10:20     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement (4)        

    Development"  the Land Use Right Transfer Contracts No. 1 and             
    No. 2 and its development into residential properties;                    
                                                                              
    "Board" board of Directors;                                               
                                                                              
    "CKH"   Cheung Kong (Holdings) Limited, a company incorporated            
    in Hong Kong with limited liability, the shares of which are              
    listed on the Main Board of the Stock Exchange (Stock Code: 001);         
                                                                              
    "CKH Group"     CKH and its subsidiaries;                                 
                                                                              
    "connected persons"     shall have the meaning ascribed to it in          
    Listing Rule 1.01;                                                        
                                                                              
    "Directors"     directors of CKH or HWL, as the case may be;              
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative Region of the        
    PRC;                                                                      
                                                                              
    "HWL"   Hutchison Whampoa Limited, a company incorporated in Hong         
    Kong with limited liability, the shares of which are listed on            
    the Main Board of the Stock Exchange (Stock Code: 013);                   
                                                                              
    "HWL Group"     HWL and its subsidiaries;                                 
                                                                              
    "JVCo BVI"      Gislingham Limited, a limited liability                   
    incorporated in the British Virgin Islands on 20 October, 2004            
    and which, following completion of the Transfer, is owned equally         
    and represented on its board of directors by indirect wholly              
    owned subsidiaries of CKH and HWL;                                        
                                                                              
    "JVCo China"    Shanghai Qi-long Property Company Limited, a              
    company established in the PRC on 18 December, 2002, and to be            
    wholly foreign owned by JVCo BVI for effecting the Acquisition            
    and Development;                                                          
                                                                              
    "Land Use Right         the agreement dated 20 October, 2004 entered      
    into by JVCo China                                                        
      Transfer Contract No. 1"      and the Shanghai Municipal Minhang        
    District Real Estate and Land Administration Bureau for the               
    acquisition of land use right in respect of Lot No. 86A;                  
                                                                              
    "Land Use Right         the agreement planned to be entered into by       
    JVCo China and the                                                        
      Transfer Contract No. 2"      Shanghai Municipal Minhang                
    District Real Estate and Land Administration Bureau for the               
    acquisition of land use right in respect of Lot No. 86B;                  
                                                                              
    "Listing Rules" Rules Governing the Listing of Securities on the          
    Main Board of the Stock Exchange;                                         
                                                                              
    "Lot No. 86A"   Lot No. 86A, Maqiao Town, Minhang District,               
    Shanghai, the PRC, with an area of approximately 195 mu (or               
    approximately 130,000 square metres);                                     
                                                                              
    "Lot No. 86B"   Lot No. 86B, Maqiao Town, Minhang District,               
    Shanghai, the PRC, with an area of approximately 195.28 mu (or            
    approximately 130,187 square metres);                                     
                                                                              
    "Maqiao Land"   Lot No. 86A and, upon completion of Land Use              
    Right Transfer Contract                                                   
    No. 2, Lot No. 86B, with an aggregate area of approximately 390.28        
    mu (or approximately 260,188 square metres);                              
                                                                              
    "PRC"   the People's Republic of China;                                   
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited;