Hongkong Land Opens Chater House First Floor Concourse and Re-connects Pedestrian Bridge Network

HONG KONG, 29th June 2002 -- Hongkong Land's flagship development in Central, Chater House, has received its Occupation Permit. This enables the Company to re-connect the pedestrian bridges through the first floor concourse of the building on Tuesday, 2nd July 2002.

Hongkong Land's bridge system connects the Company's own five million square feet of offices and shops, and other major banks and commercial buildings, in the heart of Central.

The system, designed to separate pedestrians from vehicular traffic, and to provide comfortable and convenient movement between buildings, was first opened in 1965 when Hongkong Land connected Prince's Building to the Mandarin Oriental, Hong Kong. Today, 11 of the Company's properties are linked. The bridges connecting Chater House to its adjoining buildings have been closed since late 1998 when redevelopment of the site began. During this period, the flow of pedestrian traffic to and from the north and south, across Connaught Road Central, Pedder Street and Chater Road have been diverted around Chater House at pavement level.

The new air-conditioned concourse runs through the centre of Chater House at first floor level, and re-connecting the Connaught Road bridge to that joining Alexandra House. It provides convenient access for the general public and Chater House tenants via the retail podium of Chater House, where flagship stores of Giorgio Armani, Emporio Armani and Bvlgari are scheduled to open in the fourth quarter this year.

Every day, over 40,000 pedestrians use the Connaught Road Central footbridge, and Chater House forms the link between properties to the north of Connaught Road Central with those to the south.

"The re-opened bridge and the new concourse are part of Hongkong Land's commitment to Central District, and provide first-rate services to tenants and members of the public. Our footbridge network exemplifies our commitment, as a corporate citizen, to service the community by enhancing the general environment of the district. In Central, convenience is a way of life", said Raymond Chow, Executive Director, Commercial Property of Hongkong Land.

"The design of Chater House meets and surpasses the most demanding requirements for very efficient space with maximum flexibility in services," said Raymond Chow. "The building will help to satisfy the increasing demands for highly-efficient world-class office and retail accommodation in Central."

The project, Hongkong Land's latest development in Hong Kong, is costing some US$300 million, including construction costs, professional fees and interests. The site was reclaimed from the sea in 1904/05 and has been owned by Hongkong Land since 1946.

Chater House is a 23-level office tower above a three-level retail podium and a three-level basement car park. The building is linked to other main buildings and landmarks in Central and has excellent access to all modes of transport, including both MTR and Airport Express stations. The 430,000 net sq. ft (498,000 sq. ft gfa) office tower features the latest telecommunications and mechanical and engineering facilities. The retail podium offers an additional 45,000 net sq. ft (81,000 sq. ft gfa) of prime retail space.

For further information, please contact:
Hongkong Land	Helen Chiu	Tel: 2842 8222
Golin/Harris Forrest	Sue So	Tel: 2501 7966

Notes to Editor

About Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company 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 the Hong Kong SAR, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs some 700 people and has its primary share listing in London. The Company is a member of the Jardine Matheson Group.