Interim Results

Hongkong Land Hldgs Ld
30 July 2002



HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2002 HIGHLIGHTS

* Hong  Kong office market weak in absence of significant new demand
* Investment portfolio valuation declines by 7%
* Chater House completed
* Central Park residential project in Beijing generates encouraging sales

'The  full  year's result is expected to remain in line  with
current trends.  A revival of demand in the Hong Kong  office
market,  which  remains the key driver of our earnings,  will
depend on a recovery in global business confidence.'

Simon Keswick, Chairman
30th July 2002

Results

Prepared in accordance with IAS as                   (unaudited)         
  modified by revaluation of leasehold       Six months ended 30th June
  properties*                                  2002          2001      Change
                                               US$m          US$m           %
------------------------------------------------------------------------------
  Underlying profit                              96           114         -16
  Net (loss)/profit                            (506)          114         n/m
------------------------------------------------------------------------------
                                                USc           USc           %
------------------------------------------------------------------------------
  Underlying earnings per share                4.30          4.78         -10
  (Loss)/earnings per share                  (22.73)         4.78         n/m
  Interim dividend per share                   3.50          3.50           -
------------------------------------------------------------------------------
*  The  Group's  financial statements  are  prepared  under
International  Accounting Standards ('IAS') which  no  longer
permit   leasehold  interests  in  land  to  be  carried   at
valuation.   This  treatment does not reflect  the  generally
accepted accounting practice in the territories in which  the
Group   has   significant  leasehold   interests,   nor   how
management   measures   the   performance   of   the   Group.
Accordingly, the Group has presented supplementary  financial
information  prepared in accordance with IAS as  modified  by
the  revaluation of leasehold properties in addition  to  the
IAS  financial statements. The figures included in the  above
summary  and  the  Chairman's Statement  are  based  on  this
supplementary financial information unless otherwise stated.
------------------------------------------------------------------------------
The interim dividend of USc3.50 per share will be payable  on
16th  October 2002 to shareholders on the register of members
at  the  close  of  business on 23rd August  2002.   The  ex-
dividend  date  will be on 21st August 2002,  and  the  share
registers  will  be  closed from 26th to  30th  August  2002,
inclusive.

                            
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2002

The   softness   in  the  Hong  Kong  office  market,   which
characterised the second half of 2001, has continued in 2002.
In  spite  of this challenging market backdrop, occupancy  in
the   Group's  existing  portfolio  in  Hong  Kong's  Central
district has been maintained.  With the completion of  Chater
House,  Hongkong  Land  will enhance further  its  investment
property  portfolio in Hong Kong.  An improvement in  demand,
however, will be required to achieve rental growth from these
excellent assets.

PERFORMANCE
Underlying  profit  for  the first half  of  2002  was  US$96
million, a fall of 16% compared with the same period in 2001.
Net  income  from property was 6% lower as rental  reversions
remained negative.  Net financing charges rose as the  higher
debt levels resulting from share repurchases more than offset
the benefit of lower interest rates.  Underlying earnings per
share  fell  10%,  the  reduced number  of  shares  in  issue
mitigating impact of lower aggregate earnings.

Under  the  provisions  of  revised International  Accounting
Standards the Group is required to take any movements in  the
value of its investment property portfolio to profit and loss
account.   At  30th June 2002, a net revaluation  deficit  of
some  US$601  million has been recorded, a  reduction  of  7%
since 31st  December  2001,  leading  to   a  reported   loss
of US$506 million for the half year.

The  Board  has  declared an unchanged  interim  dividend  of
USc3.50 per share.

BUSINESS REVIEW
Commercial Property
In  Hong  Kong's Central District market rentals  in  general
fell by approximately 13% during the first half, although the
impact  on the Group's net rental income was smoothed by  the
reversionary  pattern  of  its leases.   No  new  competitive
buildings  were  completed  in the  period,  other  than  the
Group's  own  Chater  House.   Downward  pressure  on  rents,
however,  has  been caused by tenants reducing their  overall
space  requirements.  Although there was greater activity  in
the leasing market, the uncertain economic outlook led to the
deferral  of  decisions on relocation  or  expansion.   While
vacancy  in the market has risen, it remains lower in  better
quality buildings under single ownership.

