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VOLUNTARY ANNOUNCEMENT Update on Property Developments

The board of directors (the "Board") of the Company (together with its subsidiaries, the "Group") would like to provide an update regarding the status of the construction of two major property developments, namely The Gloucester (a project 100% owned by the Group) and Double Cove (Phase 1) (a project 59% owned by the Group) as at the end of the financial year

2012 and the corresponding accounting implications. As at 31 December 2012, the occupation permit of The Gloucester had been issued, while that of Double Cove (Phase 1) had yet to be issued. Accordingly, the sales revenue of The Gloucester will be included, while the Group's share of the sales revenue of Double Cove (Phase 1) will not be included, in the audited consolidated accounts of the Group for the financial year ended 31 December 2012.

This announcement is issued on a voluntary basis.

By Order of the Board Timon LIU Cheung Yuen Company Secretary

Hong Kong, 3 January 2013

As at the date of this announcement, the Board comprises: (1) executive directors: Lee Shau Kee (Chairman), Lee Ka Kit, Lam Ko Yin, Colin, Lee Ka Shing, Yip Ying Chee, John, Suen Kwok Lam, Lee King Yue, Fung Lee Woon King, Lau Yum Chuen, Eddie, Li Ning, Kwok Ping Ho, Patrick and Wong Ho Ming, Augustine; (2) non- executive directors: Lee Pui Ling, Angelina and Lee Tat Man; and (3) independent non-executive directors: Kwong Che Keung, Gordon, Ko Ping Keung, Wu King Cheong, Woo Ka Biu, Jackson, Leung Hay Man, Poon Chung Kwong, Chung Shui Ming, Timpson and Au Siu Kee, Alexander.

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