09:52     CHI EST B1004<02516> - Announcement                                 

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement, makes               
    no representation as to its accuracy or completeness and                  
    expressly disclaims any liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any               
    part of the contents of this announcement.                                
                                                                              
    This announcement is for information purposes only and does               
    not constitute an invitation or offer to acquire, purchase                
    or subscribe for securities.                                              
                                                                              
    NOTICE OF LISTING ON                                                      
    THE STOCK EXCHANGE OF HONG KONG LIMITED                                   
                                                                              
    CHINESE ESTATES HOLDINGS LIMITED                                          
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 127)                                                         
                                                                              
    Issue of HK$1,500,000,000                                                 
    (together with an additional HK$500,000,000 in principal                  
    amount of bonds                                                           
    which may be issued to Deutsche Bank pursuant to an option)               
                                                                              
    Zero Coupon Convertible Bonds due 2010                                    
    (the "Convertible Bonds")                                                 
    convertible into ordinary shares of the Issuer                            
                                                                              
    Sole Bookrunner and Lead Manager                                          
    Deutsche Bank                                                             
                                                                              
    Application has been made to The Stock Exchange of Hong Kong              
    Limited for the listing of, and permission to deal in, the                
    Convertible Bonds as described in the Offering Circular                   
    dated on or about 18 April 2005 and such listing and                      
    permission to deal in the Convertible Bonds is expected to                
    become effective on or about 21 April 2005.                               
                                                                              
    18 April 2005