In  June,  Hongkong  Land obtained an occupation  permit  for
Chater House, and its major office and retail tenants are now
fitting  out their space.  The project, originally  announced
in  1997, has been completed on time, within budget,  and  is
53%  pre-let.  Following the issue of the occupation  permit,
Hongkong  Land's footbridge connections through Chater  House
to  its  surrounding portfolio were reopened at the beginning
of July.

In  Singapore,  the  Group's joint-venture  development  with
Cheung  Kong and Keppel Land, now named One Raffles Quay,  is
making progress and will be completed in 2005.

Residential Property
In  Beijing, the Group's Central Park joint-venture with  the
Vantone  Group  received permission  to  pre-sell  in  April.
Following an effective marketing campaign in Beijing and Hong
Kong, there was a high level of interest, with almost half of
the  first phase of 600 apartments sold.  Completion of  this
phase is expected in 2004.

In Manila, the residential market remains sluggish.  Although
the Roxas Triangle development is complete, only some 50%  of
the 192 apartments have been sold.

Grosvenor  Land, the Group's property fund managed in  joint-
venture with Grosvenor Estates of the U.K., has invested just
over  60%  of its committed capital.  The fund has now  spent
over  US$80  million on ten acquisitions and further  capital
may be raised in the second half of 2002.

Infrastructure
In  Hong  Kong,  construction  continues  at  Tradeport,  the
Group's  logistics  joint-venture at Hong Kong  International
Airport,  and will be completed at the end of the year.   The
Group has a 28.5% stake in Asia Container Terminals which has
rights  in  two berths at Container Terminal 9.  Construction
remains  behind schedule at the new terminal, but  the  delay
does   not  materially  affect  the  value  of  the   Group's
investment.

In  mainland China, the China Water Company continues to  see
profitable  growth.   Thames  Water,  a  unit  of  the  major
European  utilities group RWE, has invested US$70 million  in
the  business, diluting Hongkong Land's interest from 39%  to
25%.  The investment provides CWC with both the technical and
financial resources it needs to accelerate development.  36%-
held  Central  China  Power, however,  continues  to  face  a
difficult  market  and it remains management's  intention  to
exit the business.

Finance
New  bilateral banking facilities equivalent to  some  US$230
million  were signed during the first half.  These maintained
the  Group's  committed borrowing facilities,  including  the
Global Bond arranged last year, at some US$3 billion.

OUTLOOK
In  conclusion, the Chairman, Simon Keswick said,  'The  full
year's  result  is  expected to remain in line  with  current
trends.   A revival of demand in the Hong Kong office market,
which remains the key driver of our earnings, will depend  on
a recovery in global business confidence.'

------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Profit and Loss Account
------------------------------------------------------------------------------
                                                                            
                                                 Prepared in accordance with
    Prepared in accordance                     IAS as modified by revaluation
           with IAS                               of leasehold properties*
Year ended       (unaudited)                            (unaudited)Year ended 
      31st Six months ended                       Six months ended       31st
  December        30th June                              30th June   December
      2001   2001      2002                            2002   2001       2001
      US$m   US$m      US$m Note                       US$m   US$m       US$m
---------------------------                      -----------------------------
                                                        
