09:41     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement (4)        

    "connected person"      shall have the meaning ascribed to that           
    expression in the Listing Rules                                           
                                                                              
    "Development"   the proposed development of the Tianjin Property          
    into commercial and residential properties by JVCo pursuant to            
    the Joint Venture Agreement                                               
                                                                              
    "HWL"   Hutchison Whampoa Limited, a company incorporated in Hong         
    Kong, whose shares are listed on the Main Board of the Stock              
    Exchange                                                                  
                                                                              
    "HWL Group"     HWL and its subsidiaries                                  
                                                                              
    "Joint Venture Agreement"       the agreement entered into by BDL         
    and the PRC Partner setting out the terms and conditions and              
    governing the basis for the proposed establishment of JVCo                
                                                                              
    "JVCo"  the sino-foreign co-operative joint venture to be                 
    established under the Joint Venture Agreement with the proposed           
    name of Hutchison Whampoa Properties (Tianjin) Limited and with           
    directors nominated as to six and two by BDL and the PRC Partner          
    respectively                                                              
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Stock Exchange                                                     
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "PRC Partner"   Tianjin Metro General Corp. (*), an entity established    
    under the laws of the PRC and which                                       
    is independent of CKH, HWL and their respective connected persons         
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Tianjin Property"      the piece of land with an area of 19,617.1        
    square metres, located at Yingkou Dao, Tianjin, the PRC                   
                                                                              
    "HK$"   Hong Kong Dollars, the lawful currency of Hong Kong               
                                                                              
    "US$"   United States Dollars, the lawful currency of the United          
    States of America                                                         
                                                                              
    The exchange rate used for reference purpose in this announcement         
    is HK$7.80 to US$1.00.                                                    
                                                                              
    By Order of the Board           By Order of the Board                     
    CHEUNG KONG (HOLDINGS) LIMITED  HUTCHISON WHAMPOA LIMITED                 
    Eirene Yeung                    Edith Shih                                
    Company Secretary               Company Secretary                         
                                                                              
    Hong Kong, 24 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.