******************************************************

The following is issued on behalf of the Hong Kong Housing Authority and The Link Management Limited:

(Not for distribution in or into the United States, Canada or Japan)

Peter Wong Tung-shun, Chairman of the board of directors (the "Board") of The Link Management Limited ("The Link Management"), has indicated his intention to resign as Chairman of the Board prior to taking up a position as an executive director of The Hongkong and Shanghai Banking Corporation Limited ("HSBC").

Mr Wong will continue to stay in the Board, as a Non-executive Director, of The Link Management.

Mr Wong has indicated to the Board his intention to resign from his post as Chairman of the Board in light of existing relationships between certain HSBC group companies and The Link REIT managed by The Link Management. HSBC Trustee (Hong Kong) Limited is the trustee of The Link REIT. HSBC and Hang Seng Bank Limited have also agreed to make available to The Link REIT loan facilities of approximately HK$9.2 billion for a term of one year.

As indicated, Mr Wong will step down as Chairman before taking up his new position as executive director, Hong Kong and Mainland China, at HSBC on 1 April 2005. The directors of The Link Management will appoint a new Chairman in due course.

"We congratulate Peter on his appointment at HSBC. We look forward to continuing to work with Peter in his role as a Non-executive Director and to benefiting from his knowledge and experience," said Victor So, Chief Executive Officer and an Executive Director of The Link Management

Disclaimer

This press release is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. The Securities and Futures Commission of Hong Kong, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this press release, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this press release.

Ends/Saturday, December 11, 2004

NNNN