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Swire Pacific Limited

Press Release

25th November, 1996


For immediate release

JW MARRIOTT HOTEL HONG KONG

Swire Properties Limited has today entered into an agreement for the sale of 80.0% of its equity interest in Queensway Hotel Limited ("Queensway"), which owns the JW Marriott Hotel in Hong Kong at Pacific Place. The purchaser is Chishore Enterprise Inc. ("Chishore") which is 65.0% owned by Hotel Nikko Hong Kong Limited ("Nikko") and 35.0% by Recosia Pte Limited ("Recosia"). Recosia is wholly owned by the Government of Singapore. Asean Resourses Holdings Limited ("Asean") and CDL Hotels International Limited ("CDL") own 95.45% of Nikko. An initial deposit has been paid and the balance of the purchase consideration will be paid on completion of the agreement, which will take place within three months.

The JW Marriott Hotel Hong Kong is managed by Marriott Hong Kong Limited to 5-star hotel standards on a long-term contract. It has a gross floor area of 551,806 sq. ft., comprising 604 guest rooms, 4 restaurants, a ballroom, extensive lounge areas and a full range of guest facilities.

Mr. Keith Kerr, Managing Director of Swire Properties, said, "We look forward to working with CDL, Asean and Recosia in partnership with Marriott and building on the undoubted success which this hotel has already achieved. Swire Properties intends to retain its 20.0% interest in Queensway as a long-term invesetment in line with its 20.0% interest in each of the companies owning the Conrad International and Island Shangri-La Hotels in Pacific Place."



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