     396.5  199.0     190.6   2 Revenue               190.6  199.0      396.5
                                Recoverable and 
    (101.7) (47.4)    (48.9)    non-recoverable costs (37.0) (36.1)     (78.2)
---------------------------                      -----------------------------
                                Net income from 
     294.8  151.6     141.7     properties            153.6  162.9      318.3
       0.4    2.6       0.2     Other income            0.2    2.6        0.4
                                Administrative and   
     (28.8) (13.4)    (14.5)    other expenses        (14.5) (13.4)     (28.8)
---------------------------                      -----------------------------
     266.4  140.8     127.4                           139.3  152.1      289.9
                                Fair value losses on                       
         -      -         -     investment properties(601.1)     -     (598.5)
                                Asset impairments and 
     (72.1)     -     (55.1)  3 disposals               2.2      -      (28.9)
---------------------------                      -----------------------------
                              4 Operating profit/
     194.3  140.8      72.3     (loss)               (459.6) 152.1     (337.5)
     (51.7) (24.7)    (29.7)    Net financing charges (29.7) (24.7)     (51.7)
                                Share of results of                       
                                associates and joint 
      (0.2)   1.7      (0.8)  5 ventures               (2.7)    1.9      (0.7)
---------------------------                      -----------------------------
                                Profit/(loss)before 
     142.4  117.8      41.8     tax                  (492.0)  129.3    (389.9)
     (26.3) (14.9)    (14.0)  6 Tax                   (13.9)  (14.8)    (26.0)
---------------------------                      -----------------------------
                                Profit/(loss)after 
     116.1  102.9      27.8     tax                  (505.9)  114.5    (415.9)
      (0.1)     -      (0.1)    Minority interests     (0.1)   (0.1)     (0.1)
---------------------------                      -----------------------------
     116.0  102.9      27.7     Net profit/(loss)    (506.0)  114.4    (416.0)
---------------------------                      -----------------------------

---------------------------                      -----------------------------
       USc    USc       USc                             USc     USc       USc
---------------------------                      -----------------------------
                              7 Earnings/(loss)per 
                                share                         
      4.88   4.30      1.24     - basic              (22.73)   4.78    (17.49)
      7.91   4.30      3.72     - underlying           4.30    4.78      8.94
---------------------------                      -----------------------------

* The basis of preparation of this supplementary financial information is
set out in Note 1.

------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Balance Sheet
------------------------------------------------------------------------------
                                                                           
                                                                            
                                                 Prepared in accordance with
    Prepared in accordance                     IAS as modified by revaluation
           with IAS                               of leasehold properties*
   As at        (unaudited)                           (unaudited)       As at 
    31st                 At                                    At        31st
December          30th June                             30th June    December
    2001     2001      2002                        2002      2001        2001
    US$m     US$m      US$m Note                   US$m      US$m        US$m
---------------------------                      -----------------------------
                                Net operating assets                          
                              8 Tangible assets                               
                                Investment 
   814.1    753.3     921.0     properties      6,626.7   7,635.8     7,107.0
     5.0      5.1       4.6     Others             13.3      14.0        13.8
---------------------------                      -----------------------------
   819.1    758.4     925.6                     6,640.0   7,649.8     7,120.8
                                Leasehold land 
   737.6    785.5     682.6     payments              -         -           -
                                Associates and 
   356.4    404.1     395.1     joint ventures    414.3     425.9       377.6
    17.4     21.3      18.3     Other investments  18.3      21.3        17.4
     2.4      2.4       2.4     Deferred tax assets 2.4       2.4         2.4
     9.4      9.4       9.4     Pension assets      9.4       9.4         9.4
---------------------------                      -----------------------------
                                Non-current 
 1,942.3  1,981.1   2,033.4     assets          7,084.4   8,108.8     7,527.6
                                Properties held 
    45.0     43.7      45.7     for sale           45.7      43.7        45.0
                                Debtors and 
    56.2     45.4      78.7     prepayments        78.7      45.4        56.2
                                Bank balances and 
   568.6    932.5     460.8     other liquid funds460.8     932.5       568.6
---------------------------                      -----------------------------
   669.8  1,021.6     585.2     Current assets    585.2   1,021.6       669.8
---------------------------                      -----------------------------
                                Creditors and 
  (209.6)  (207.2)   (244.0)    accruals         (244.0)   (207.2)     (209.6)
  (502.5)  (795.9)    (82.3)  9 Borrowings        (82.3)   (795.9)     (502.5)
                                Current tax 
   (15.0)   (20.2)    (23.1)    liabilities       (23.1)    (20.2)      (15.0)
---------------------------                      -----------------------------
                                Current 
  (727.1)(1,023.3)   (349.4)    liabilities      (349.4)   (1,023)     (727.1)
                                Net current assets/ 
   (57.3)    (1.7)    235.8    (liabilities)      235.8      (1.7)      (57.3)
                              9 Long-term 
(1,406.6)(1,090.8) (1,854.2)    borrowings     (1,854.2) (1,090.8)   (1,406.6)
                                Deferred tax 
   (12.7)   (11.9)    (13.6)    liabilities       (15.7)    (14.4)      (15.1)
---------------------------                      -----------------------------
   465.7    876.7     401.4                     5,450.3   7,001.9     6,048.6
---------------------------                      -----------------------------
                                Capital employed                              
   229.5    246.1     229.5     Share capital     229.5     246.1       229.5
                                Revenue and other 
   313.6    708.0     249.3     reserves        5,297.9   6,833.0     5,896.3 
   (77.7)   (77.7)    (77.7)    Own shares held   (77.7)    (77.7)      (77.7)
---------------------------                      -----------------------------
                                Shareholders'
   465.4    876.4     401.1     funds           5,449.7   7,001.4     6,048.1
     0.3      0.3       0.3     Minority interests  0.6       0.5         0.5
---------------------------                      -----------------------------
   465.7    876.7     401.4                     5,450.3   7,001.9     6,048.6
---------------------------                      -----------------------------

