09:39     CHEUNG KONG<00001> - Announcement (4)                               

    (Beijing) Limited and indirectly wholly foreign owned as to 50%,          
    and represented equally on its board of directors, by indirect            
    wholly owned subsidiaries of CKH and HWL for the purposes of              
    carrying out resettlement and site formation works to the Beijing         
    Land and thereafter owning and developing the Beijing Land;               
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Main Board of the Stock Exchange;                                  
                                                                              
    "Loan"  the amount of RMB64,000,000 (as part of the consideration         
    for the acquisition of the Beijing Land by Rassin) to be lent             
    to Beijing Fortunecn through an entrusted loan arrangement by             
    a 50/50 indirect owned joint venture company of CKH and HWL;              
                                                                              
    "PRC"   the People's Republic of China;                                   
                                                                              
    "Rassin"        Rassin Limited, a limited liability company               
    incorporated in the British Virgin Islands and owned as to 50%,           
    and represented equally on its board of directors, by indirect            
    wholly owned subsidiaries of CKH and HWL;                                 
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited;          
                                                                              
    "substantial shareholder"       shall have the meaning ascribed to        
    it in Listing Rule 1.01;                                                  
                                                                              
    "HK$"   Hong Kong Dollars, the lawful currency of Hong Kong;              
                                                                              
    "RMB"   Reminbi, the lawful currency of the PRC; and                      
                                                                              
    "US$"   United States Dollars, the lawful currency of the United          
    States of America.                                                        
                                                                              
    The exchange rate used for reference purpose in this announcement         
    is RMB1.00 to HK$0.94 and US$1.00 to HK$7.80.                             
                                                                              
    By Order of the Board                                                     
    CHEUNG KONG (HOLDINGS) LIMITED                                            
    Eirene Yeung                                                              
    Company Secretary                                                         
                                                                              
    Hong Kong, 24th May, 2005                                                 
                                                                              
    Note:   Other than Chairman and Managing Director, order by date          
    of appointment, and in the case of Non-executive Director                 
    ("NED")/Independent Non-executive Director ("INED"), order by             
    date of appointment as NED/INED.                                          
                                                                              
    * For the Chinese name, please refer to the press announcement today.