Lease Agreement Signed

Hong Kong Land Hldgs Ld
30 October 2001

JPMORGAN SIGNS LEASE FOR HONGKONG LAND'S NEWEST PROPERTY IN CENTRAL

30th October 2001 - Hongkong Land and JPMorgan have signed a 10-year lease for
207,000 sq. ft of office space at Hongkong Land's newest building in Central.

The property, previously known by the site address '11 Chater Road', has now
been officially named Chater House in recognition of the outstanding
contribution of Sir Paul Chater, the co-founder of Hongkong Land and the 
'founder' of the Central business district.

The commitment by JPMorgan represents more than half of the total office area
in Chater House, and is the largest office lease signed in Hong Kong in recent
years.  The monthly rental exceeds HK$60 per sq. ft per month, and a six-month
rent-free period is included in the lease to allow JPMorgan to fit-out the
premises from 'shell and core'.

At the signing ceremony today, Hongkong Land's Chief Executive, Nicholas
Sallnow-Smith, said that the signing is a statement of confidence in Hong
Kong's Central business district, and in Hong Kong as a regional financial
centre.

'It is most encouraging to see JPMorgan taking a positive lead by making a
major commitment of this size and term, and we thank them for their ongoing
commitment to Hongkong Land.  It is a tribute to the quality of Chater House
and its location at the heart of Central,' Mr Sallnow-Smith said.

JPMorgan's Chairman Asia Pacific Ralph Parks said, 'As a group, JPMorgan has
had a long standing relationship with Hongkong Land stretching back many
years.  With the new Chater House office space, we will be able to consolidate
most of our business areas located in Central following our recent mergers,
and position them at the heart of the business district. The 'shell and core'
concept allows us to tailor-make the 11 floors together with Hongkong Land so
that they exactly suit our banking and communications needs.  JPMorgan and its
predecessor firms have had a presence in Hong Kong since 1924, and the city
remains a vital part of our China business.'

Commenting on the transaction, Hongkong Land's Executive Director, Raymond
Chow, said, 'JPMorgan's willingness to commit to a 10-year lease indicates
their confidence in Hongkong Land's ability to deliver the high level of
service they require over the decade ahead.  For JPMorgan, the signing of this
lease solves the bank's need to find contiguous space in a prime location that
suits its sophisticated needs.  For Hongkong Land it establishes a major
anchor tenant in Chater House that now sees both retail and office space over
50% committed, and it frees up space in our other properties that are
currently 97% occupied, which will enable other tenants to expand.'

Mr Chow explained that the various elements of JPMorgan are currently located
in two of Hongkong Land's other buildings in Central - 120,000 sq. ft in
Jardine House and 80,000 sq. ft in Exchange Square.  'We will take back
JPMorgan's existing space in the first half of 2003 following their move to
Chater House, and have it refurbished and ready for new tenants to occupy by
the middle of the year.  This gives us plenty of lead time to negotiate with
suitable tenants.'  Mr Chow further indicated that 80% of the 120,000 sq. ft
at Jardine House is already firmly under offer.

Hongkong Land is a leading property and infrastructure investment, management
and development group.  The Company owns and manages some 5 million sq. ft of
prime office and retail space in the heart of Hong Kong's Central business
district.  It is active primarily in the Hong Kong SAR, Mainland China and
Singapore, and has a portfolio of property and infrastructure interests in
other Asian cities.  Hongkong Land employs some 600 people, has its primary
share listing in London, and at end of 2000, reported shareholders' funds in
excess of US$6 billion. The Company is a member of the Jardine Matheson Group.

With over 7,500 employees in 15 countries around Asia Pacific, JPMorgan has an
unparalleled client base and leadership across the spectrum of financial
products.  Products and services offered in the region include investment
banking, risk management & trading, institutional equities, treasury &
securities services, investment management, private banking, private equity
and e-finance.  Main offices in Hong Kong and Tokyo are complemented by a
strong regional footprint with offices in all major financial centres.  The
firm has had an uninterrupted presence in Asia Pacific since the 1920s.

                                   - end -

For further information, please contact:


Hongkong Land Limited                                           (852) 2842 8222
Helen Chiu

Matheson & Co. Limited                                        (44) 20 7816 8135
Martin Henderson

Golin/Harris Forrest                                            (852) 2501 7937
Adrian Overholser

Golin/Harris Ludgate                                          (44) 20 7324 8888
Richard Hews


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www.hkland.com.