For Immediate Release

Wharf Joins Hands with Greentown China to Develop a Prime Site in Dalian

November 15, 2012, Hong Kong – The Wharf (Holdings) Limited (stock code: 4) today announced that the Group acquired a land parcel in the Zhongshan District of Dalian for a total of RMB 2,028 million through public auction and will jointly develop it into a residential project with Greentown China Holdings Limited (“Greentown”). The parcel commands a total site area of about 85,700 square metres and offers 240,000 square metres of GFA. This translates into an accommodation value of RMB8,450 per square metre. The site will be developed through a joint-venture company, in which Wharf and Greentown takes 60% and 40% stakes respectively. Wharf shall be responsible for the financial and accounting management while Greentown will be the project manager.

Superbly located in the Zhongshan district, the heart of Dalian, the site not only enjoys picturesque scenery in the neighbourhood, but also boasts a well-established transportation network which conveniently connects to two major highways. A well-known business circle and a high-speed rail station are just four kilometres away.

“This is the first residential project bilaterally developed by Wharf and Greentown, further demonstrating the synergies presented through the partnership. Situated at a prime area, the site is of huge potential. Greentown is no strangers to Dalian and the site acquired this time. With Greentown’s experience in developing residential projects in the Mainland, we are confident in this investment”, said Andrew Chow, Vice Chairman of The Wharf (Holdings) Limited.

“Of the total developable area in the site acquired this time, 10% or 24,100 square metres will be developed into public rental housing (公租房). In view of the keen residential demand, public rental housing is considered an important tool to provide additional housing for local residents in China,” It is the first time in Dalian for a land auction to cover both public rental housing and private residential units. The site is planned for a high quality residential development, as well as uplifting the quality of public rental housing.

“With the 10,000 square metres of public facilities in the plan, as well as Greentown’s reputation and track record in developing residential project and public rental housing, this project is set to become a unique and well-equipped residential community in Dalian upon its completion,” added Mr Chow.

Wharf’s other project in Dalian includes Dalian Times Square. At present, the Group owns an attributable land bank of more than 18 million square metres in the Mainland and will continue to look for opportunities for land replenishment.

About The Wharf (Holdings) Limited

Founded in 1886, The Wharf (Holdings) Limited is a listed subsidiary of Wheelock and Company Limited. With prime real estate as Wharf’s primary strategic focus, site acquisition, financing, development planning, design, construction and marketing are its core competencies. Mall management remains its strategic differentiation. Landmarks Harbour City and Times Square form the backbone of its prime real estate in Hong Kong. Wharf’s strategic initiative of Building for Tomorrow in China pre-occupies the Group’s asset expansion program with its medium-term target of increasing its Mainland assets to 50% including an attributable land bank of more than 18 million square metres. The Group now owns or manages 13 hotels in Asia Pacific with 10 new hotels in the pipeline to further expand its scale by 2016. Also contributing to Wharf’s presence in the Mainland are key port assets along the China coast, the most dynamic coast line in the world for cargo movement in the coming decades.

###