09:36     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement(5)         

    "Property"      various pieces of land in Hung Shui Kiu, Yuen Long,       
    New Territories (to be surrendered to the Government and to be            
    regranted by the Government as LOT NO.2064 IN DEMARCATION                 
    DISTRICT NO. 121) with an area of approximately 16,292 square             
    metres                                                                    
                                                                              
    "Relevant Sums" the balance of the land premium, registration             
    fees and other fees or expenses (if any) as the Government may            
    require in connection with the surrender and regrant of the               
    Property                                                                  
                                                                              
    "Sale and Purchase Agreement"   the agreement entered into by,            
    amongst other, Clevinger and the Vendor relating to the sale              
    and purchase of the entire issued share capital of Harvest and            
    the Debt                                                                  
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Target Group"  Harvest and Golden Flag                                   
                                                                              
    "Vendor"        Newmarket Holdings Limited, a company incorporated in     
    the British Virgin Islands, which, according to the Vendor, is            
    a wholly owned subsidiary of the Vendor's Guarantor                       
                                                                              
    "Vendor's Guarantor"    CITIC Pacific Limited, a company                  
    incorporated in Hong Kong, whose shares are listed on the Main            
    Board of the Stock Exchange                                               
                                                                              
    By order of the Board   By order of the Board                             
    CHEUNG KONG (HOLDINGS) LIMITED  HUTCHISON WHAMPOA LIMITED                 
    Eirene Yeung    Edith Shih                                                
    Company Secretary       Company Secretary                                 
                                                                              
    Hong Kong, 21st March, 2005                                               
                                                                              
    Note:   Other than Chairman and Managing Director, order by date          
    of appointment, and in the case of Non-executive Director                 
    ("NED")/Independent Non-executive Director ("INED"), order by             
    date of appointment as NED/INED.