09:34     KERRY PPT<00683> - Announcement & Resumption of Trading (5)         

    Total  1,211,648,068  100.00%  1,307,968,622  100.00%                     
                                                                              
                                                                              
    Notes:                                                                    
                                                                              
    1.  On the basis that the Convertible Bonds with an aggregate principal   
    amount of HK$2,500,000,000 have all been converted at the Conversion      
    Price of HK$25.955 per Conversion Share and the Company has not issued    
    any new Shares. Apart from the Convertible Bonds and the Share Options,   
    the Company does not have any other outstanding option, right or          
    warrant which is convertible into or exercisable or exchangeable for      
    the Shares.                                                               
                                                                              
    2.  Excluding those directors of the Company and its subsidiaries who     
    are members of the Kuok Group, being companies owned or controlled by     
    Mr. Kuok Hock Nien and/or interests associated with him.                  
                                                                              
    3.  NET PROCEEDS, REASONS FOR THE ISSUE OF CONVERTIBLE BONDS AND USE OF   
    PROCEEDS                                                                  
                                                                              
    The net proceeds from the issue of the Convertible Bonds are estimated    
    to be approximately HK$2.47 billion. The aggregate expenses relating to   
    the Convertible Bonds amount to approximately HK$30 million and include   
    commissions, professional fees and other ancillary expenses.              
                                                                              
    The Directors consider that in view of the existing capital structure     
    of the Group, the issue of the Convertible Bonds provides a flexible      
    and cost-efficient funding opportunity which is in the best interest of   
    the Group. Upon conversion of the Convertible Bonds, the capital base     
    of the Company will be enlarged and strengthened which will benefit the   
    Group's future growth and developments.                                   
                                                                              
    It is the present intention of the Directors to use the net proceeds      
    from the issue of the Convertible Bonds for general corporate purposes.   
    The Company has not formulated any specific use for such net proceeds.    
                                                                              
    4.  SUSPENSION AND RESUMPTION OF TRADING                                  
                                                                              
    At the request of the Company, trading in the Shares on the Hong Kong     
    Stock Exchange was suspended. The suspension took effect from 9:38 a.m.   
    (Hong Kong time) on 11 March 2005 pending the release of this             
    announcement, and application has been made by the Company for the        
    resumption of trading in the Shares on the Hong Kong Stock Exchange       
    with effect from 9:30 a.m. (Hong Kong time) on 14 March 2005.             
                                                                              
    Owing to the price-sensitive nature of the transactions contemplated in   
    this announcement, Shareholders and prospective investors are advised     
    to exercise caution when dealing in the shares of the Company.            
                                                                              
    5.  GENERAL INFORMATION                                                   
                                                                              
    As at the date of this announcement, the Executive Directors of the       
    Company are Messrs Ang Keng Lam, Wong Siu Kong, Ho Shut Kan and Ma Wing   
    Kai, William and the Independent Non-executive Directors of the Company   
    are Messrs William Winship Flanz, Lau Ling Fai, Herald and Christopher    
    Roger Moss, O.B.E.                                                        
                                                                              
    The Company has not carried out any fund raising activity through the     
    issue of equity securities or securities which are convertible into       
    equity securities in the past 12 months.                                  
                                                                              
    The Company is an investment holding company. The principal activities    
    of the Company's subsidiaries comprise (1) property development and       
    investment in Hong Kong, the PRC and the Asia Pacific region and hotel    
    ownership in the PRC; (2) logistics, freight, warehouse ownership and     
    operations; and (3) infrastructure-related investments in Hong Kong and   
    the PRC.                                                                  
                                                                              
    DEFINITIONS                                                               
                                                                              
    "Bondholder(s)"  holder(s) of the Convertible Bonds                       
                                                                              
    "Closing Date"  8 April 2005 or such other date as may be agreed by the   
    Company and the Manager                                                   
                                                                              
    "Company"  Kerry Properties Limited, an exempted company incorporated     
    in Bermuda with limited liability, the shares of which are listed on      
    the Hong Kong Stock Exchange                                              
                                                                              
    "Conversion Share(s)"  the new Share(s) to be issued by the Company       
    upon conversion of the Convertible Bonds at the Conversion Price          
    (subject to adjustment)