09:26     CHEUNG KONG<00001>&HUTCHISON<00013>-Joint Announcement(2)           

    Rule 14.15(2); and (ii) having regard to the circumstances of             
    this case, the capital commitment of each of CKH and HWL in               
    connection with both JVCos has to be aggregated in determining            
    the relevant percentage ratios for Listing Rules purposes. As             
    the relevant percentage ratios represented by such aggregated             
    "commitment" amount for each of CKH and HWL are more than 0.1%            
    but less than 2.5%, such establishment of JVCos 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 JVCos for Acquisition and Development                    
                                                                              
    Land Development Compensation Agreement No.1                              
                                                                              
    Parties:        (1) Chellic                                               
                                                                              
    (2) Land Reserve Center of Wuhan Municipal                                
                                                                              
    Date:   12 May, 2005                                                      
                                                                              
    Subject         Relating to the acquisition of the land use right in      
    respect of the Jiang Han District, North                                  
      Matter:       Property subject to and on the terms and conditions       
    set out therein                                                           
                                                                              
    Land Development Compensation Agreement No.2                              
                                                                              
    Parties:        (1) Chellic                                               
                                                                              
    (2) Land Reserve Center of Wuhan Municipal                                
                                                                              
    Date:   12 May, 2005                                                      
                                                                              
    Subject Relating to the acquisition of the land use right in              
    respect of the Jiang Han District, South                                  
      Matter:       Property subject to and on the terms and conditions       
    set out therein                                                           
                                                                              
    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.                                                               
                                                                              
    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.