---------------------------                      -----------------------------
     US$      US$       US$                         US$       US$         US$
---------------------------                      -----------------------------
                                Net asset value                               
    0.21     0.37      0.18     per share          2.45      2.93        2.72
---------------------------                      -----------------------------
                                                                              

* The basis of preparation of this supplementary financial information is
set out in Note 1.

------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
------------------------------------------------------------------------------

                                                  Prepared in accordance with
    Prepared in accordance                     IAS as modified by revaluation
           with IAS                               of leasehold properties*
Year ended       (unaudited)                           (unaudited) Year ended 
    31st   Six months ended                       Six months ended       31st
December          30th June                              30th June   December
    2001     2001      2002                         2002      2001       2001
    US$m     US$m      US$m Note                    US$m      US$m       US$m
---------------------------                      -----------------------------
                                At beginning of 
   974.8    974.8     465.4     period           6,048.1   7,089.8    7,089.8
                                                             
                                Net exchange                                 
                                translation 
                                differences
                                - amount arising 
   (22.4)   (26.9)     23.8     in the period       23.4     (28.4)     (22.7)
                                Revaluation of 
                                other investments
                                - fair value       
   (83.5)   (38.7)     14.9     gains/(losses)      14.9     (38.7)     (83.5)
                                - transfer to                               
                                consolidated profit
                                and loss account on  
    (2.4)    (2.4)        -     disposal               -      (2.4)      (2.4)
                                Cash flow hedges                             
                                - fair value 
   (18.1)    (6.2)    (20.2)    losses             (20.2)     (6.2)     (18.1)
                                 - transfer to    
                                consolidated profit
    11.1      4.4      11.9     and loss account    11.9       4.4       11.1
                                Net gains/(losses) 
                                not recognised
                                in consolidated 
                                profit and loss 
  (115.3)   (69.8)     30.4     account             30.0     (71.3)    (115.6)
   116.0    102.9      27.7     Net profit/(loss  (506.0)    114.4     (416.0)
  (215.2)  (131.5)   (122.4) 10 Dividends         (122.4)   (131.5)    (215.2)
                                Repurchase of    
  (294.9)       -         -     ordinary shares        -         -     (294.9)
---------------------------                      -----------------------------
   465.4    876.4     401.1     At end of period 5,449.7   7,001.4    6,048.1
---------------------------                      -----------------------------

* The basis of preparation of this supplementary financial information is
set out in Note 1.

