10:20     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement (3)        

    investment of JVCo China for the purpose of Listing Rule 14.15(2).        
    As the relevant percentage ratios represented by such                     
    "commitment" amount for each of CKH and HWL are more than 0.1%            
    but less than 2.5%, such establishment of JVCo BVI is according           
    to Listing Rule 14A.32 exempt from the independent shareholders'          
    approval requirements and is subject to the reporting and                 
    announcement requirements set out in Listing Rules 14A.45 to              
    14A.47.                                                                   
                                                                              
    General                                                                   
                                                                              
    The principal activities of the CKH Group are investment holding,         
    property development and investment, hotel and serviced suite             
    operation, property and project management and investments in             
    securities.                                                               
                                                                              
    The HWL Group operates and invests in five core businesses: ports         
    and related services; telecommunications; property and hotels;            
    retail and manufacturing; and energy, infrastructure, finance             
    and investments.                                                          
                                                                              
    JVCo BVI is an investment holding company indirectly wholly owned         
    by HWL prior to the Transfer.                                             
                                                                              
    JVCo China is a property development company owned by parties             
    independent of CKH and HWL and, to the best knowledge of the              
    Directors of CKH and HWL, their respective connected persons              
    prior to the acquisition by JVCo BVI. JVCo China's audited net            
    asset value as at, and net profit for the period ended                    
    31 December, 2003 was RMB20,109,821.32 (approximately                     
    HK$18,903,232.04) and RMB109,821.32 (approximately                        
    HK$103,232.04) respectively. To the best knowledge of the                 
    Directors of CKH and HWL, JVCo China's principal activities have          
    been relating to the entering into of the Land Use Right Transfer         
    Contract No.1.                                                            
                                                                              
    The Directors (Note) of CKH as at the date of this announcement           
    are Mr. LI Ka-shing (Chairman),                                           
    Mr. LI Tzar Kuoi, Victor (Managing Director and Deputy Chairman),         
    Mr. George Colin MAGNUS (Deputy Chairman), Mr. KAM Hing Lam               
    (Deputy Managing Director), Mr. CHUNG Sun Keung, Davy, Mr. IP             
    Tak Chuen, Edmond, Ms. PAU Yee Wan, Ezra, Ms. WOO Chia Ching,             
    Grace and Mr. CHIU Kwok Hung, Justin as Executive Directors;              
    Mr. LEUNG Siu Hon, Mr. FOK Kin-ning, Canning, Mr. Frank John              
    SIXT and Mr. CHOW Kun Chee, Roland as Non-executive Directors;            
    and Mr. KWOK Tun-li, Stanley,                                             
    Mr. YEH Yuan Chang, Anthony, Mr. Simon MURRAY, Mr. CHOW Nin Mow,          
    Albert, Ms. HUNG Siu-lin, Katherine, Dr. WONG Yick-ming, Rosanna,         
    Mr. KWAN Chiu Yin, Robert and Mr. CHEONG Ying Chew, Henry as              
    Independent Non-executive Directors.                                      
                                                                              
    The Directors of HWL as at the date of this announcement are              
    Mr. LI Ka-shing (Chairman), Mr. LI Tzar Kuoi, Victor (Deputy              
    Chairman), Mr. FOK Kin-ning, Canning (Group Managing Director),           
    Mrs. CHOW WOO Mo Fong, Susan (Deputy Group Managing Director),            
    Mr. Frank John SIXT (Group Finance Director), Mr. LAI Kai Ming,           
    Dominic, Mr. George Colin MAGNUS and Mr. KAM Hing Lam as Executive        
    Directors; Mr. William SHURNIAK as Non-executive Director; and            
    Mr. Michael David KADOORIE, Mr. Holger KLUGE, Mr. William Elkin           
    MOCATTA (Alternate to Mr. Michael David Kadoorie), Mr. Simon              
    MURRAY, Mr. OR Ching Fai, Raymond and Mr. WONG Chung Hin as               
    Independent Non-executive Directors.                                      
                                                                              
    Definitions                                                               
                                                                              
    In this announcement, unless the context otherwise requires,              
    the following expressions have the following meanings:                    
                                                                              
    "Acquisition and        acquisition of the land use right in respect      
    of the Maqiao Land pursuant to