Firm Value

EXHIBIT 1

FEASIBILITY ANALYSIS OF CITIC TOWER II

Estimate of Construction Costs

“HardC

2.OtherConstructionCosts: | | | |

a.Basement,say | 5,000 | 4,000 | 20,000,000 |

b.Other2 | | | 0 |

| | Subtotal$: | 839,000,000 |

Add: | | | |

3.Contingency,say | 4%ofestimatedcosts | | 33,560,000 |

FEASIBILITY ANALYSIS OF CITIC TOWER II (CONTINUED)

| PROCUREMENTPHASE | | (ALLx$1000) |

| Att=0:Yearooo2 | Yearooo2 | Yearooo3 |

PROCUREMENT PHASE | | | |

Land purchase (including transaction costs) | 1,000,000 | | |

Design and construction | | 528,000 | 370,000 |

Leasinars2-3):$ | 1,598,488 | |

| | | |

EXHIBIT 2

GRADE A OFFICE RENTAL AND CAPITAL VALUE INDICES

Indices

1989=100

Year | Qtr | Price | Rental |

1986 | 1 | 26 | 36 |

N | 2 | 26 | 38 |

N | 3 | 30 | 39 |

N | 4 | 30 | 45 |

1987 | 1 | 38 | 48 |

N | 2 | 39 | 48 |

N | 3 | 44 | 57 |

N | 4 | 42 | 61 |

1988 | 1 | 44 | 58 |

N | 2 | 51 | 56 |

N | 3 | 66 | 63 |

|

N | 4 | 102 | 106 |

1990 | 1 | 107 | 105 |

N | 2 | 87 | 102 |

N | 3 | 86 | 100 |

N | 4 | 101 | 99 |

1991 | 1 | 85 | 96 |

N | 2 | 84 | 91 |

N | 3 | 95 | 90 |

N | 4 | 101 | 93 |

1992 | 1 | 109 | 93 |

N | 2 | 123 | 96 |

N | 3 | 132 | 97 |

N | 4 | 138 | 100 |

1993 | 1 | 146 | 102 |

N | 2 | 149 | 105 |

N | 3 | 155 | 111 |

N | 4 | 169 | 114 |

1994 | 1 | 208 | 123 |

N | 2 | 232 | 134 |

N | 3 | 228 | 141 |

N | 4 | 226 | 145 |

1995 | 1 | 206 | 144 |

N | 2 | 193 | 136 |

N | 3 | 176 | 133 |

N | 4 | 171 | 124 |

1996 | 1 | 184 | 114 |

N | 2 | 182 | 111 |

N | 3 | 174 | 111 |

N | 4 | 202 | 111 |

1997 | 1 | 220 | 113 |

N | 2 | 223 | 115 |

N | 3 | 204 | 117 |

N | 4 | 191 | 118 |

1998 | 1 | 161 | 115 |

N | 2 | 146 | 108 |

N | 3 | 104 | 97 |

N | 4 | 99 | 87 |

1999 | 1 | 98.4 | 108.2 |

N | 2 | 100.2 | 99.1 |

N | 3 | 102.0 | 96.4 |

N | 4 | 99.3 | 96.3 |

2000 | 1 | 97.8 | 96.9 |

N | 2 | 94.5 | 100.5 |

N | 3 | 88.0 |...