Swire Properties welcomes Wachovia Bank to Island East | Press Release

14 Sep 2005

Swire Properties welcomes Wachovia Bank to Island East

Swire Properties today (Wednesday, 14 September 2005) announced that Wachovia Bank has committed to leasing a total of 71,000 sq ft office space in Cityplaza Four in Island East. Along with this transaction, the finance sector has committed to 200,000 sq ft of new space in the Island East portfolio since the beginning of 2005, bringing the total floor area occupied by this sector to 860,000 sq ft.

Swire Properties' Senior Portfolio Manager Elizabeth Kok said, 'We are delighted that Wachovia has chosen Cityplaza Four to be its new office location. Moving from the Central district by the end of this year, Wachovia is taking up the whole 3/F, 7/F and 8/F of this grade-A office building to meet its expansion requirement.'

W. Nathaniel Watson, Senior Vice President, Head of Asia Pacific Operations of Wachovia Bank, National Association said, 'We are pleased to have found a good fit for our bank's operational requirements at Island East. We look forward to continuing our rapid growth at our new location.'

Kok added, 'Current occupancy level in Island East is 92% and rentals are now in the twenties. We believe that Island East, which is supported by many of Hong Kong's leading corporations, is actively meeting the property market's long term business needs and our tenants' expansion requirements.'

Island East is one of the territory's best planned and integrated business districts, consisting of office and retail space stretching from TaiKoo Place in the west, to the Cityplaza retail and office complex in the east. All of the Island East area is managed by Swire Properties.

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About Swire Properties

Swire Properties, a wholly-owned subsidiary of Swire Pacific Limited, was incorporated in 1972 and is one of Hong Kong's leading developers with extensive experience in the development and management of major commercial, retail and residential properties.

Swire Properties' investment portfolio in Hong Kong principally comprises office and retail premises, which it manages in prime locations, as well as serviced apartments and other luxury residential accommodation. The completed portfolio totals just over 12 million sq ft of gross floor area.

Visit Swire Properties web site at www.swireproperties.com

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide.

Wachovia had assets of US$511.8 billion, market capitalization of US$78.2 billion and stockholders' equity of US$47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C.

Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.

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