09:25     CHEUNG KONG<00001>&HUTCHISON<00013>-Joint 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  HUTCHISON WHAMPOA LIMITED                 
    (Incorporated in Hong Kong with limited liability)                        
            (Incorporated in Hong Kong with limited liability)                
    (Stock Code: 001)       (Stock Code: 013)                                 
                                                                              
    JOINT ANNOUNCEMENT                                                        
    CONNECTED TRANSACTIONS                                                    
                                                                              
    The respective Boards of CKH and HWL wish to announce that Chellic,       
    a company owned as to 50/50 by their respective indirect wholly           
    owned subsidiaries, was successful in the public auction bid              
    for the Jiang Han District, North Property and Jiang Han District,        
    South Property for development into residential and commercial            
    properties.                                                               
                                                                              
    JVCos, two new joint ventures to be held 50/50 through Chellic,           
    will be established to own and develop the Jiang Han District,            
    North Property and Jiang Han District, South Property                     
    respectively.                                                             
                                                                              
    Pursuant to the Land Development Compensation Agreement No.1,             
    Chellic agreed to acquire the land use right in respect of the            
    Jiang Han District, North Property for a consideration of RMB420          
    million (approximately HK$395 million) payable by instalments             
    and subject to the other terms and conditions set out therein.            
                                                                              
    Pursuant to the Land Development Compensation Agreement No.2,             
    Chellic agreed to acquire the land use right in respect of the            
    Jiang Han District, South Property for a consideration of                 
    RMB1,203 million (approximately HK$1,131 million) payable by              
    instalments and subject to the other terms and conditions set             
    out therein.                                                              
                                                                              
    To fund the payment of land cost, construction costs and other            
    project costs for the development of the Jiang Han District,              
    North Property, the total investment and registered capital of            
    JVCo.1 are proposed to be US$121.7 million (approximately HK$949          
    million) and US$42.6 million (approximately HK$332 million)               
    respectively.                                                             
                                                                              
    To fund the payment of land cost, construction costs and other            
    project costs for the development of the Jiang Han District,              
    South Property, the total investment and registered capital of            
    JVCo.2 are proposed to be US$188.4 million (approximately                 
    HK$1,470 million) and US$66 million (approximately HK$515                 
    million) respectively.                                                    
                                                                              
    Any contribution to the registered capital of, and any                    
    shareholders' loans to, both JVCos is expected to be made equally         
    by indirect subsidiaries of CKH and HWL in proportion to their            
    respective equity interests in these companies.                           
                                                                              
    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. CKH is a substantial shareholder of HWL and            
    hence is a connected person of HWL within the meaning of the              
    Listing Rules. The joint venture arrangements for the purpose             
    of effecting the Acquisition and Development constitute                   
    connected transactions for CKH and HWL under Listing Rule                 
    14A.13(6). The Stock Exchange rules that (i) the amount of total          
    capital commitment of each of CKH and HWL in connection with              
    the establishment of each JVCo is equal to 50% of the proposed            
    total investment of such JVCo for the purpose of Listing