Re Launch of Tender Offer

Hong Kong Land Hldgs Ld
23 November 2000


  HONGKONG LAND LAUNCHES TENDER OFFER TO REPURCHASE SHARES

23rd  November  2000  - Hongkong Land Holdings  Limited  today
announced  that  it intended to enhance the Company's  capital
structure through a Tender Offer for the repurchase of part of
its   outstanding   share   capital.    The   proposals   give
shareholders  the choice to sell shares at a  premium  to  the
market  price or to increase their proportionate stake in  the
Company by retaining their shares.

Tenders will be invited in the range of US$1.87 to US$2.20 per
share.  The price range represents a premium of up to 14.6 per
cent.  over  the closing price of the shares on the  Singapore
Stock  Exchange on 22nd November 2000.  The Tender Offer  will
be  for up to   260 million shares (representing approximately
10  per cent. of the Company's issued share capital). If fully
subscribed, this will result in the Company returning  between
US$486 million and US$572 million to shareholders.

Background

Hongkong   Land's  core  business,  the  Hong   Kong   Central
commercial  property market, is recovering  strongly.   Demand
for  office and retail space is high but new supply is limited
and  is  expected  to  remain so  over  the  next  two  years.
Occupancy in Hongkong Land's Central office portfolio  exceeds
97 per cent.

Market  rents  in  Hong Kong Central have risen  rapidly  this
year,  although inherent time lags in the rent reversion cycle
mean  that  Hongkong  Land will not have  positive  reversions
until  mid 2001.  Nevertheless it is expected that this strong
rental growth will result in an increase in the capital values
of  Hongkong Land's Central properties when they are  measured
at the year end.

Hongkong  Land  has  traditionally maintained  a  conservative
financial structure.  As at 30th June 2000, net debt  amounted
to  approximately  13 per cent. of shareholders'  funds.   The
Board  of  Hongkong Land considers that it  would  be  in  the
interests  of shareholders to increase this level  of  gearing
through  a  reduction  in capital whilst leaving  the  Company
still  strongly  financed and well able to  pursue  attractive
property and infrastructure investment opportunities.

The proposed tender will enhance net asset value per share and
create a more efficient capital structure for the Company that
will enhance future investment returns to shareholders.

The  Company  therefore considers the benefits of  the  Tender
Offer to be as follows:

*  it  creates a more efficient capital structure  for  the
   Company while maintaining a strong balance sheet;

*  it  will  enhance  net  asset value  per  share  without
   impacting the current dividend policy; and

*  it gives shareholders the choice either to sell Shares at
   a  premium to the recent market price or to increase  their
   proportionate  share  in  the Company  by  retaining  their
   holdings.

Further Terms

The Tender Offer will close on 21st December 2000.

Full  details  of the Tender Offer, including  the  terms  and
conditions  on  which  it is being made,  are  set  out  in  a
circular which will be posted to shareholders on 24th November
2000.

The  Tender  Offer is available to all registered shareholders
with  registered addresses outside Canada, Japan, Malaysia  or
South  Africa.   In addition, the Tender Offer  will  also  be
available  to  depositors  holding  shares  through  the   CDP
scripless system in Singapore.  Holders of American Depositary
Shares  will be required to withdraw the relevant Shares  from
the US Depositary in order to participate in the Tender Offer.

Jardine Strategic

The  Directors  have  been  informed  that  Jardine  Strategic
Holdings  Limited  has no present intention of  tendering  its
shares  under  the Tender Offer in respect of its  holding  of
approximately  887.3 million shares representing approximately
34.2  per  cent.  of  the currently issued  share  capital  of
Hongkong Land.

If  the  full  260  million  shares are  repurchased,  Jardine
Strategic's  shareholding in Hongkong Land would  increase  to
approximately  38  per  cent. of the  currently  issued  share
capital of the Company.

The Group

Hongkong Land owns and manages some 5 million sq. ft of  prime
office  and  retail space in the heart of Hong Kong's  Central
business  district.   The Group also manages  a  portfolio  of
property and infrastructure in Asia and is currently active in
the Hong Kong SAR, Mainland China, Singapore, the Philippines,
Vietnam and Indonesia.

                               
For further information, please contact:

Hongkong Land Limited          
Nicholas Sallnow-Smith                       (852) 2842 8401
 
Matheson & Co. Limited                                      
Martin Henderson                           (44) 207 816 8135                  
                                        
Golin/Harris Forrest                                        
David Dodwell                                (852) 2501 7902
                                                            
Golin/Harris Ludgate                                        
Richard Hews                               (44) 207 253 2252


This  and other Company announcements can be accessed  through
the Internet at 'www.hkland.com'.