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HongKong Land Issues SGD700 Million Five And Ten-Year Fixed Rate Notes

Hamilton, Bermuda: 23 September 2005 - Hongkong Land Holdings Limited today announced that its wholly-owned subsidiary, The Hongkong Land Treasury Services (Singapore) Pte. Ltd., has issued SGD325 million of 5-year notes and SGD375 million of 10-year notes. The notes are guaranteed by The Hongkong Land Company, Limited. DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited acted as Joint Lead Managers and Joint Bookrunners for the offering. UBS AG acted as Co-Manager.

The 5-year and 10-year notes pay coupons of 3.01% per annum and 3.65% per annum respectively and have an issue price of 100 per cent.

This is the first SGD debt securities offering by the Group. The offering was over-subscribed and was increased to SGD700 million from the initially announced size of SGD500 million. The notes were widely distributed to institutional investors including asset management companies, banks, government agencies, insurance companies and private banks. Proceeds of the offering will be used for the Group's general corporate funding requirements.

The notes have been assigned a rating of €˜A2' by Moody's Investors Service and €˜BBB+' by Standard & Poor's Rating Services. Approval in-principle has been received for the listing of the notes on the Singapore Exchange Securities Trading Limited.

Hongkong Land is a leading property investment, management and development group with a major portfolio in Hong Kong, where it owns and manages some five million sq. ft of prime office and retail space in the heart of the Central business district. It also develops high quality property projects elsewhere in Asia. Hongkong Land Limited manages these assets from Hong Kong by providing services to Group companies. Hongkong Land Holdings Limited is incorporated in Bermuda with its primary share listing in London. The Company's shares are also listed in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.

For further information, please contact:

Hongkong Land Limited

Geoffrey Brown (852) 2842 8138

GolinHarris

CT Hew (852) 2522 7928

This and other Group announcements can be accessed through the Internet at

€˜www.hkland.com'.

These materials are not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder that will contain detailed information about the company and management, as well as financial statements.