09:20     <00226>, <00156> & <00655> - Joint Announcement (3)                 

    official authorities in Singapore;                                        
                                                                              
    (2)     the Singapore Law Society's Conditions of Sale                    
    1999 in so far as the same are applicable to a sale                       
    by private treaty and not varied by, or inconsistent                      
    with, the Terms of Sale;                                                  
                                                                              
    (3)     replies from all governmental and local                           
    authorities in Singapore disclosing no adverse matter                     
    affecting the Property prior to the Completion Date;                      
    and                                                                       
                                                                              
    (4)     title to the Property being properly deduced and                  
    free from encumbrances on Completion.                                     
                                                                              
    The Vendors will have the option to deliver vacant                        
    possession of their respective units in the Property                      
    to HKCL:                                                                  
                                                                              
    (1)     on the Completion Date; or                                        
                                                                              
    (2)     within a period of six months from the                            
    Completion Date, in which instance, 10% of the                            
    relevant Vendor's share of the Purchase Price will                        
    be retained by the Vendors' solicitors in Singapore                       
    pending delivery of vacant possession and the                             
    occupation of such unit in the Property by the                            
    relevant Vendor shall be at its sole risk without any                     
    liability on the part of HKCL for any damage, loss                        
    or injury arising during such period of occupation.                       
                                                                              
    A number of the units of the Property have been for                       
    the two financial years of Lippo, LCR and HCL                             
    preceding the date of the Terms of Sale, and are being,                   
    occupied by respective owners whilst the remainder                        
    have been rented to third parties. However, it is                         
    agreed that vacant possession of the Property will                        
    be delivered by the Vendors to HKCL.                                      
                                                                              
    LISTING RULES IMPLICATIONS                                                
                                                                              
    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.                                                     
                                                                              
    REASONS FOR THE PURCHASE OF THE PROPERTY                                  
                                                                              
    HCL has been exploring opportunities to acquire                           
    quality property interests in Asia to broaden its                         
    assets portfolio. The Directors believe that the                          
    Acquisition will allow HCL and its subsidiaries to                        
    enhance their quality property interests in Singapore                     
    and to add to HCL's property portfolio in Hong Kong                       
    and elsewhere in Asia. It is the current intention                        
    of HCL to redevelop the Property into new residential                     
    units for rental or sale purposes although as at the                      
    date of this announcement, no concrete plans have been                    
    made by HCL in this regard.                                               
                                                                              
    The Directors also believe that terms of the                              
    Acquisition are fair and reasonable and in the                            
    interests of the respective shareholders of each of                       
    Lippo, LCR and HCL as a whole (as the case may be).                       
    The Purchase Price will be funded from internal                           
    resources of HCL as a shareholder's loan to HKCL                          
    (being a wholly-owned subsidiary), with the terms of                      
    such shareholder's loan to be determined by HCL.