Hongkong Land and the Bulgari Group Sign Lease for Flagship Store at Chater House

HONG KONG, 8th November 2001-- Hongkong Land today announced that it has signed a lease with the Bulgari Group, the contemporary Italian jewellers, for a flagship store at the company's new development in Central - Chater House. The lease covers 3,000 square feet net of prime retail space.

The store will have an exclusive external façade with the Bvlgari logo and signage facing Chater Road, and marks the first Bulgari Group flagship store in Hong Kong. The Bvlgari store is expected to open in the autumn of 2002.

Announcing the agreement, Hongkong Land's Director of Retail, Mr. Norman Leung said, "The Bulgari Group is one of the finest and most prestigious jewellers and watchmakers in the world. The Group's commitment to Chater House confirms the promise of the fabulous new shopping areas in our latest building. The lease is also testimony to Hongkong Land's track record of attracting high-quality tenants, due to our ability to consistently anticipate, meet and surpass customer expectations."

He added, "The tenant mix in the retail areas will present a most attractive offer to shoppers in Central and will complement Hongkong Land's other retail destinations - The Landmark, Prince's Building and Alexandra House. When the building opens, the upgraded bridge walkways, managed by Hongkong Land and inter-linking all these properties and other key locations, will be reconnected to enhance ease of passage."

He further commented, "The development will be a striking new landmark in the heart of Central that will offer a comprehensive range of the latest in tenant facilities and services. As with a number of retail tenants, the Bulgari Group has been prepared to commit early, so we can work with them to model the structure to meet the precise design needs of both parties."

Mr Francesco Trapani, CEO of the Bulgari Group said, "Since 1988 we have had a strong Asian presence, but this lease represents our first flagship store in Hong Kong and we are glad to have committed to this exciting opportunity. Chater House in Central is the ideal location to attract our calibre of customer and this agreement underlines our confidence in the Hong Kong market."

With this agreement, Chater House has now let 50% of its office space and 75% of the retail space.

Chater House is Hongkong Land's latest office and retail development. The 483,500 square feet net building comprises 438,500 square feet of offices and 45,000 square feet of retail space. It is located at the intersection of Chater Road, Pedder Street and Des Voeux Road Central. The development is close to the MTR and forms a vital part of Hongkong Land's pedestrian bridge network that links 12 of the Company's buildings and provides direct access to many of Central's major establishments, banks, other properties and to the Airport Express and Star Ferry.

For further information, please contact:
Hongkong Land	Helen Chiu	Tel: 2842 8222

Notes to Editor

About Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Group owns and manages some five million sq. ft of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in Hong Kong, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs some 600 people, has its primary share listing in London, and at end of 2000, reported shareholders' funds in excess of US$6 billion. Hongkong Land is a member of the Jardine Matheson Group.

About The Bulgari Group
Founded in Rome in 1884, Bvlgari is today the third largest jeweller in the world. The Group is controlled by the Bulgari family, holding around 54% of the shares. The remaining 46% is floating on the Milan Stock Exchange and traded at the London SEAQ. The Group capitalizes about Euro 2.5 billion.