10:10     <04794>, <04795> & <04796> - Announcement (3)                       

    Warrant 3:                                                                
    Company:        Sun Hung Kai Properties Limited                           
    Shares: Existing issued ordinary shares of HK$0.50 each of the Company    
    Type:   Put                                                               
    Issue Size:     238,000,000                                               
    Launch Date:    1 April, 2005                                             
    Issue Price:    HK$0.42                                                   
    Issue Date:     7 April, 2005                                             
    Expiry Date:    12 October, 2005                                          
    Exercise Price: HK$69.68 per ten Warrants                                 
    Board Lot:      10,000 Warrants                                           
    Exercise Amount:        10 Warrants                                       
    Entitlement:    1 Share                                                   
    Premium:        7.12%                                                     
    Gearing:        16.79x                                                    
    Effective Gearing:      6.88x                                             
    Implied Volatility:     25.00%                                            
    Listing Date:   11 April, 2005                                            
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
                                                                              
    4 April, 2005                                                             
    SGA Societe Generale Acceptance N.V.