09:19     <00226>, <00156> & <00655> - Joint Announcement (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 LIMITED                                                             
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 226)                                                         
                                                                              
    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                                                        
    DISCLOSEABLE TRANSACTION                                                  
    PURCHASE OF PROPERTY IN SINGAPORE                                         
                                                                              
    On 18th February, 2005, HKCL, an indirect                                 
    wholly-owned subsidiary of HCL, accepted letters of                       
    offer from all of the various proprietors who                             
    collectively own the apartment units and the common                       
    areas comprised in the Property as the vendors to sell                    
    to HKCL the Property, thereby constituting a binding                      
    agreement pursuant to which HKCL will acquire from                        
    the Vendors the Property in accordance with the Terms                     
    of Sale.                                                                  
                                                                              
    The Purchase Price for the Property amounts to                            
    S$43,620,000 (equivalent to approximately                                 
    HK$207,614,000) and was determined after arms' length                     
    negotiations and based on normal commercial terms.                        
                                                                              
    HCL is beneficially owned as to approximately 72.26%                      
    by LCR, which in turn is beneficially owned as to                         
    approximately 71.13% by Lippo. The applicable                             
    percentage ratios (as defined in the Listing Rules)                       
    for the Purchase Price exceed 5% but are less than                        
    25% for each of Lippo, LCR and HCL. Accordingly, the                      
    Acquisition constitutes a discloseable transaction                        
    for each of Lippo, LCR and HCL under Rule 14.06(2)                        
    of the Listing Rules.                                                     
                                                                              
    A circular containing details of the Acquisition will                     
    be despatched to shareholders of each of Lippo, LCR                       
    and HCL within 21 days after the publication of this                      
    announcement.                                                             
                                                                              
    INTRODUCTION AND BACKGROUND                                               
                                                                              
    The Property is known as Newton Heights and located                       
    at 1, Newton Road, Singapore, comprising the 30                           
    apartment units owned by the Vendors. Letters of Offer                    
    to sell the Property to HKCL, an indirect wholly-owned                    
    subsidiary of HCL, subject to the terms and conditions                    
    of the Terms of Sale have been issued by the Vendors                      
    to HKCL. On 18th February, 2005, HKCL accepted Letters                    
    of Offer received from all of the Vendors thereby                         
    constituting a binding contract for the sale and                          
    purchase of the Property under the Terms of Sale.                         
    Further terms and conditions of the Terms of Sale are                     
    stated in the section of this announcement headed                         
    "Details of the Terms of Sale" below.