09:20     <00226>, <00156> & <00655> - Joint Announcement (2)                 

    DETAILS OF THE TERMS OF SALE                                              
                                                                              
    Date of the agreement for the sale and purchase of                        
    the Property in accordance with the Terms of Sale:                        
                                                                              
    18th February, 2005, being the date of acceptance by                      
    HKCL of the Letters of Offer                                              
                                                                              
    Parties:                                                                  
                                                                              
    Vendors:        the 30 proprietors of the Property who                    
    collectively own all of the apartment units and the                       
    common areas comprised in the Property                                    
                                                                              
    Purchaser:      HKCL                                                      
                                                                              
    Subject of the Terms of Sale:                                             
                                                                              
    The Property known as Newton Heights and located at                       
    1, Newton Road, Singapore with a site area of                             
    approximately 3,213 sq.m. and total gross floor area                      
    of 52,525 sq.ft. The Property, as at the date of this                     
    announcement, comprises 30 apartment units and common                     
    areas including lifts and swimming pool. For the                          
    avoidance of doubt, the common areas referred to are                      
    included as part of the Property under the                                
    Acquisition.                                                              
                                                                              
    Completion Date:                                                          
                                                                              
    The date falling three months from the date of the                        
    Terms of Sale and subject to the Terms of Sale being                      
    fulfilled.                                                                
                                                                              
    Purchase Price:                                                           
                                                                              
    The Purchase Price amounts to S$43,620,000                                
    (equivalent to approximately HK$207,614,000).                             
                                                                              
    The Purchase Price was determined by reference to the                     
    prevailing market values of similar properties in                         
    Singapore and was negotiated and determined on an                         
    arms' length basis on normal commercial terms. HKCL                       
    has internally undertaken its own market analysis by                      
    reference to the publicly available property market                       
    information and recent transactions for comparable                        
    properties in Singapore as obtained from media,                           
    market reports and market practitioners in Singapore.                     
                                                                              
    Payment Terms:                                                            
                                                                              
    (1)     an initial deposit of S$1,000,000 (equivalent                     
    to approximately HK$4,760,000) in cash was paid to                        
    the Vendors' solicitors in Singapore on or before 19th                    
    January, 2005;                                                            
                                                                              
    (2)     a further deposit of S$1,181,000 (equivalent to                   
    approximately HK$5,621,000) in cash was paid to the                       
    Vendors' solicitors in Singapore on acceptance by                         
    HKCL of the Letters of Offer on 18th February, 2005;                      
    and                                                                       
                                                                              
    (3)     S$41,439,000 (equivalent to approximately                         
    HK$197,233,000), representing the balance of the                          
    Purchase Price shall be payable in cash on or before                      
    the Completion Date.                                                      
                                                                              
    Other Terms:                                                              
                                                                              
    The Acquisition is subject to:                                            
                                                                              
    (1)     HKCL obtaining, on or before the Completion Date,                 
    all necessary consents, permissions and approvals                         
    from the relevant governmental or