Singapore, September 24, 2002 - CapitaLand (China) has acquired a 62 per cent stake in Beijing Ruihua Development Co., Ltd, which owns a prime residential site in Chaoyang District, Beijing, for S$6 million (RMB 28.4 million). Through a share transfer agreement signed with Beijing Huakai Property Development Co., Ltd and Hengrui Development Co., Ltd today, CapitaLand China will hold the majority stake, while the two original owners of Beijing Ruihua Development will retain the remaining 38 per cent. The consideration of RMB 28.4 million values the whole residential site at approximately S$110 million (RMB 520 million). About 1,450 units can be built on the 57,600 square metre condominium development site at No. 43 Xiao Guan Bei Li, Chaoyang District, Beijing. Located in the Asian Games Village and Olympic Green, the choice residential site will enjoy a good view of the Beijing 2008 Olympics venue. The site is also conveniently located near the proposed Beitucheng Dong Road MRT station. The site has a standard tenure of 70 years. This transaction is subject to approval by the relevant Chinese authorities. President and CEO Mr Liew Mun Leong said, China remains an important market for CapitaLand. We have built a significant presence in Shanghai and looking ahead, Beijing is the next gateway city where we will strengthen our real estate development and hospitality businesses. In the meantime, we are honoured to have received approval for the incorporation of CapitaLand (China) Investment Co., Ltd, which will further facilitate our operations in China. CapitaLand Groups existing projects in China include the recently topped-out Raffles City Shanghai, comprising a grade A office tower and a retail podium. The Groups hospitality businesses include serviced residences in Beijing and Shanghai, and two hotels in Beijing and Dalian. Its property services arm, PREMAS, has also recently launched a joint venture with US management consultant Cushman & Wakefield to form Cushman & Wakefield PREMAS, which is expected to be a leading property services company in Shanghai. CapitaLands residential projects in China include the fully-sold Chrysanthemum Park Phase 1 in Shanghai, and Phase 2 of the residential project (called Summit Panorama), which is about 95 per cent sold. Phase 3, called Summit Residences, is likely to be launched soon. In addition, CapitaLand China has in its pipeline a prime 28,000 sqm site in Xuhui District in Shanghai. The site, conveniently located near the Xujiahui shopping and commercial hub, will be developed into a quality 800-unit condominium. The company also owns a 108,011 sqm site in Changning District in Shanghai, where 2,000 residential units are expected to be built. The acquisition is not expected to have a material impact on the net tangible assets or earnings per share for CapitaLand for the current financial year ending December 31, 2002. None of the directors or controlling shareholders of CapitaLand has any interest, direct or indirect, in the above transaction. About CapitaLand CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company has property and property-related services focused in select gateway cities in China, Australia and the UK. The Companys hospitality businesses, in hotels and serviced residences, span more than 50 cities around the world. Its business interests cover commercial and industrial buildings, residential properties, property funds, real estate financials and property services, besides hotels and serviced residences. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services. Given its scale, scope of services and geographic spread, the companys core assets are its people a strong international management team and a dedicated, professional staff. The Company believes in developing the best people to deliver the best products and services; in other words, building people who build for people.