Acquisition of 45.7% Interest in Hua Li Holdings Pte Ltd by CPL

In accordance with Clause 704(15)(c) of the Listing Manual, we announce that the Companyaas wholly-owned subsidiary Centrepoint Properties Ltd has acquired a 45.7% interest in Hua Li Holdings Pte Ltd ("Hua Li"), incorporated in Singapore.

The consideration for the 45.7% interest in the equity and shareholders' advances in respect of Hua Li was US$9.92 million (S$17.2 million), arrived at through negotiation on a willing buyer willing seller basis, taking into account the net asset value of Hua Li. The consideration will be met from internal resources.

The principal activity of Hua Li is investment holding. Hua Li holds a 70% interest in the registered share capital of Shanghai Hua Li Real Estate Development Co Ltd ("SHL"), a company incorporated in PRC. SHL is the owner of 10,013 sq. m. of vacant land at Chengdu Road Plot 24, Luwan District, Shanghai, PRC. After development, and subject to finalisation of design details, the property will comprise about 72 residential units, 120 serviced apartment units, a club house facility and 6,000 sq. m. of retail space.

The transaction is not expected to have any material effect on the net tangible asset per share or earnings per share of the Company for the current financial year.

None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transaction.

Submitted by I A MacLean, Director/Company Secretary on 25/7/2002 to the SGX