09:39     CHEUNG KONG<00001> - Announcement (3)                               

    General                                                                   
                                                                              
    The Board of CKH, including the Independent Non-executive                 
    Directors, considers the terms for the purchase of the Beijing            
    Land and for the establishment of JVCo for the purpose of the             
    acquisition and development of the Beijing Land to be in the              
    interests of CKH and its shareholders, on normal commercial terms         
    and fair and reasonable so far as CKH and its shareholders are            
    concerned.                                                                
                                                                              
    The directors (Note) of CKH as at the date of this announcement           
    are Mr. LI Ka-shing (Chairman), Mr. LI Tzar Kuoi, Victor (Managing Directo
    Grace and Mr. CHIU Kwok Hung, Justin as Executive Directors; Mr. LEUNG    
    Siu Hon, Mr. FOK Kin-ning, Canning, Mr. Frank John SIXT and Mr.           
    CHOW Kun Chee, Roland as Non-executive Directors; and Mr. KWOK            
    Tun-li, Stanley, Mr. YEH Yuan Chang, Anthony, Mr. Simon MURRAY,           
    Mr. CHOW Nin Mow, Albert, Ms. HUNG Siu-lin, Katherine, Dr. WONG           
    Yick-ming, Rosanna, Mr. KWAN Chiu Yin, Robert and Mr. CHEONG              
    Ying Chew, Henry as Independent Non-executive Directors.                  
                                                                              
    Definitions                                                               
                                                                              
    In this announcement, unless the context otherwise requires,              
    the following expressions have the following meanings:                    
                                                                              
    "Bei Xin Jia Yuan Land          the agreement dated 24th May, 2005        
      Transfer, Resettlement        entered into by Rassin and Beijing        
      and Site Formation            Fortunecn for the transfer of land use    
      Works Agreement"              right of and the resettlement and site    
                                    formation works in respect of the Beijing 
                                    Land;                                     
                                                                              
    "Beijing Fortunecn"     Beijing Fortunecn Real Estate                     
    Development Co., Limited *, being land                                    
    owner and vendor of the Beijing Land, and is not a connected              
    person of CKH and HWL;                                                    
                                                                              
    "Beijing Land"  the piece of land with an area of approximately           
    297,693.87 square metres within the Administrative Region of              
    Bei Xin Village, Changping District, Beijing, PRC and the                 
    structures known as "Bei Xin Jia Yuan" erected thereon;                   
                                                                              
    "Board" board of directors;                                               
                                                                              
    "CKH"   Cheung Kong (Holdings) Limited, a company incorporated            
    in Hong Kong with limited liability, the shares of which are              
    listed on the Main Board of the Stock Exchange (Stock Code: 001);         
                                                                              
    "CKH Group"     CKH and its subsidiaries;                                 
                                                                              
    "connected person"      shall have the meaning ascribed to it in          
    Listing Rule 1.01;                                                        
                                                                              
    "Hong Kong"     The Hong Kong Special Administrative Region of the        
    PRC;                                                                      
                                                                              
    "HWL"   Hutchison Whampoa Limited, a company incorporated in Hong         
    Kong with limited liability, the shares of which are listed on            
    the Main Board of the Stock Exchange (Stock Code: 013);                   
                                                                              
    "HWL Group"     HWL and its subsidiaries;                                 
                                                                              
    "JVCo"  a company to be established in the PRC with the proposed          
    name of Rassin Property Enterprises Management