------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Cash Flow Statement
------------------------------------------------------------------------------
                                                                            
Prepared in accordance with
    Prepared in accordance                     IAS as modified by revaluation
           with IAS                               of leasehold properties*
Year ended       (unaudited)                           (unaudited) Year ended 
    31st   Six months ended                       Six months ended       31st
December          30th June                              30th June   December
    2001     2001      2002                         2002      2001       2001
    US$m     US$m      US$m Note                    US$m      US$m       US$m
---------------------------                      -----------------------------
                                Cash flows from                              
                                operating activities
                                Operating profit/
   194.3    140.8      72.3     (loss)            (459.6)    152.1     (337.5)
                                Depreciation and   
    28.7     13.9      14.5     amortisation         2.6       2.6        5.2
                                Fair value losses on     
                                investment 
       -        -         -     properties         601.1         -      598.5
                                Profit on disposal 
       -     (2.4)        -     of other investments   -      (2.4)         -
                                Asset impairments and
    72.1        -      55.1     disposals           (2.2)        -       28.9
                                Decrease/(increase) 
                                in debtors and
    (0.7)    (0.5)      0.8     prepayments          0.8      (0.5)      (0.7)
                                Decrease in 
                                creditors and 
    (8.6)    (6.5)     (6.0)    accruals            (6.0)     (6.5)      (8.6)
    56.1     33.7      12.8     Interest received   12.8      33.7       56.1
                                Interest and other
                                financing charges
  (119.2)   (67.6)    (43.9)    paid               (43.9)    (67.6)    (119.2)
   (20.8)    (5.8)     (4.9)    Tax paid            (4.9)     (5.8)     (20.8)
       -        -       0.8     Dividends received   0.8         -          -

   201.9    105.6     101.5                        101.5     105.6      201.9

                                Cash flows from                              
                                investing activities
                                Major renovations  
   (21.4)   (11.6)     (8.9)    expenditure         (8.9)    (11.6)     (21.4)
                                Developments capital
   (76.5)   (25.3)    (72.1)    expenditure        (72.1)    (25.3)     (76.5)
                                Investments in and
                                loans to joint 
  (112.6)   (96.0)     (1.7)    ventures            (1.7)    (96.0)    (112.6)
                                Purchase of other
    (7.9)    (2.5)        -     investments            -      (2.5)      (7.9)
                                Disposal of other
     6.4      6.4         -     investments            -       6.4        6.4

  (212.0)  (129.0)    (82.7)                       (82.7)   (129.0)    (212.0)

                                Cash flows from                              
                                financing activities

                                Net proceeds from 
   591.2    591.2         -     issue of bonds         -     591.2      591.2
                                Repayment of secured
  (474.0)  (274.1)   (391.0)    bank loans        (391.0)   (274.1)    (474.0)
                                Drawdown of 
                                unsecured bank 
   389.2     38.5     391.0     loans              391.0      38.5      389.2
                                Repayment of 
                                unsecured bank 
  (248.4)  (173.1)     (5.7)    loans               (5.7)   (173.1)    (248.4)
                                Repayment of 4%                   
  (307.3)  (307.3)        -     convertible bonds      -    (307.3)    (307.3)
                                Repayment of 7.625%            
   (64.1)       -         -     bonds                  -         -      (64.1)
                                Dividends paid by 
  (214.5)  (123.0)   (121.5)    the Company       (121.5)   (123.0)    (214.5)
                                Repurchase of 
  (587.0)  (291.9)        -     ordinary shares        -    (291.9)    (587.0)

