09:26     LIPPO CHINA RES<00156> & HK CHINESE LTD<00655>-Joint Ann (1)        

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement,                     
    makes no representation as to its accuracy or                             
    completeness and expressly disclaims any liability                        
    whatsoever for any loss howsoever arising from, or                        
    in reliance upon, the whole or any part of the contents                   
    of this announcement.                                                     
                                                                              
    LIPPO CHINA RESOURCES  LIMITED                                            
    *                                                                         
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 156)                                                         
                                                                              
    HONGKONG CHINESE LIMITED                                                  
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 655)                                                         
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    CONTINUING CONNECTED TRANSACTIONS                                         
                                                                              
    The respective boards of directors of LCR and HCL                         
    announce that on 10th January, 2005, the following                        
    tenancy agreements were entered into between:                             
                                                                              
    (1)     Superform, as landlord, and Lippo, as tenant,                     
    in relation to the Superform Premises located at                          
    portion of 24th Floor, Tower One, Lippo Centre, 89                        
    Queensway, Hong Kong with a gross floor area of                           
    approximately 11,028 square feet, to be used as office                    
    space.                                                                    
                                                                              
    (2)     Prime Power, as landlord, and Lippo Securities,                   
    as tenant, in relation to the LS Premises located at                      
    Rooms 2302-2306 of 23rd Floor, Tower One, Lippo Centre,                   
    89 Queensway, Hong Kong with a gross floor area of                        
    approximately 12,038 square feet, to be used as office                    
    space.                                                                    
                                                                              
    The terms of each of the Tenancy Agreements are for                       
    two years commencing from 1st January, 2005 and 18th                      
    January, 2005 with monthly rentals of HK$248,100 and                      
    HK$263,600 (exclusive of rates, service charges and                       
    all other outgoings) in respect of the Superform                          
    Premises and the LS Premises respectively.                                
                                                                              
    The Tenancy Agreements constitute continuing                              
    connected transactions under Chapter 14A of the                           
    Listing Rules:                                                            
                                                                              
    (1)     for LCR as regards the Superform Tenancy                          
    Agreement by virtue of Superform being a wholly-owned                     
    subsidiary of LCR and Lippo being the controlling                         
    shareholder of LCR and therefore being a connected                        
    person of LCR under the Listing Rules; and                                
                                                                              
    (2)     for HCL as regards the LS Tenancy Agreement by                    
    virtue of Lippo Securities being a wholly-owned                           
    subsidiary of HCL and Prime Power is a wholly-owned                       
    subsidiary of LCR, which in turn is the controlling                       
    shareholder of HCL, with Prime Power therefore                            
    constituting a connected person of HCL under the                          
    Listing Rules.                                                            
                                                                              
    Each of the applicable percentage ratios (as defined                      
    in the Listing Rules) on an annual basis for each of                      
    the Tenancy Agreements equals less than 2.5 per cent.                     
    Accordingly, the Tenancy Agreements are subject to                        
    reporting and announcement requirements under Rule                        
    14A.34 of the Listing Rules but no approval of                            
    independent shareholders of any of LCR and HCL will                       
    be required.