09:40     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint 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)                                                         
                                                                              
    HUTCHISON WHAMPOA LIMITED                                                 
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 013)                                                         
                                                                              
    JOINT ANNOUNCEMENT                                                        
    CONNECTED TRANSACTION                                                     
                                                                              
    The respective Boards of CKH and HWL wish to announce that on             
    23 May, 2005, BDL, an entity jointly controlled indirectly by             
    CKH and HWL, entered into the Joint Venture Agreement for the             
    establishment of JVCo with the PRC Partner.                               
                                                                              
    JVCo is a sino-foreign co-operative joint venture to be                   
    established for the development of the Tianjin Property into              
    a commercial development (in phase one) and residential                   
    development (in phase two).                                               
                                                                              
    The proposed registered capital of JVCo is US$47.5 million                
    (approximately HK$371 million). The initial total investment              
    of JVCo is US$72.83 million (approximately HK$568 million) to             
    be increased to US$123.5 million (approximately HK$963 million)           
    upon embarking on phase two of its Development. The registered            
    capital will be contributed on an 80:20 basis by BDL and the              
    PRC Partner respectively. BDL's contribution will be in the form          
    of cash. The PRC Partner will inject into JVCo the Tianjin                
    Property, which will be recognised as the PRC Partner's                   
    contribution to the JVCo's registered capital and surplus.                
                                                                              
    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. CKH is a substantial shareholder of HWL and            
    hence is a connected person of HWL within the meaning of the              
    Listing Rules. BDL is an associate of each of CKH and HWL and             
    thus a connected person of CKH and HWL within the meaning of              
    the Listing Rules.                                                        
                                                                              
    Any contribution to the registered capital of, and any                    
    shareholders' loans to, JVCo through BDL is expected to be made           
    equally by indirect subsidiaries of CKH and HWL in proportion             
    to their respective equity interests in these companies.                  
                                                                              
    The financial assistance provided or to be provided by each of            
    CKH and HWL to BDL by way of the contribution to the registered           
    capital of, and any shareholders' loans to, JVCo through BDL              
    on an unsecured basis and on normal commercial terms in                   
    proportion to their 50/50 interest in BDL constitutes or will             
    constitute a connected transaction for each of CKH and HWL under          
    Listing Rule 14A.13(2). As the relevant percentage ratios                 
    represented by such contribution amount for each of CKH and HWL           
    are more than 0.1% but less than 2.5%, such provision of financial        
    assistance is according to Listing Rule 14A.66(2) 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.                                        
                                                                              
    CONTRIBUTION TO THE REGISTERED CAPITAL AND SHAREHOLDERS' LOAN             
    TO JVCO