11 Chater Road Ground-breaking On Schedule

HONG KONG, 7th October 1999 -- The ground-breaking ceremony today at 11 Chater Road marked the early start of foundation work on Hongkong Land's redevelopment in the heart of Central.

The main contractor, Gammon, completed the demolition of the former Swire House a week ahead of schedule and will start on the HK$180 million substructure contract immediately. The new building will be the third on the site since the land was reclaimed from Victoria Harbour in 1904, and which Hongkong Land acquired in 1946.

Hongkong Land's Managing Director, Percy Weatherall, said at the ceremony: "This site is at the very heart of Hong Kong's Central business district, and when the project completes in mid-2002, it will meet the exacting standards of the global banking industry. It will also, at the podium level, provide additional retail facilities of the highest quality."

The year-long substructure work will use the latest non-percussive techniques to minimise construction noise in Central.

"Gammon and Hongkong Land have worked closely together on numerous projects over the years," said Gammon's Group Managing Director, Martin Hadaway. "We are delighted to be involved in what will undoubtedly become another landmark of Central. Gammon is also involved in two other prestigious Hongkong Land developments - the office tower at 1063 King's Road in Hong Kong and One Raffles Link, an office and retail development in Singapore's prime Marina Centre area."

Hongkong Land's footbridge network will connect the new property to Jardine House, Exchange Square, Alexandra House and Worldwide House.

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

The primary share listing of the parent company, Hongkong Land Holdings Limited, is in London, and the bulk of its shares are traded in Singapore. The Company is incorporated in Bermuda and the Group's operations are managed from Hong Kong by Hongkong Land Limited through three operating divisions.

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, some 10% of which 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, and is active in Singapore, the Philippines and Vietnam.

Hongkong Land Infrastructure Holdings Limited holds infrastructure investments in Hong Kong, Mainland China and Indonesia and is seeking to develop a regional portfolio.

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For further information, please contact:
Hongkong Land Helen Chiu Tel: 2842 8291 (office)
Ludgate Asia Jenny Siu Tel: 2542 6115 (office)