News Release

Shui On Land and Cisco to Build World-Class Digital Communities in China

Strategic Relationship to Extend Technology Applications in Quality Property Projects
Nov 16, 2006

SHANGHAI, November 16, 2006 - Shui On Land Limited (HKSE: 0272), a leading property developer in the Chinese Mainland, and Cisco Systems International BV today announced they intend to work together to build world-class digital communities in China by applying the Cisco Connected Real Estate (CCRE) solutions. Under the Memorandum of Understanding (MOU), which sets forth a comprehensive set of desired collaborative goals, Shui On Land and Cisco intend to first collaborate at the Knowledge and Innovation Community (KIC) project, one of Shui On Land's developments in Shanghai.

This project, with its objective to foster innovation through technological and educational development, will help fulfil the Shanghai municipal government's mission to rejuvenate the Yangpu district, where KIC is located. The collaboration will be extended to Shui On Land's other quality property projects in China, subject to the needs of each project and the results of individual feasibility studies.

"This strategic cooperation is another important step toward building a digital community at KIC. Shui On Land seeks to work jointly with the best international partners, like Cisco, to strengthen its technological edge in enhancing communities in the PRC," said Vincent H.S. Lo, Chairman and CEO of Shui On Land.

Shui On Land and Cisco plan to work together to establish a Digital Experience Show Suite at the KIC site to showcase the CCRE solutions that have been introduced for the first time in the PRC real estate industry. Visitors to the Show Suite will be able to experience advanced interactive communications over a network featuring industry-leading security. Highlights of the featured technology include Cisco Unified Advantage, wireless LAN, IP Telephone, and IP surveillance solutions.

"We are very pleased to have the opportunity to forge a strategic relationship with real estate leader Shui On Land for the development of KIC in Shanghai, China," said Owen Chan, President, Cisco Asia Pacific. "We are confident that our state-of-the-art CCRE solutions will help Shui On Land make the vision of digital communities in China a reality."

About Shui On Land

Headquartered in Shanghai, Shui On Land (HKSE: 0272) is the flagship property company of the Shui On Group in the Chinese Mainland. Shui On Land has a proven track record in developing large-scale, mixed-used city-core development projects and integrated residential development projects. With access to over 8.1 million square metres of gross floor areas, open areas and other public facilities, the Company currently has six projects in various stages of development in the city centres of Shanghai, Chongqing, Wuhan and Hangzhou. The Company was listed on The Stock Exchange of Hong Kong on 4 October 2006.