  (914.9)  (539.7)   (127.2)                      (127.2)   (539.7)    (914.9)
                                Effect of exchange                            
     0.1      0.2       0.2     rate changes         0.2       0.2        0.1
---------------------------                      -----------------------------
                                Net decrease in 
                                cash and cash
  (924.9)  (562.9)   (108.2)    equivalents       (108.2)   (562.9)    (924.9)
                                Cash and cash                                
                                equivalents at
                                beginning
 1,491.1  1,491.1     566.2     of period          566.2   1,491.1    1,491.1
---------------------------                      -----------------------------
                                Cash and cash
                                equivalents at end 
   566.2    928.2     458.0     of period          458.0     928.2      566.2
---------------------------                      -----------------------------
---------------------------                      -----------------------------
     USc      USc       USc                          USc       USc        USc
---------------------------                      -----------------------------
    7.59     3.93      4.16  11 Cash flow per share 4.16      3.93       7.59
---------------------------                      -----------------------------

* 'The basis of preparation of this supplementary financial information is
set out in Note 1.

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Hongkong Land Holdings Limited
Notes
------------------------------------------------------------------------------

1.   ACCOUNTING POLICIES AND BASIS OF PREPARATION

The unaudited interim condensed financial statements have been prepared
in accordance with IAS 34 - Interim Financial Reporting.

There have been no changes to the accounting policies described in the
2001  annual  financial  statements.  As in  2001,  the  Group  is
required  to  account for leasehold land in respect of  investment
and  other  properties at amortised cost in order to  comply  with
IAS.   This  treatment  does not reflect  the  generally  accepted
accounting  practice  in the territories in which  the  Group  has
significant  leasehold interests, nor how management measures  the
performance  of the Group.  Accordingly, the Group  has  presented
supplementary  financial information on pages 5 to 8  prepared  in
accordance  with IAS as modified by the revaluation  of  leasehold
properties.


2.   REVENUE

                                                 Prepared in accordance
                                                        with IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                     2002            2001
                                                     US$m            US$m
                                              ------------------------------- 
By business                                                       
Property                                                          
      Rental income                                 161.1           169.1
      Service and management charges                 29.5            29.9
                                              -------------      ------------
                                                    190.6           199.0
                                              -------------      ------------

3.   ASSET IMPAIRMENTS AND DISPOSALS

                                                 Prepared in accordance
                                                        with IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                   2002              2001
                                                   US$m              US$m
                                              ------------------------------- 

Impairment provision on properties                (57.3)                -
Gain on dilution of interest in a joint venture     2.2                 -
                                              -------------      ------------
                                                  (55.1)                -
                                              -------------      ------------ 
By business                                                       
Property                                          (57.3)                -
Infrastructure                                      2.2                 -
                                              -------------      ------------ 
                                                  (55.1)                -
                                              -------------      ------------

4.OPERATING PROFIT

                                                 Prepared in accordance
                                                        with IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                   2002             2001
                                                   US$m             US$m
                                            ----------------------------------
By business                                                       
Property                                          138.1            151.1
Infrastructure                                     (0.8)            (1.1)
Corporate                                          (9.9)            (9.2)
                                              -------------      ------------
                                                  127.4            140.8
Asset impairments and disposals (see Note 3)      (55.1)               -
                                              -------------      ------------
                                                   72.3            140.8
                                              -------------      ------------ 
                                                                


5.   SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES

                                                 Prepared in accordance
                                                        with IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                    2002             2001
                                                    US$m             US$m
                                              --------------------------------
By business                                        
Property                                            (1.1)             0.4     
Infrastructure                                      (0.2)             0.8     
Corporate                                            0.5              0.5     
                                              -------------      ------------
                                                    (0.8)              1.7
                                              -------------      ------------
 
6.   TAX

                                                 Prepared in accordance
                                                        with IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                    2002             2001
                                                    US$m             US$m
                                              --------------------------------
                   
Company and subsidiaries                            13.7            14.7
Associates and joint ventures                        0.3             0.2
                                              -------------      ------------
                                                    14.0            14.9
                                              -------------      ------------
                                                                  

Tax on profits is provided at the rates of taxation prevailing in the
territories in which the Group operates.


