Shanghai, 22 April 2004 - PricewaterhouseCoopers today signed a lease to occupy all ten floors of Shui On Group's newly completed Corporate Avenue Two in Shanghai. Adjacent to the internationally acclaimed Shanghai Xintiandi in the city centre, the Grade A office tower has a gross floor area of more than 15,000 square metres. As the company enjoys naming rights to the new office building, it will be named the PricewaterhouseCoopers Center.

"We are delighted to be moving into this modern yet classic building and we are honoured that it will be named after the company," said a PricewaterhouseCoopers' representative. "The attractive working environment here will not only help increase our staff's efficiency, but also enhance our corporate image and long-term development. China plays an increasingly important role in the global economy and our move into Corporate Avenue Two reflects our commitment to increasing our resources in China as well as our aspiration to grow with the economy."

PricewaterhouseCoopers is a leading professional services provider in China with a staff of 6,000 in the Chinese Mainland, Hong Kong and Macau. In Shanghai alone, they have more than 1,000 employees.

PricewaterhouseCoopers Center is one of two office towers in the first phase of Shui On's Corporate Avenue. Completed at end of 2003, the two buildings have a combined gross floor area of 78,000 square metres and over 70% of the office space has already been leased to tenants representing some of the world's leading companies. Linked by a podium which features high end retail space, both buildings recall the Art Deco style that is characteristic of Shanghai's architecture in the 1930s. Offering the latest "smart" building facilities and international standard property management services, Corporate Avenue is developed for multinational companies in Shanghai.

Corporate Avenue is part of Shui On's Taipingqiao Redevelopment Project, which also includes Shanghai Xintiandi and luxury residential developments. In the centre of the whole development is the 44,000-square-metre Taipingqiao Lake and Park. With a site area of 180,000 square metres and a gross floor area of 560,000 square metres, Corporate Avenue is destined to become the core of the Luwan business district in downtown Shanghai. It is just one block south of the prestigious Huai Hai Zhong Road and is close to the intersection of Shanghai's major urban freeways. It is also a short walk from the Huangpi Nan Road metro station as well as the planned metro station on Tibet Road on the M8 line.

"With China's accession to the World Trade Organisation and the World Expo 2010 in Shanghai, local and international companies alike are expanding their business in the Chinese Mainland, boosting demand for high quality Grade A office space," said Vincent H. S. Lo, Chairman and CEO of Shui On Group. "We are speeding up the development of our Taipingqiao project to meet the fast growing demand for quality office, residential and commercial space in Shanghai."

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NOTES TO EDITORS

About Shui On Group
Shui On Group, the lead developer of Shanghai Xintiandi, was founded in Hong Kong in 1971 by Mr. Vincent H.S. Lo. Through the years he has built Shui On from a small construction company into a diversified group engaged in property development, construction and construction materials with interests in Hong Kong, the Chinese Mainland and North America.

About Taipingqiao Redevelopment Project
Taipingqiao - A city core development project encompassing 52 hectares (128.5 acres) of mixed commercial and residential developments in the heart of Shanghai, blending together the architecture and charm of Old Shanghai with fully modern features and facilities. The main components of this project are: