Singapore, 3 March 2003 - CapitaLand China sees a strong growth potential in China, barring unforeseen circumstances, due to several factors including a strong GDP, continued foreign direct investment flow, increased government spending ahead of the 2008 Olympics and the World Expo 2010, and the huge domestic travel market which will increase internal vibrancy.

In 2002, earnings from CapitaLand Chinas residential operations was S$66 million in 2002, against S$26 million in 2001. Said Lim Ming Yan, CEO of CapitaLand China, The Company anticipates significant contributions to its earnings in 2003 as a result of the release of our remaining phases of Summit Residences and the anticipated launch of our Xuhui and Changning sites in Shanghai. For the first time, there will be a property launch in Beijing.

This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.