09:06     CHEUNG KONG<00001> - Results Announcement (1)                       

    Cheung Kong (Holdings) Limited announced on 31/03/2005:                   
    (stock code: 00001 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('Million  )       ('Million  )      
    Turnover                        1  : 18,431             14,336            
    Profit/(Loss) from Operations      : 4,005              2,561             
    Finance cost                       : (350)              (517)             
    Share of Profit/(Loss) of                                                 
      Associates                       : 7,474              5,123             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 1,236              1,300             
    Profit/(Loss) after Tax & MI       : 12,380             8,708             
    % Change over Last Period          : +42       %                          
    EPS/(LPS)-Basic (in dollars)    2  : 5.35               3.76              
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 12,380             8,708             
    Final Dividend                     : $1.42              $1.30             
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 12/05/2005         to 19/05/2005 bdi.
    Payable Date                       : 24/05/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 12/05/2005         to 19/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    (1)     Turnover was made up of : -                                       
                                                                              
                                    2004            2003                      
                                    HK$ Million     HK$ Million               
                                                                              
    Group turnover                  12,149          8,467                     
    Share of property sales of jointly controlled entities                    
                                    6,282           5,869                     
                                    ------------------------                  
                                    18,431          14,336                    
                                    ========================                  
                                                                              
    (2)     The calculation of earnings per share is based on profit          
    attributable to shareholders and on 2,316,164,338 shares (2003 - 2,316,   
    164,338 shares) in issue during the year.                                 
                                                                              
    (3)     The Hong Kong Institute of Certified Public Accountants has issued
    a number of new and revised Hong Kong Financial Reporting Standards ("    
    HKFRSs") which are effective for accounting periods beginning on or after 
    1st January, 2005.  The Group has early adopted the following new HKFRSs  
    in the preparation of the financial statements for the year ended 31st    
    December, 2004:                                                           
                                                                              
    Hong Kong Accounting Standard 36 ("HKAS 36")    Impairment of Assets      
    Hong Kong Accounting Standard 38 ("HKAS 38")    Intangible Assets         
    Hong Kong Accounting Standard 40 ("HKAS 40")    Investment Property       
    Hong Kong Financial Reporting Standard 3                                  
     ("HKFRS 3")                                    Business Combinations     
    Hong Kong Accounting Standard                                             
     Interpretation 21                              Income Taxes - Recovery of
                                                    Revalued                  
    ("HKAS-Int 21")                                 Non-Depreciable Assets    
                                                                              
    The adoption of the above new HKFRSs has resulted in the following changes
    in the Group's accounting policies for (i) goodwill on acquisition of     
    subsidiaries and associates; and (ii) valuation of investment properties  
    and deferred tax thereon:                                                 
                                                                              
    (i)     In prior years, goodwill on acquisition of subsidiaries and       
    associates was carried at cost and amortised over its estimated useful    
    life.  Following the adoption of HKAS 36, HKAS 38 and HKFRS 3, goodwill on
    acquisition of subsidiaries and associates is carried at cost and reviewed
    for impairment annually.  Impairment, if any, is charged to the profit and
    loss account.  This change in accounting policy has been applied          
    prospectively from 1st January, 2004 and has no material effect on the    
    Group.