Chinese Estates Announced Redevelopment of Tung Ying Building *** Enhance Prime of Location˙Elevate Commercial Value
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Chinese Estates Announced Redevelopment of Tung Ying Building *** Enhance Prime of Location˙Elevate Commercial Value (6th June 2005 – Hong Kong) Chinese Estates Holdings Limited (“the Group”; stock code: 0127) today announced its plan to demolish and redevelop Tung Ying Building located in Tsim Sha Tsui (“the redevelopment”). The redevelopment is set to start in early 2006 subsequent to the complete moving-out of the existing tenants by the end of 2005. The initial plan is to redevelop Tung Ying Building into a retail-predominated complex together with entertainment and other commercial usage. The redevelopment will take approximately three years to complete. The Group expresses that the almost 40-year-old Tung Ying Building, prestigiously situated at the heart of Tsim Sha Tsui with three-street frontages, is an ideal location for a shopping complex. With the property’s prime location and the Group’s confidence in the uprising retail property market, the Group considers that it is the right time to create a new landmark in Tsim Sha Tsui. The Group is positive that the redevelopment will attract tenants of even higher quality and substantially boost commercial value and generate higher return for the Group and its shareholders. The 17-storey Tung Ying Building is located at No. 100 Nathan Road in Tsim Sha Tsui, with its west faces Nathan Road, south to Granville Road and east to Carnarvon Road. The total gross floor area of the redeveloped property will be approximately 400,000 square feet. The Group acquired Tung Ying Building for approximately HK$1.1 billion in early 2003. The redevelopment cost is estimated to be about HK$800 million to HK$1 billion. - End - Page 1 of 2 About Chinese Estates Holdings Limited Chinese Estates Holdings Limited (HKSE stock code: 0127) principally engages in property investment, development and management in Hong Kong and the Mainland. The Group has always been identified with high quality investment portfolio and mid-end to high-end commercial and residential properties in prime locations. Regarding the annual results for the year ended 31st December 2004, the Group recorded a turnover of HK$5,257.4 million, an increase of 108% compared to the same period in 2003. The profit attributable to shareholders reached HK$1,624.7 million, up 41% compared to that of 2003. The total dividend distribution for 2004 was HK 19.5 cents per share (2003: 17 cents). Page 2 of 2 .