New Leases at Pacific Place Offices - Reaffirm Its Central Business Location and Connectivity

Swire Properties announces today (Tuesday, 21st August 2007) that new lease commitments by leading global finance, banking and professional groups, totalling 60,000 sq ft in One and Two Pacific Place, have kept Pacific Place Offices to full occupancy with average rent firm at around HK$80 psf.

Two new tenants, Lovells, a leading international legal practice, and Credit Agricole Asset Management Hong Kong Limited, will occupy 31,400 sq ft and 11,500 sq ft respectively in One Pacific Place.

China Construction Bank, one of the top four commercial banks in Mainland China now listed in Hong Kong, will take up 17,000 sq ft in the top zone of Two Pacific Place.

Société Générale, a leading European bank, is also in discussions to take up additional space in Three Pacific Place to meet its expansion needs. Occupying a total of about 105,000 sq ft, Société Générale remains Three Pacific Place's largest tenant, and has become the second largest office tenant in the Pacific Place complex.

"We are happy with the latest office leasing transactions. Pacific Place Offices are sought after by reputable financial institutions for their unrivalled location and superior business connectivity," said Chris Heywood, Senior Portfolio Manager of Swire Properties. "The strong demand has resulted in us reaching almost full occupancy, with market rent firmer than ever. It has also enabled further improvements to the profile of Pacific Place's office tenants."

With its emphasis on building excellence, Swire Offices has created major business hubs in Hong Kong, offering business corporations the best facilities, connectivity, environment and services in which to operate.

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About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio in Hong Kong totals over 13 million sq ft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities. Besides Hong Kong, the Company has a presence in China, the USA as well as the United Kingdom.

The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.

Visit Swire Properties web site at www.swireproperties.com