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The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

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CHANGES TO OUR PRIVACY POLICY

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Asian Growth Props (AGP)

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Monday 22 January, 2007

Asian Growth Props

Lease Renewal

Asian Growth Properties Limited
22 January 2007



22nd January, 2007


ASIAN GROWTH PROPERTIES LIMITED 


RELATED PARTY TRANSACTIONS - LEASES OF DAH SING FINANCIAL CENTRE, HONG KONG

The Board of Asian Growth Properties Limited (the 'Company') (AIM Stock Code:
AGP), the Hong Kong based property and investment company, announces the
following related party transactions of the Company relating to the leases of
certain areas of Dah Sing Financial Centre, Hong Kong.


(1) NEW LEASE


Wing Siu Company Limited ('Wing Siu'), an indirect wholly-owned subsidiary of
the Company as Landlord entered into a lease ('Lease 1') with South-East Asia
Investment And Agency Company, Limited ('SEAI') as Tenant on 22nd January, 2007,
pursuant to which Wing Siu agreed to let to SEAI 26th Floor, Dah Sing Financial
Centre, 108 Gloucester Road, Wanchai, Hong Kong with a lettable area of about
10,194 square feet as office premises for a term of three years commencing on
1st October, 2006 and expiring on 30th September, 2009 (both days inclusive) at
a monthly rent of HK$356,790.00 (equivalent to about GBP23,168.00), exclusive of
rates and service charges receivable by the Hong Kong Government and an
independent management company respectively.


Following the completion of the acquisition by the Company of certain property
assets in Hong Kong and mainland China (including Dah Sing Financial Centre)
from S E A Holdings Limited ('SEAH') on 5th October, 2006 ('Completion'), Wing
Siu has become an indirect wholly-owned subsidiary of the Company. SEAI is a
direct wholly-owned subsidiary of SEAH which in turn holds an effective 96.43%
shareholding interest in the Company. Accordingly, SEAH is a substantial
shareholder of the Company and SEAI is an associate of the substantial
shareholder of the Company and the lease, the subject of Lease 1 constitutes a
related party transaction of the Company under the AIM Rules.


The terms (including the monthly rent) of Lease 1 were negotiated and arrived at
on an arm's length basis and in the ordinary and usual course of business of the
Company with reference to the prevailing market lease terms and conditions.
Messrs. David Carr Mathewson, David Andrew Runciman and Richard Other Prickett,
being directors of the Company who remain independent and have not been involved
in Lease 1 as related parties (as defined in the AIM Rules) consider, having
consulted with Panmure Gordon (Broking) Limited, the nominated adviser of the
Company, that the terms of Lease 1 are fair and reasonable insofar as the
shareholders of the Company are concerned.



(2) EXISTING LEASE


Reference is made to the lease dated 19th December, 2005 and entered into
between Wing Siu as Landlord and SEAI as Tenant in relation to the letting by
Wing Siu to SEAI of 25th Floor, Dah Sing Financial Centre, 108 Gloucester Road,
Wanchai, Hong Kong with a lettable area of about 10,194 square feet as office
premises for a term of three years commencing on 1st April, 2005 and expiring on
31st March, 2008 (both days inclusive) at a monthly rent of HK$203,880.00
(equivalent to about GBP13,239.00), exclusive of rates and service charges
receivable by the Hong Kong Government and an independent management company
respectively ('Lease 2').


For the same reason stated in the second paragraph of Section 1 headed 'New
Lease' above, upon Completion, Lease 2 has constituted a related party
transaction of the Company under the AIM Rules.


The terms (including the monthly rent) of Lease 2 were negotiated and arrived at
on an arm's length basis and in the ordinary and usual course of business of
Wing Siu and SEAI with reference to the then prevailing market lease terms and
conditions when Lease 2 commenced.


Having taken into account of the matters disclosed above, Messrs. David Carr
Mathewson, David Andrew Runciman and Richard Other Prickett, being directors of
the Company who remain independent and have not been involved in Lease 2 as
related parties (as defined in the AIM Rules) consider, having consulted with
Panmure Gordon (Broking) Limited, the nominated adviser of the Company, that the
terms of Lease 2 are fair and reasonable insofar as the shareholders of the
Company are concerned.

Note:

An exchange rate of GBP1.00 = HK$15.40 has been used for the purpose of this
announcement.


For more information:

Don Fletcher                                    Tel: +61 414 693 968
Asian Growth Properties Limited

Richard Gray                                    Tel: +44 207 459 3600
Andrew Potts
Panmure Gordon & Co

Leesa Peters                                    Tel: +44 207 429 6666
Conduit PR
leesa@conduitpr.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange