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MegaBox
NOVO and MEGABOX Signing Ceremony
Jointly Redefine Shopping to Bring the "Future of Living" to Hong Kong

Hong Kong, June 23, 2006 - NOVO Concept Limited and MegaBox Development Co Limited today host an out-of-the-box lease signing ceremony at Pi to unveil a unique, mega and fashionable shopping concept at MegaBox - the largest and ultimate shopping, entertainment and leisure destination in East Kowloon. The ceremony was hosted by Mr Alan Fang, Founder of NOVO Concept and Mr Tom Tong, Executive Director & General Manager, MegaBox Development Co Limited.

NOVO stems from Latin and it represents originality, new and innovation. NOVO concept is a celebration of contemporary fashion, design, technology, art and music where one can formulate one's own interpretation of modern lifestyle. NOVO was founded only in 2003, but has rapidly developed into a fashion group with shops in Beijing, Shanghai and Shenzhen. In 2007, the company is making its debut in Hong Kong by establishing a 35,000-sq-ft flagship in MegaBox. Commanding 1.1 million sq. ft. of totally connected space, MegaBox is an innovative big-box retail concept, presenting customers with unprecedentedly comfortable shopping spaces and many new-to-Hong-Kong retail ventures and novel entertainment and leisure facilities. Dedicated to introducing new shopping experiences to Hong Kong, MegaBox shares a common vision with NOVO ¡V Redefine Shopping.

NOVO is not only a hotspot for chic apparel and accessories, but also a dynamic, energetic and informative environment where one can formulate one's own interpretation of the modern lifestyle. The NOVO Innovation concept, which will apply to its first store in Hong Kong, embraces the modern living, contemporary store design, fashion brands with attitudes, art, music, technology and interactive information. NOVO believes in the freedom of innovation, and that the future is to be created by oneself.

NOVO Innovation has a strong design edge. It plans to introduce many new brands from across the globe. While focusing more on the independent brands with attitudes, NOVO will also bring a balance to the overall fashion theme through the incorporation of renowned fashion brands from many parts of the world. In addition to a collection of global fashion brands, the NOVO store's unique design also includes a venue for activities. It plans to partner with a major music distributor to offer music downloads and live performances. The event space will also be dedicated to the staging of artists' interviews, fan club events, displays, fashion shows and other performances. The concept is to bring innovation to new levels through interactive art and music. NOVO Hong Kong is destined to become the venue for chic events in town.

MegaBox is scheduled to open in the second quarter of 2007. It will bring to Hong Kong a mix of new brands and concept stores, housed in a uniquely designed environment, to enhance the shopping experience.

About NOVO
For more information on NOVO, please visit www.novoconcept.com.cn.

About MegaBox
MegaBox is Hong Kong's first 'TCM' (Totally Connected Modules) Vertical Mega-Mall, a new retail and entertainment hot-spot and the largest shopping landmark in East Kowloon. Ranging over 19 storeys across 1.1 million square feet of totally connected retail space, MegaBox is an innovative big-box retail concept, presenting customers with many new-to-Hong-Kong retail ventures and novel entertainment and leisure facilities. Incorporating Hong Kong's first international size ice rink, MegaBox will also provide a venue for a healthy lifestyle of sporting activities and self-challenge. The mall is scheduled to open in the second quarter of 2007.

This retail project is developed by MegaBox Development Co Limited, a wholly owned subsidiary of Kerry Properties Limited (HKEx: 683).

Press enquiries:
Toppy International Ltd.: Rowen Lau (Tel: 2943 2137)
MegaBox Development Co Limited: Michelle Lam (Tel: 2967 2382) / Caroll Li (Tel: 2318 6910) / Ivy Cheung (Tel: 2967 2382)
t6.communications limited: Veronica Park / Jeannie Ng of t6.communications limited (Tel: 2511 8388)
DianTang: Portia Chung (Tel: 2199 4078)


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