10:30     <04862>, <04863>, <04864> & <04866> - Announcement (2)              

    Kai Put                                 issued    February                
    Warrants                                ordinary  2006                    
                                            shares                            
                                            of                                
                                            HK$0.50                           
                                            each of                           
                                            Sun Hung                          
                                            Kai                               
                                            Propertie                         
                                            s                                 
                                            Limited                           
                                                                              
                                                                              
                                                                              
    Each series of Warrants will be issued at the following issue             
    prices:                                                                   
                                                                              
    Warrants                       Issue Price per Warrant                    
                                                                              
    Hutchison Whampoa Call         HK$0.296                                   
    Warrants                                                                  
    Texwinca Call Warrants         HK$0.693                                   
    Hutchison Whampoa Put Warrants HK$0.324                                   
    Sun Hung Kai Put Warrants      HK$0.285                                   
                                                                              
                                                                              
                                                                              
    Every board lot of call Warrants will initially entitle the holder        
    on exercise thereof to receive from the Issuer a payment in cash (the     
    `Cash Settlement Amount') calculated as follows:                          
                                                                              
    Cash Settlement      =                      Entitlement x                 
    Amount per Board                          (Average Price* -               
    Lot:                                      Exercise Price) x               
                                              one Board Lot                   
    Number of                                                                 
    Warrant(s) per                                                            
    Entitlement                                                               
                                                                              
                                                                              
                                                                              
    Every board lot of put Warrants will initially entitle the holder         
    upon exercise thereof to receive from the Issuer a payment in cash        
    (the `Cash Settlement Amount') calculated as follows:                     
                                                                              
    Cash Settlement      =                      Entitlement x                 
    Amount per Board                          (Exercise Price -               
    Lot:                                      Average Price*) x               
                                              one Board Lot                   
    Number of                                                                 
    Warrant(s) per                                                            
    Entitlement                                                               
                                                                              
                                                                              
                                                                              
    *                                                                         
    `Average Price' shall be the arithmetic mean of the closing prices        
    of one Share (as derived from the Daily Quotation Sheet of the Stock      
    Exchange, subject to any adjustments (as determined by the Issuer in      
    accordance with the terms and conditions of the Warrants as set out       
    in the Base Listing Document) to such closing prices as may be            
    necessary to reflect any capitalisation, rights issue, distribution       
    or the like) for each Valuation Date (as defined in the terms and         
    conditions of the Warrants).                                              
                                                                              
    In respect of the call Warrants, on the Expiry Date, if the Exercise      
    Price is less than the Average Price, the Warrants will be                
    automatically exercised. In respect of put Warrants, on the Expiry        
    Date, if the Average Price is less than the Exercise Price, the put       
    Warrants will be automatically exercised. It is not necessary,            
    therefore, for a holder of Warrants to submit an Exercise Notice in       
    order to exercise its Warrants and the Issuer will pay to the holder      
    of Warrants an amount calculated as described above (minus exercise       
    expenses in accordance with the terms and conditions of the               
    Warrants).                                                                
                                                                              
    The Issuer is licensed for Types 1 and 6 regulated activity by the        
    Securities and Futures Commission and is not regulated by any of the      
    bodies referred to in Rule 15A.13(2) of the Rules Governing the           
    Listing of Securities on the Stock Exchange.                              
                                                                              
    The Warrants will constitute general unsecured contractual                
    obligations of the Issuer and no other person. Investors are relying      
    upon the creditworthiness of the Issuer and have no rights under the      
    Warrants against any company which has issued the underlying              
    securities.                                                               
                                                                              
    The premium, gearing, effective gearing and implied volatility in         
    respect of the Warrants are as follows:                                   
                                                                              
    Warrants     Premium      Gearing      Effective    Implied               
                                           Gearing      Volatility            
                                                                              
    Hutchison    9.35%        22.97x       8.94x        20.00%