PRESS RELEASES

Development of 21st Century Tower In Pudong, Shanghai Resumes

1/6/2006

(SHANGHAI, CHINA) – The China office of Hines, the international real estate firm, announced today that it has formed a joint venture with the China Everbright Group and Hotel Properties Limited (HPL) to resume the development of the 21st Century Tower project in the Lujiazui Financial District in Pudong, Shanghai.

Located along Century Boulevard, the main street in the ‘Little Lujiazui’ Financial District, 21st Century Tower will be a 48-story mixed-use tower divided into four elements:  22,000 square meters of headquarters space for the China Everbright Group; 29,000 square meters of additional speculative Class A office space; a luxury 190-room Four Seasons Hotel; and, on the uppermost floors, 60 Four Seasons residences which will be among the most luxurious for-sale apartments in Shanghai.

Originally purchased by the China Everbright Group in 1997, the project was suspended later that year after construction of the foundation and basement due to significant changes in the Everbright Group’s business focus, including the elimination of its real estate business. Following extensive redevelopment studies and evaluations with Hines, and with the participation of HPL of Singapore, a new development plan has now been finalized.

The project is scheduled for completion in 2008.

“China, and in particular Shanghai, is one of the world’s most important markets,” said Wang Ming Quan, Chairman of China Everbright Group. “The governmental support, market conditions, financial, legal and economic environment all combined to make Shanghai an obvious choice for such a major investment”.

“China is one of our most important markets today,” said Jeff Hines, president of Hines. “With a decade of experience and a history of quality developments in Beijing, we are confident that the 21st Century project will provide a spectacular entry into the Shanghai market.”

Hines noted that Hines China has more employees than any of the other 12 countries in which the firm operates outside of the United States.

“The rise of Shanghai as a truly international city and financial center of global importance make it fitting that HPL’s first project in China should be located here,” said Stephen Lau, Chairman of HPL Hotels and Resorts.

“Shanghai has emerged as one of the world’s important business centers, as well as an exciting cultural destination for leisure travelers,” noted Kathleen Taylor, president of worldwide business operations, Four Seasons Hotels and Resorts.  “China and the entire Asia Pacific region continue to be an important area of opportunity for the company as we bring the Four Seasons experience to the places our guests need, and want, to go.”

About China Everbright Group:

China Everbright Group is a core state-owned enterprise under the jurisdiction of the central government. It is focused on the financial sector, mainly involved in banking, securities, insurance, investment management, etc. Up to the end of 2002, the total assets of the group reached RMB360 billion yuan with 97% of those in financial assets.

The business at home and abroad of China Everbright Group is managed through China Everbright Group Limited (headquarters in Beijing) and China Everbright Holdings Company Limited (headquarters in Hong Kong). The board of directors is the supreme decision making organization of the group. It runs and manages the state-owned assets under the authorization of the state. The Party Committee of the group plays a leading political role and the State Council legally posts the board of supervisors in the group.

China Everbright Group adopts a parent-subsidiary corporate system. In accordance with the requirements of establishing a standardized financial holdings conglomerate, the group implements a flat and open management model and sets up a modern corporate governance structure on the basis of clear property rights and powers as well as responsibilities.

At present, there are financial organizations such as China Everbright Bank, Everbright Securities Company Limited, Sunlife Everbright Insurance Company Limited, etc. under the banner of China Everbright Group in mainland China. It is also the largest shareholder of Shenyin & Wanguo Securities Company Limited. It has two listed companies: China Everbright Limitedand China Everbright International Limited.

China Everbright Group controls over 60 directly affiliated enterprises by full ownership, holding and as a shareholder, which facilitates the group with markets at home and abroad to develop its business.

About Hines:

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 830 properties representing over 330 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 64 U.S. cities and 14 foreign countries, and controlled assets valued at approximately $11.7 billion, Hines is one of the largest real estate organizations in the world.

Hines’ has extensive experience of developing world-class properties in China. Its first project, Embassy House, located in the prestigious Second Embassy District in Beijing, is recognized as Beijing’s premier downtown residential address, and consistently achieves occupancy rates of around 95%.

In 2001, Hines purchased Hyundai Nanyang Tower in Beijing, and renamed the property Millennium Tower. The firm successfully increased occupancy rates from 30% to over 90% within 18 months, establishing the building as a preferred choice for multinational headquarters in Beijing. Subsequent to reselling the building to the Hyundai Motor Group in 2004, Hines retains a minority stake in the property and continues to manage it.

Hines is also nearing completion of Park Avenue, a 265,000-square-meter residential complex located to the south of Chaoyang Park in Beijing. To be comprised of 948 apartments for sale and a health club and retail center, the project is more than 90% sold, achieving prices significantly above market averages.

About HPL:

Hotel Properties Limited (HPL) was listed on the Stock Exchange of Singapore in 1982. Starting with just the Hilton Hotel in Singapore, HPL has expanded rapidly over the years. Today HPL has interests in over 14 hotels with nearly 4,000 rooms in over eight countries. In addition, HPL lifestyle products and services now include quality condominium properties in prime locations, shopping centers, office buildings, restaurants, food distribution, retail and leisure, and tourism-related businesses.

About Four Seasons Hotels:

Dedicated to continuous innovation and the highest standards of hospitality, Four Seasons invented luxury for the modern traveler.  From elegant surroundings of the finest quality, to caring, highly personalized 24-hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best.  The deeply instilled Four Seasons culture is personified in its employees – people who share a single focus and are inspired to offer great service.  Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels in major city centers and desirable resort destinations around the world.

Four Seasons entered the Asian market more than a decade ago with its first hotel in Tokyo.  Today, travelers will find Four Seasons in major business centers and cultural destinations across the region, including two hotels in Tokyo, two in Singapore, and properties in Bangkok, Jakarta, Taipei, Shanghai and Hong Kong.  Leisure travelers can choose from a growing selection of unique resort experiences in Asia, whether it’s cruising the Maldives on the Four Seasons Explorer, discovering the spirituality of Bali, communing with elephants in Chiang Rai, or indulging in the ultimate spa getaways in Chiang Mai and Langkawi.

Currently with 68 hotels in 31 countries, and more than 20 properties under development, Four Seasons will continue to lead luxury hospitality with innovative enhancements, making business travel easier and leisure travel more rewarding.  For more information on Four Seasons, visit www.fourseasons.com.  

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