Hong Kong, 7 September, 2004 - Shui On Land Ltd. (SOL), the Shui On Group's flagship property company on the Chinese Mainland, today announced that its Board has approved the injection of three additional developments from Shui On's privately-held group of companies. As a result, SOL's current land bank is effectively doubled, with 6.6 million square metres (over 71 million square feet) of buildable space (GFA).

"Shui On Land consolidates the Group's prime property developments on the Chinese Mainland," said Vincent H. S. Lo, Chairman and CEO of Shui On Land. "Our expanding property portfolio now extends from Shanghai to the rapidly growing cities of Chongqing and Hangzhou."

The prime assets, all city core development projects, injected into SOL are: in Shanghai, Chuangzhi Tiandi, which is close to 17 major universities and colleges in the Yangpu district; in Chongqing, a project adjacent to the central business district in the Yuzhong District; and in Hangzhou, Xihu Tiandi, a project offering food, entertainment and retail facilities situated beside the celebrated West Lake.

SOL's existing portfolio includes other prime developments in Shanghai, namely Taipingqiao (including the internationally acclaimed Shanghai Xintiandi, Corporate Avenue and Lakeville) and Rui Hong Xin Cheng (Rainbow City).

"The inclusion of these prime developments in SOL marks a significant expansion beyond Shanghai, and we are proud to have developments underway in Chongqing and Hangzhou," added Mr Lo. "We hope that our innovative approach to urban planning and development will significantly contribute to the landscape and lifestyle of these flourishing cities."

Overview of Properties Injected into SOL

Shanghai, Chuangzhi Tiandi - Covering 84 hectares (208 acres), the city core development aims to generate technological innovation and entrepreneurship similar to that of Silicon Valley in the United States. It is also designed to provide "live-work" accommodation inspired by the Left Bank in Paris. Chuangzhi Tiandi consists of the Knowledge Hub (a work, business, innovation, learning, leisure and cultural core), Live/Work Area (a mixed-use area comprising residential accommodation, office buildings, retail shops and recreational amenities) and Technology Park (an R&D area). The total gross floor area of Chuangzhi Tiandi is around 1 million square metres (over 11 million square feet).

Chongqing - With a total gross floor area of 2.88 million square metres (about 31 million square feet), this city core redevelopment project is positioned as the future centre for supporting and servicing Chongqing's manufacturing industries. Upon completion, the project will be seamlessly integrated with Chongqing's central business district.

Hangzhou, Xihu Tiandi - A food, entertainment and retail project, this city core development has a total gross floor area of 58,000 square metres (over 624,000 square feet). Xihu Tiandi has restored and re-utilized historic buildings and extensively re-landscaped an adjoining lakeside public park, equipping it with new retail and dining facilities. The project will set both environmental and building standards that are only beginning to be adopted in some of the world's most advanced development projects.


Notes to Editors

About Shui On Land Limited

Established in 2004 and headquartered in Shanghai, Shui On Land Limited is a substantial property company consolidating prime developments of the Shui On Group in the Chinese Mainland. With a proven track record in the Chinese Mainland and Hong Kong, the Shui On Group is well established as one of China's visionary and innovative property developers. Backed by a prestigious group of co-investors, which includes ERGO Tru Asia, Metro Holdings, Citigroup Venture Capital International, Ocean Equity Holdings, Value Partners Funds, Standard Chartered Bank, Shanghai Hotel Investments and Jebsen & Company, Shui On Land leverages the Group's proven track record to provide high-quality growth opportunities.

Shui On Land's projects feature unique commercial, residential and mixed-use developments. The Company focuses on two key business segments in the Chinese Mainland market: City Core Development Projects, which are large-scale, mixed-use redevelopments, and Integrated Residential Development Projects, which are high-quality developments offering full amenities and consistent with overall city infrastructure planning.

For further information, please visit www.shuionland.com