FOR IMMEDIATE RELEASE

18 January 2002

Sales agent for Les Saisons, Swire Properties, announced today (Friday, 18 January 2002) that this luxurious residential development along the Island East coastline is to be relaunched on 19 January 2002.

Eight units will be offered at an average price of $4,668 psf, with unit prices ranging from approximately $3.4 million to $5.1 million. The units are evenly distributed on the lower to middle levels in the four towers of the development. All units will be sold on a first-come-first-served basis.

To showcase the fine details of this crescent-shaped development, on-site showflats will be open for public viewing between 10:00 am to 8:00 pm daily, beginning 19 January 2002.

Three new payment terms are offered for this relaunch. With the immediate mortgage payment term, mortgage interest rate could be as low as prime rate minus 4% for the first 36 months and thereafter prime rate minus 2.625%, or interest will be waived for the first 18 months while the principal could be deferred for a maximum of 36 months. Should buyers choose the 90% mortgage insurance programme, free insurance premium and a maximum of 5% cash rebate of the purchase price will be offered. A maximum of 25% second mortgage with a two-year "payment holiday" is also available. The first 30 purchasers (except those who choose second mortgage payment terms) will also enjoy free stamp duty.

Les Saisons is jointly developed by Swire Properties, Sun Hung Kai Properties and China Motor Bus. Located at the harbour front in Island East, Les Saisons offers panoramic seaviews stretching from Lei Yue Mun to Tsim Sha Tsui. Residents can also enjoy the extensive services and facilities offered in over 38,000-sq ft of clubhouse and landscaped podium. In addition, all first-hand buyers of Les Saisons will enjoy a six-month trial evening membership at Butterfield's, the exclusive private club in TaiKoo Place, as well as a wide range of special shopping and dining privileges in the vicinity, adding value to their stylish lifestyle.

Les Saisons offers units in sizes ranging from 739 sq ft to 1,843 sq ft. The project features rare skyflat units, duplexes on the top floors of each tower, as well as a simplex design with four bedrooms and an "en suite" maid's room. A spectacular 14-feet high sky window in both skyflat and duplex designs gives breath-taking seaviews to an exclusive few. All layouts are designed to suit those in search of a quality living standard.

Visit Swire Properties Media Centre at www.swireproperties.com

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