7.   EARNINGS PER SHARE

Earnings per share are calculated on net profit of US$27.7 million
(2001:  US$102.9  million) and on the weighted average  number  of
2,225.6 million (2001: 2,391.3 million) shares in issue during the
period, which excludes 69.6 million shares in the Company held  by
a wholly-owned subsidiary.

Earnings per share reflecting the revaluation of leasehold properties
are  calculated on net loss of US$506.0 million (2001:  profit  of
US$114.4   million)as   shown  in  the   supplementary   financial
information.

Additional earnings per share are also calculated based on underlying
profit.    The  difference  between  underlying  profit  and   net
profit/(loss) is reconciled as follows:

     Prepared in                                    IAS as modified by
                                                       revaluation
 accordance with IAS                             of leasehold properties
     (unaudited)                                       (unaudited)
Six months ended 30th                             Six months ended 30th
         June                                              June
   2001          2002                                   2002           2001
   US$m          US$m                                   US$m           US$m
-----------------------                           ----------------------------
                                                                
  102.9          27.7    Net profit/(loss)            (506.0)         114.4
                         Revaluation of leasehold  
      -             -    properties                    603.9              -
                         Asset impairments and    
      -          55.1   disposals                       (2.2)             -
-----------------------                           ----------------------------
  102.9          82.8   Underlying profit               95.7          114.4
-----------------------                           ----------------------------
 
8.   TANGIBLE ASSETS AND CAPITAL COMMITMENTS

                                             Prepared in accordance with IAS
                                                   (unaudited)       At 31st
                                                  At 30th June      December
                                                 2002       2001        2001
                                                 US$m       US$m        US$m
                                                                      
Tangible assets                                                       
Net book value at beginning of period           819.1      741.2      741.2
Exchange rate adjustments                         5.6       (6.7)      (8.5)
Additions                                       112.6       35.5      116.1
Depreciation                                    (11.7)     (10.9)     (22.6)
Transfer to properties held for sale                -       (0.7)      (0.7)
Release of contingency                              -          -       (6.4)
------------------------------------------------------------------------------
Net book value at end of period               925.6        758.4      819.1
------------------------------------------------------------------------------
Capital commitments                           503.6        849.3      639.1
------------------------------------------------------------------------------
 
9.   BORROWINGS

                                              Prepared in accordance with IAS
                                                    (unaudited)     At 31st
                                                   At 30th June     December
                                                 2002       2001        2001
                                                 US$m       US$m        US$m
                                            ----------------------------------
By currency                                                            
Hong Kong Dollar                                                       
                                                                       
   Secured bank loans                           489.7      977.3       881.0
   Unsecured bank loans and overdrafts          603.5       41.0       211.9
   7.625% bonds - 1993/2001                         -       64.9           -

                                              1,093.2    1,083.2     1,092.9
Singapore Dollar                                                       
                                                                       
   Secured bank loans                               -      104.9           -
   Unsecured bank loans                         220.8          -       216.1

                                                220.8      104.9       216.1
United States Dollar                                                   
                                                                       
   Secured bank loans                             2.0        2.0         2.0
   Unsecured bank loans and overdrafts            1.3      113.8         1.3
   7% bonds - 2001/2011                         618.6      581.1       596.1

                                                621.9      696.9       599.4

Vietnamese Dong                                                        
   Unsecured bank loans and overdrafts            0.6        1.7         0.7
                                            ----------------------------------

                                              1,936.5    1,886.7     1,909.1
Less:  Current borrowings                       (82.3)    (795.9)     (502.5)
                                            ----------------------------------
                                              1,854.2    1,090.8     1,406.6
                                            ----------------------------------
                         
10.  DIVIDENDS

                                              Prepared in accordance with
                                                          IAS
                                                      (unaudited)
                                               Six months ended 30th June
                                                        2002          2001
                                                        US$m          US$m
                                          ------------------------------------

