09:26     CHEUNG KONG<00001> - Announcement (1)                               

    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.                                                             
                                                                              
    CHEUNG KONG (HOLDINGS) LIMITED                                            
    (Incorporated in Hong Kong with limited liability)                        
    (Stock code: 001)                                                         
                                                                              
    CONNECTED TRANSACTIONS                                                    
                                                                              
    The Board of CKH wishes to announce that JVCo1 and JVCo2, new             
    indirect 50/50 joint venture companies of CKH and HWL, have been          
    established for the sole purpose of owning and developing the             
    Changchun Land for development into residential and commercial            
    properties and the Changsha Land for development into                     
    residential properties respectively.                                      
                                                                              
    To fund the payment of land cost, construction costs and other            
    project costs for the development of the Changchun Land and the           
    Changsha Land, the total investment and registered capital of             
    JVCo1 are proposed to be US$52,800,000 (approximately                     
    HK$411,840,000) and US$18,500,000 (approximately                          
    HK$144,300,000), and the total investment and registered capital          
    of JVCo2 are proposed to be RMB413,000,000 (approximately                 
    HK$388,220,000) and RMB149,000,000 (approximately                         
    HK$140,060,000) respectively.                                             
                                                                              
    Any contribution to the registered capital of, and any                    
    shareholders' loans to, each of JVCo1 and JVCo2 is expected to            
    be made equally by indirect subsidiaries of CKH and HWL in                
    proportion to their respective equity interests in JVCo1 and              
    JVCo2 respectively. It is expected that any profit of JVCo1 and           
    JVCo2 is to be ultimately shared equally by indirect subsidiaries         
    of CKH and HWL in proportion to their respective indirect equity          
    interests in each of JVCo1 and JVCo2.                                     
                                                                              
    HWL is a substantial shareholder of certain subsidiaries of CKH           
    and hence is a connected person of CKH within the meaning of              
    the Listing Rules. The joint venture arrangements for the purpose         
    of effecting the acquisition of the land use rights in respect            
    of the Changchun Land and the Changsha Land and their development         
    into residential and/or commercial properties constitute                  
    connected transactions for CKH under Listing Rule 14A.13(6).              
    The Stock Exchange rules that the amount of total capital                 
    commitment of each of CKH and HWL in connection with the                  
    establishment of JVCo1 and JVCo2 is equal to 50% of the proposed          
    total investment of JVCo1 and JVCo2 respectively for the purpose          
    of Listing Rule 14.15(2). As the relevant percentage ratios               
    represented by such "commitment" amounts for CKH are more than            
    0.1% but less than 2.5%, such establishment of JVCo1 and JVCo2            
    is according to Listing Rule 14A.32 exempt from the independent           
    shareholders' approval requirements and is subject to the                 
    reporting and announcement requirements set out in Listing Rules          
    14A.45 to 14A.47.                                                         
                                                                              
    Establishment of JVCo1 and JVCo2                                          
                                                                              
    Changchun Land Use Right Transfer Contract:                               
                                                                              
    Parties:        (1)     JVCo1                                             
    (2)     Changchun Land Bureau                                             
                                                                              
    Date:   26th April, 2005                                                  
                                                                              
    Subject Matter: The transfer of the land use right in respect             
    of the Changchun Land subject to and on the terms