Swire Properties Announces Second Project in Beijing

Swire Properties confirms today (Sunday, 24th February 2008) the development of a substantial retail-led mixed-use project in Chaoyang District in Beijing in partnership with Sino-Ocean Land Holdings Ltd (SOL).

Located close to East Fourth Ring Road in Chaoyang District near Jiang Tai, the project will have a gross floor area of over 1,890,000 sq ft (175,000 sqm) on a site of approximately 630,000 sq ft (58,000 sqm). In addition to enjoying easy accessibility to the CBD area via Fourth Ring Road, the project is within a 15-minute drive on the Airport Expressway to Beijing Capital International Airport.

"We are delighted to join with Sino-Ocean Land in the development of this exciting new project in such a prime location within Chaoyang District," said Gordon Ongley, Swire Properties' Chief Executive Officer - Mainland China. "Combining Sino-Ocean Land's solid track record in property development in the Mainland and our development and management experience in Hong Kong, we hope to set a new benchmark for integrated project development in the capital city and thereby create a pleasant environment for the community."

Designed to meet the requirements of local and international residents and business organisations in this well-regarded district popular with multinational corporations, the project will be an integrated development with a retail centre of approximately 921,000 sq ft (86,000 sqm), over 600,000 sq ft (56,000 sqm) of Grade-A office space and a five-star hotel with over 380 rooms. The total project investment is around RMB 4 billion.

"We are very glad to co-operate on this project with Swire Properties and I am confident that we can fully utilise the strengths of both parties to develop a high-quality property," said Li Ming, Chief Executive Officer of SOL. "Sino-Ocean Land looks forward to broadening and deepening its cooperation with Swire Properties in future."

Developed as a 50:50 joint venture between the two companies, the project is scheduled to be completed in 2010. Upon completion, the project will be managed by Swire Properties.

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 (1,210,000 sqm) 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.

In China, besides this project, Swire Properties owns a majority stake in The Village at Sanlitun, a joint venture with Gateway Capital, in Beijing, of which the first phase is scheduled for opening in summer 2008. Two other substantial Mainland projects currently in progress are TaiKoo Hui in Guangzhou and the Dazhongli project in Shanghai.

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 website at www.swireproperties.com.

About SOL

Sino-Ocean Land Holdings Limited (SOL) traces its roots to 12 June 1993, when its predecessor, COSCO Real Estate Development Corporation was established. The shares of SOL were listed on the Main Board of the Hong Kong Stock Exchange in September 2007. SOL is one of the largest real estate companies in Beijing and has a diversified portfolio of development projects and investment properties while solidifying its leadership position in Beijing. The company is leveraging its broad experience and capabilities to expand into other selected high-growth areas in China, including the Pan-Bohai Rim, Yangtzi River, and the Pearl River Delta regions.

With over 14 years of experience in China's real estate industry, the company has accumulated an in-depth knowledge of China's property market. The company primarily develops medium to high-end residential properties, premium grade office buildings, retail space, serviced apartments and hotels and has accomplished eight quality property projects.

Visit SOL website at www.sinooceanland.com.