Final dividend in respect of 2001 of USc5.50                    
   (2000: USc5.50) per share                           122.4         131.5
                                          ------------------------------------
                      

An interim dividend in respect of 2002 of USc3.50 (2001: USc3.50) per
share  amounting  to  a  total of US$77.9 million  (2001:  US$83.7
million) is declared by the Board and will be accounted for as  an
appropriation of revenue reserves in the year ending 31st December
2002


11. CASH FLOW PER SHARE

Cash flow per share is based on cash flows from operating activities
less  major  renovations expenditure amounting to US$92.6  million
(2001:  US$94.0 million) and is calculated on the weighted average
of  2,225.6 million (2001: 2,391.3 million) shares in issue during
the period, which excludes 69.6 million shares in the Company held
by a wholly-owned subsidiary.


12.  CONTINGENT LIABILITIES

                                         Prepared in accordance with IAS
                                              (unaudited)          At 31st
                                             At 30th June         December
                                              2002        2001        2001
                                              US$m        US$m        US$m
                                      ----------------------------------------
                                                                       
Guarantees in respect of                                           
  - facilities made available to               
    associates and joint ventures             38.5           -           -
  - Container Terminal 9 development in 
    Hong Kong                                 89.5       271.2        93.3
                                      ----------------------------------------
                                                                     
The  interim dividend of USc3.50 per share will be payable on 16th
October  2002  to shareholders on the register of members  at  the
close of business on 23rd August 2002.  The ex-dividend date  will
be  on  21st August 2002, and the share registers will  be  closed
from  26th  to  30th  August 2002, inclusive.   Shareholders  will
receive their dividends in United States Dollars, unless they  are
registered on the Jersey branch register where they will have  the
option  to  elect for Sterling.  These shareholders may  make  new
currency elections by notifying the United Kingdom transfer  agent
in  writing  by  26th September 2002.  The Sterling equivalent  of
dividends declared in United States Dollars will be calculated  by
reference  to  a rate prevailing ten business days  prior  to  the
payment  date.   Shareholders holding  their  shares  through  The
Central Depository (Pte) Limited ('CDP') in Singapore will receive
United  States Dollars unless they elect, through CDP, to  receive
Singapore Dollars.


For further information, please contact

Hongkong Land Limited
N R Sallnow-Smith                                   (852)2842 8300
Francis Heng                                        (852)2842 8400

Matheson & Co. Limited
Martin Henderson                                 (44) 20 7816 8135

Golin/Harris Forrest
C T Hew                                            (852) 2501 7963

Weber Shandwick Square Mile
Richard Hews/ Trish Featherstone                 (44) 20 7950 2800

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


                          NOTE TO EDITORS

Hongkong  Land  is a leading property investment,  management  and
development  group with a major portfolio in Hong  Kong  and  with
other property and infrastructure interests in Asia.

Hongkong Land Holdings Limited is incorporated in Bermuda with its
primary  share listing in London.  The Company's shares  are  also
listed  in Singapore and Bermuda.  In addition, it has a sponsored
American Depositary Receipt programme.  Hongkong Land is a  member
of the Jardine Matheson Group.

Hongkong Land Limited manages the operations of the Group from Hong 
Kong and  provides  services to Hongkong Land China  Holdings Limited,
Hongkong  Land  International Holdings Limited and  Hongkong  Land
Infrastructure Holdings Limited:

*  Hongkong  Land China Holdings Limited owns and manages  some
   five  million sq. ft of prime office and retail space in the heart
   of  Hong Kong's Central business district, of which ten percent is
   under  redevelopment,  and  is  developing  a  range  of  property
   activities in Hong Kong and Mainland China.

*  Hongkong Land International Holdings Limited is establishing
   a portfolio of property projects elsewhere in Asia.

*  Hongkong   Land  Infrastructure  Holdings   Limited   holds
   infrastructure  investments in Hong Kong,  Mainland  China  and  a
   number of countries in Asia and is seeking to further develop  its
   regional portfolio.




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