Hongkong Land To Invest HK$47 Million To Upgrade The Landmark Basement

HONG KONG, 30th April 1998 -- Hongkong Land Limited today announced a HK$47 million (US$6 million) renovation scheme for The Landmark Basement Level. This project, the recently completed Landmark Atrium main refurbishment, and the Prince's Building renovation announced last week, are three key elements in the Hongkong Land 2000 programme, the company's three-year initiative to strengthen the environment and image of Central as Hong Kong's leading business and commercial district.

The renovation work will commence in May and will be completed in March 1999. This scheme will enhance the shopping environment and give the whole area a contemporary look, with new wall and floor finishes, as well as an improved ceiling and enhanced lighting. Work will be undertaken in phases mainly at night, allowing all shops to trade throughout the renovation period with minimum disruption to shoppers. All existing escalators from the ground floor to the basement level will continue to operate.

Once completed, the basement will offer a mixture of new and existing international and local brand names that will complement the outstanding tenant mix of The Landmark Atrium.

In 1996 Hongkong Land invested HK$170 million (US$22 million) in the main refurbishment of The Landmark Atrium, which encompassed a new fountain and transparent skylight ceiling.

Hongkong Land's Executive Director Ian Hawksworth said: "Our Company is actively investing in its properties to ensure they continue to deliver the highest standards and superior value to tenants. This renovation project, together with our refurbishment programme for the Prince's Building retail podium announced last week, will enhance the competitive position of both buildings to tenants and increase their attractiveness to shoppers."

The Landmark, together with Prince's Building and Alexandra House, hold one of the highest concentrations of the world's top retail brand names with approximately 400 tenants occupying some 584,000 sq ft of space.

Hongkong Land owns and manages some 5 million sq ft of prime office and retail space in the heart of Hong Kong's Central business district. The Group also manages a portfolio of property and infrastructure investments in Asia and is currently active in the Hong Kong SAR, Mainland China, Singapore, the Philippines, Vietnam and Indonesia.

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Issued on behalf of Hongkong Land Limited by Ludgate Asia. For further information, please contact:

Hongkong Land
Ian Hawksworth
Norman Leung
Tel: 2842 8288 (Office)
Tel: 2842 8149 (Office)
Ludgate Asia
Stuart Ridsdale
Michelle Chin
Tel: 2543 2240 (Office)
Tel: 2542 6121 (Office)