09:38     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 TRANSACTION                                                     
                                                                              
    The Board of CKH wishes to announce that Rassin, a company owned          
    as to 50/50 by the respective indirect wholly owned subsidiaries          
    of CKH and HWL, has entered into the Bei Xin Jia Yuan Land Transfer,      
    Resettlement and Site Formation Works Agreement in respect of             
    the Beijing Land for development into residential properties.             
    JVCo, a new joint venture to be owned 50/50 through Rassin, will          
    be established for the purpose of owning and developing the               
    Beijing Land (after resettlement and site formation works).               
                                                                              
    To fund the payment of land cost, construction costs and other            
    project costs for the development of the Beijing Land, the total          
    investment and registered capital of JVCo are proposed to be              
    US$63,857,000 (approximately HK$498,084,600) and US$22,350,000            
    (approximately HK$174,330,000) respectively. Any contribution             
    to the registered capital of, and any shareholders' loans to,             
    JVCo is expected to be made equally by indirect subsidiaries              
    of CKH and HWL in proportion to their respective equity interests         
    in JVCo. It is expected that any profit of JVCo is to be ultimately       
    shared equally by indirect subsidiaries of CKH and HWL in                 
    proportion to their respective indirect equity interests in               
    JVCo.                                                                     
                                                                              
    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 arrangement for the purpose          
    of effecting the acquisition and development of the Beijing Land          
    constitutes a connected transaction 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 JVCo is equal to 50% of the proposed total           
    investment of JVCo for the purpose of Listing Rule 14.15(2).              
    As the relevant percentage ratios represented by such                     
    "commitment" amount for CKH are more than 0.1% but less than              
    2.5%, such establishment of JVCo 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 JVCo and acquisition and development of the              
    Beijing Land                                                              
                                                                              
    Bei Xin Jia Yuan Land Transfer, Resettlement and Site Formation           
    Works Agreement                                                           
                                                                              
    Parties:        (1)     Rassin                                            
                    (2)     Beijing Fortunecn                                 
                                                                              
    Date:   24th May, 2005                                                    
                                                                              
    Subject Matter: The acquisition of the Beijing Land subject to            
    and on the terms and conditions set out therein                           
                                                                              
    The Board of CKH wishes to announce that Rassin, a company owned          
    as to 50/50 by the respective indirect wholly owned subsidiaries          
    of CKH and HWL, has entered into the Bei Xin Jia Yuan Land Transfer,      
    Resettlement and Site Formation