAND US$400 MILLION CONVERTIBLE BOND ISSUE

Singapore, 7th December 2005 - Hongkong Land Holdings Limited (the 'Guarantor'
or 'Hongkong Land') today announced that its wholly owned subsidiary, Hongkong
Land CB (2005) Limited (the 'Issuer'), has priced and allocated the issue of
US$400 million convertible bonds due 2012 (the 'Convertible Bonds'). The offer
size has been increased from an original indication of US$350 million to US$400
million as a result of strong demand. The Convertible Bonds are guaranteed by
the Guarantor, and are convertible into new ordinary shares ('New Shares') of
US$0.10 each in the capital of the Guarantor.

J.P.Morgan Securities Ltd. and UBS AG (the 'Lead Managers') are the Joint
Bookrunners and Lead Managers of the issue of the Convertible Bonds.

Principal Terms of the Convertible Bonds

The terms and conditions of the Convertible Bonds are as follows:

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Issuer             Hongkong Land CB (2005) Limited
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Guarantor          Hongkong Land Holdings Limited
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Offer size         US$400 million
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Issue price        100%
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Maturity           7 Years
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Investor put       None
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Issuer call        Issuer call on or after 5 years and 2 weeks if the value of 
                   the shares into which the Bonds convert is at least 130% of 
                   the principal amount of such Bond for 30 trading days
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Coupon             2.75% per annum, calculated on a semi-annual basis
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Conversion Price   US$3.85 per Share
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Redemption price   100%
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Listing            London Stock Exchange
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New Shares to be Issued

The number of New Shares that will be issued by the Guarantor in the event of
the full conversion of the Convertible Bonds is 103,896,104 (based on the
conversion price of US$3.85 per Share). This represents approximately 4.53 per
cent. of the issued share capital of the Guarantor as at 5th December 2005, and
approximately 4.33 per cent. of the enlarged issued share capital of the
Guarantor.

Use of Proceeds

The estimated net proceeds (after deduction of fees, commissions and
administrative expenses) of the issue of the Convertible Bonds are estimated to
be approximately US$395.5 million, and will be used by the Group for general
corporate purposes.

Conditions

Completion of the issue of Convertible Bonds is subject to the satisfaction and/
or waiver of the conditions precedent contained in a subscription agreement
dated 7th December 2005, between the Issuer, the Guarantor and the Lead
Managers.

Closing Date

The closing date for the issue of the Convertible Bonds is expected to be on or
around 21st December 2005.

Share Dealings by Jardine Strategic

Jardine Strategic Holdings Limited purchased 5.55 million Shares on 7th December
2005, increasing its interest in the issued share capital of the Guarantor from
45.1% to 45.4%.

Information on Hongkong Land

Hongkong Land is a leading property investment, management and development group
with a major portfolio in Hong Kong, where it owns and manages some five million
sq. ft of prime office and retail space in the heart of the Central business
district. It also develops high quality commercial property projects elsewhere
in Asia and has a growing interest in residential development. Hongkong Land
Limited manages these assets from Hong Kong by providing services to Group
companies. Hongkong Land is incorporated in Bermuda with its primary share
listing in London. The Company's shares are also listed in Bermuda and
Singapore. Hongkong Land is a member of the Jardine Matheson Group.

                                    - end -

For further information, please contact:

Hongkong Land Limited
Geoffrey Brown                                                   (852) 2842 8138
                                                                 (852) 9612 3496

Matheson & Co Limited
Martin Henderson                                               (44) 207 816 8135

GolinHarris
C T Hew                                                          (852) 2522 7928

Weber Shandwick Square Mile
Richard Hews / Helen Thomas                                    (44) 207 067 0700

This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.

This announcement may not be distributed, directly or indirectly, in or into the
United States, Canada, or Japan.




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