TNAG-1715-FCO40-2395-Hong-Kong-leading-personality-Sir-Yue-Kong-Pao--businessman-1988 — Page 3

Both the townhouse development at No. 6 Peel Rise, the Peak and the

Fullview Court 296 unit development project in North Point which had been

pre-sold were completed.

The performance of International City Holdings Limited (50% owned) has been

satisfactory. The 46 residential units and 69 carparks comprising Phase II

of Cavendish Heights, which had been pre-sold, were completed. City Garden

Hotel, which has been pre-sold, is expected to be completed before the year

Construction work is proceeding satisfactorily on Belvedere Garden,

Phase II (60% owned by ICH). This 2880 residential unit development is

scheduled for completion during the latter part of 1989 with sales planned

to commence later this year.

Reclamation and foundation work is

end.

progressing according to plan

for the Belvedere Garden, Phase III project

with the 2296 residential units scheduled for completion during the latter

part of 1990.

All

residential and industrial

investment properties are fully let and

investment properties continue

apart from Greenview Court, all commercial

to be substantially let.

Hongkong Hilton Hotel

The profit generated by the hotel was ahead of last year with both

2