Shanghai, 27 May, 2004 - Shui On Group Chairman and Chief Executive, Mr Vincent H S Lo, was the honoured guest today at the Shanghai launch of the "International Herald Tribune Visionaries & Leaders Series", a programme that originated in Singapore in 2002.

During his keynote address to an audience of over 150 business executives, Mr Lo shared his vision for Shanghai as well as his views on how the city will fulfill this aspiration and what challenges and opportunities lay ahead for local and international companies.

"More than 100 foreign countries and regions already have investments in some 30,000 local projects in Shanghai," said Mr Lo. "In 2010, the Shanghai World Expo will host 75 million visitors and its success will further underscore Shanghai's status as a leading international city."

Mr Lo highlighted his confidence in the city with the recent launch of Shui On Land Limited, the group's US$1 billion flagship property company featuring its prime developments in Shanghai, namely Taipingqiao and Rainbow City (Rui Hong Xin Cheng).

According to Mr Lo, in order to become a world-class economic, financial, trading and shipping centre, Shanghai will have to follow the lead of international cities such as New York, London and Hong Kong, where the tertiary industry accounts for more than 80% of the economy. Last year, the service sector accounted for only 48.4% of Shanghai's GDP.

"I believe Shanghai will become an international centre well before 2020 if economic restructuring can be carried out effectively," Mr Lo continued. "The process will be extremely challenging and will require determination and vision of the leadership in Shanghai and Beijing."

Presented by the International Herald Tribune, the "IHT Visionaries & Leaders Series" is a dynamic and high-profile programme, designed to honour individuals and institutions from around the globe who are widely recognised for articulating a clear vision and demonstrating outstanding leadership in their given fields.

Other business leaders who have been honoured in the Series have included: Koh Boon Hwee, Chairman of Singapore Airlines; Carlos Ghosn, CEO of Nissan Motors; and Tony Fernandes, Founder of AirAsia, while Mr Lo was himself previously honoured in this way in November 2002.