29-Mar-2000

[HONG KONG, March 29, 2000] Hutchsion Port Holdings has made a breakthrough agreement with the Shanghai Port Authority, Shanghai Industrial Investment and COSCO Pacific on further developing Wai Gao Qiao terminal with the signing in Shanghai today of a joint venture agreement on the managing of Phase I of the Wai Gao Qiao development.

The honorary guests at the signing ceremony were Mr. Chen Liang Yu, Executive Deputy Mayor of Shanghai; Mr. Han Zheng, Deputy Mayor of Shanghai; Mr. Wu Nian Zu, Secretary-General of the Shanghai Municipal Government; Mr. Lu Hai Ku, Chairman of the Shanghai Port Authority; Mr. Cai Mei Yi, Deputy Chairman of the Shanghai Port Authority; Mr. Cai Lai Xing, Chairman and President of Shanghai Industrial Investment; Mr. Zhuo Fu Min, Vice President of Shanghai Industrial Investment; Mr. Dong Jiu Feng, Chairman of COSCO Pacific; Mr. Shi Qin, Managing Director of COSCO Pacific; Mr. Li Ka-shing, Chairman of Hutchison Whampoa; Mr. Canning Fok, Group Managing Director of Hutchison Whampoa; Mr. John Meredith, Group Managing Director of Hutchison Port Holdings and Mr. James Tsien, Executive Director of Hutchison Port Holdings.

Mr. Li Ka-shing said that following the signing of a Memorandum of Understanding in 1998, there has been greater co-operation between the Hutchison Whampoa Group and the Shanghai Municipal Government.

“Since 1998, we have co-operated with Shanghai on a much larger scale and in greater depth. I believe there will be a better future, particularly through our efforts to develop Shanghai into an international port and trading center,” said Mr. Li Ka-shing.

Today’s joint venture project on development of Phase I of Wai Gao Qiao port is waiting for final approval by the Central Government.