09:19     LIPPO<00226>LIPPO CHINA RES<00156>HK CHINESE<00655>-Ann. (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.                                                     
                                                                              
    LIPPO LIMITED           LIPPO CHINA             HONGKONG                  
                            RESOURCES LIMITED       CHINESE LIMITED           
    (Incorporated in Hong   (Incorporated in Hong   (Incorporated in          
    Kong with limited       Kong with               Bermuda with              
    liability)              limited liability)      limited liability)        
    (Stock Code: 226)       (Stock Code: 156)       (Stock Code: 655)         
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    DELAY IN COMPLETION OF                                                    
    ACQUISITION OF PROPERTY IN SINGAPORE                                      
                                                                              
    Reference is made to the joint announcement of Lippo                      
    Limited, Lippo China Resources Limited and Hongkong                       
    Chinese Limited dated 25th February, 2005 and their                       
    respective circulars dated 21st March, 2005 in                            
    relation to the acquisition of a property known as                        
    Newton Heights and located at 1 Newton Road, Singapore.                   
    As more time is required for procuring the fulfillment                    
    of all the conditions for completion of the                               
    Acquisition, in accordance with the Terms of Sale,                        
    the Completion Date has been extended from 18th May,                      
    2005 to 17th June, 2005.                                                  
                                                                              
    Reference is made to the joint announcement of Lippo                      
    Limited ("Lippo"), Lippo China Resources Limited                          
    ("LCR") and Hongkong Chinese Limited ("HCL") dated                        
    25th February, 2005 (the "Announcement") and the                          
    circulars of Lippo, LCR and HCL dated 21st March, 2005                    
    (the "Circulars") in relation to the acquisition of                       
    a property known as Newton Heights and located at 1                       
    Newton Road, Singapore. The capitalized terms used                        
    herein shall have their respective meanings as those                      
    defined in the Announcement, unless otherwise                             
    indicated.                                                                
                                                                              
    As stated in the Announcement and the Circulars,                          
    completion of the Acquisition is subject to the                           
    fulfillment of all the conditions stated therein and,                     
    under the Terms of Sale, the latest date for                              
    fulfillment of all the conditions is 18th May, 2005.                      
    However, more time is required for procuring the                          
    fulfillment of one of the conditions, being the                           
    obtaining of the outline planning permission from the                     
    Urban Redevelopment Authority in Singapore and the                        
    approval-in-principle from the Singapore Land                             
    Authority. Accordingly, in accordance with the Terms                      
    of Sale, the Completion Date has been extended from                       
    18th May, 2005 to 17th June, 2005. Each of Lippo, LCR                     
    and HCL will issue a further announcement if                              
    completion of the Acquisition does not take place on                      
    17th June, 2005.                                                          
                                                                              
    By Order of the Board   By Order of the Board   By Order of the Board     
    Lippo Limited   Lippo China Resources Limited   Hongkong Chinese Limited  
    Davy Lee        Millie Luk                      Andrew Hau                
    Secretary       Secretary                       Secretary                 
                                                                              
    Hong Kong, 18th May, 2005                                                 
                                                                              
    As at the date of this announcement, the board                            
    composition of each of Lippo, LCR and HCL is as                           
    follows: