Joint Venture with Shun Tak

Hongkong Land Hldgs Ld 30 September 2005 For immediate release HONGKONG LAND AND SHUN TAK TO DEVELOP A MIXED-USE PROJECT ON THE MACAU WATERFRONT Hongkong Land Holdings Limited ('Hongkong Land') today announced that it will form a joint venture with Shun Tak Holdings Limited ('Shun Tak') to develop a mixed residential, hotel and retail project on a prime 200,000 sq. ft site in Macau. The project site is in the heart of the city in an area destined to become the focal point of Macau's new casino district. The site is adjacent to the MGM Grand Macau project currently under construction. The joint venture marks Hongkong Land's first entry into the rapidly growing Macau property market. A gross floor area of some 1.9 million sq. ft will be for residential and serviced apartments that will enjoy views towards Nam Van Lake, the Macau Tower and the harbour. The development will also include a 380,000 sq. ft retail arcade and a 210-room hotel that will be managed by the Mandarin Oriental Hotel Group. Nicholas Sallnow-Smith, Chief Executive of Hongkong Land, said, 'Macau is fast becoming one of Asia's premier destination cities, and we are delighted to be developing what is considered to be the best residential and retail site in Peninsula Macau. Hongkong Land is also very pleased to be partnering with Shun Tak, the leading developer in the Macau property market.' Hongkong Land and Shun Tak have agreed to purchase the interest in the entire project site from Pansy Ho, Managing Director of Shun Tak. Shun Tak will own 51% of the project and Hongkong Land the remaining 49%. Shun Tak's acquisition is subject to the approval of its independent shareholders, which is also a condition of the joint venture arrangements. Hongkong Land's share of the total acquisition cost amounts to approximately US$82 million which will be funded from its general corporate funding resources. The project is subject to the receipt of necessary rights and approvals from the Macau Government. The residential and retail portions of the project are scheduled to be completed in 2008, and the hotel and serviced apartments in the following year. Shun Tak is a leading Hong Kong-based conglomerate operating four core businesses - transportation, property, hospitality and investments. It has an established track record in the property markets in both Hong Kong and Macau and currently owns one of the largest land banks in Macau. 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 property projects elsewhere in Asia. Hongkong Land Limited manages these assets from Hong Kong by providing services to Group companies. Hongkong Land Holdings Limited 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 Robert Wong (852) 2842 8383 Matheson & Co Ltd Martin Henderson (44) 207 816 8135 GolinHarris Kennes Young (852) 2501 7987 Weber Shandwick Square Mile Richard Hews / Helen Thomas (44) 207 067 0700 This and other Group announcements can be accessed through the Internet at ''. This information is provided by RNS The company news service from the London Stock Exchange
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