Voluntary Cash Offer By HongKong Land For MCL Land Closes

At the Closing Date, the Offeror was interested in 286,281,953 Stock Units, representing approximately 77.4% of the issued capital of MCL Land, which includes some 10.2% acquired by the Offeror through market purchases following the announcement of the Offer on 1st December 2005. The total consideration was approximately US$307 million.

Commenting on the close of the Offer, Chief Executive, Nicholas Sallnow-Smith, said, "We are pleased with the response to our offer and the level of acceptances received.

Hongkong Land has met its target of achieving a majority stake in MCL Land, which remains listed on the Singapore Stock Exchange. We welcome MCL Land to our Group, and we look forward to supporting the continued growth of its residential property development activities."

Hongkong Land is a leading commercial and residential property investment, management and development group. It has 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, and it also develops high quality commercial property projects elsewhere in Asia. The Group is expanding its residential property activities in the Region, and has recently acquired 77.4% of Singapore-listed residential property developer, MCL Land. Hongkong Land Limited manages these assets from Hong Kong by providing services to Group companies. Hongkong Land Holdings Limited is incorporated in Bermuda and has its primary share listing in London with secondary listings 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

(852) 9612 3496

GolinHarris

C T Hew (852) 2522 7928

This and other Group announcements can be accessed through the Internet at €˜www.hkland.com'.