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IFC Development Limited
HK$17.35 Billion Five-Year Syndicated Term Loan Facility

(Hong Kong, 12 March 2007) IFC Development Limited is pleased to announce the signing of a HK$17.35 billion 5-year syndicated term loan facility (the "Facility") with a consortium of 33 leading international and local financial institutions on 12 March 2007.

The Facility was arranged through IFC Development Corporate Finance Limited and guaranteed by IFC Development Limited. The interest margin is 37 basis points over HIBOR. Proceeds of the Facility will be used for general corporate funding.

This is the largest Hong Kong dollar corporate syndicated loan raised in recent years. Following the strong response from the market, the facility size has more than doubled from the initial amount of HK$7 billion to HK$17.35 billion. In total, 19 banks were mandated as Co-ordinating Arrangers and 14 banks joined in general syndication.

In thanking the participating banks' support, Dr Lee Shau Kee, Chairman of Henderson Land Development Limited said, "The good response from the market demonstrates the confidence of the banking community in the IFC project and in the Hong Kong economy. With its unrivalled location and world-class software and hardware, The IFC project is set to maintain its leading position in the Central business hub."

Raymond Kwok, Vice Chairman and Managing Director of Sun Hung Kai Properties Limited, said: "IFC is the largest development project in Central, and since its completion it has become Hong Kong's newest landmark, expanding the heart of the core business district. The two state-of-the-art office towers, including Hong Kong's tallest building Two IFC, have become the most prestigious addresses in the territory. With a world-class shopping mall featuring some of the most exclusive retail brands from around the globe and the six-star Four Seasons Hotel and Four Seasons Place, this is Hong Kong's finest integrated commercial complex and a new icon on the Victoria Harbour skyline. I consider the enthusiastic response to this loan facility a very strong vote of confidence in IFC and its shareholders."

IFC Development Limited is a joint venture by Sun Hung Kai Properties Limited, Henderson Land Development Company Limited and The Hong Kong and China Gas Company Limited. Its principal asset is the IFC project located at the waterfront in Central district in Hong Kong. The IFC project was completed in September 2005 and has a gross floor area of 4.7 million square feet, of which approximately 3.61 million square feet are owned by IFC Development Limited. It consists of 2 office towers (39-storey One ifc, and 88-storey Two ifc), the ifc mall, Four Seasons Hotel Hong Kong and luxury suite hotel Four Seasons Place.

The syndicate group comprises the following international and local financial institutions:

Mandated Co-ordinating Arrangers
Bank of China (Hong Kong) Limited(Bookrunner & Facility Agent)
Bank of East Asia
The Bank of Tokyo-Mitsubishi UFJ, Ltd.(Bookrunner)
Calyon (Bookrunner)
Fortis Bank S.A./N.V., Hong Kong Branch (Bookrunner & Signing and Publicity Agent)
HSBC (Bookrunner)
Mizuho Corporate Bank, Ltd.(Bookrunner)
Sumitomo Mitsui Banking Corporation (Bookrunner)
BNP Paribas(Bookrunner)
Citigroup (Bookrunner)
DBS Bank Ltd(Bookrunner)
Standard Chartered Bank (Hong Kong) Limited(Bookrunner & Documentation Agent)
Bank of Communications Co., Ltd. Hong Kong Branch
BayernLB Hong Kong
CCB International Finance Limited
Rabobank International Hong Kong Branch
Hang Seng Bank Limited
Industrial and Commercial Bank of China (Asia) Limited

Shanghai Commercial Bank Ltd.
Agricultural Bank of China, Hong Kong Branch
Wing Lung Bank, Limited
Bangkok Bank Public Company Limited, Hong Kong Branch
BBVA, Hong Kong Branch
KBC Bank N.V. Hong Kong Branch

Senior Lead Managers
Bank of China Limited, Tokyo Branch
Nanyang Commercial Bank, Limited
Public Bank (Hong Kong) Limited
Tai Fung Bank Limited

Lead Managers
Mega International Commercial Bank Co., Ltd. Hong Kong Branch
Bank of China Limited Macau Branch
Chong Hing Bank Limited