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Ifyouareinanydoubtastoanyaspectofthiscircularorastotheactiontobetaken,youshouldconsultyourstockbrokerorotherregistereddealerinsecurities,bankmanager,solicitor,professionalaccountantorotherprofessionaladvisers.IfyouhavesoldortransferredallyoursharesinHopsonDevelopmentHoldingsLimited,youshouldatoncehandthiscirculartothepurchaserortothebank,stockbrokerorotheragentthroughwhomthesalewaseffectedfortransmissiontothepurchaser.TheStockExchangeofHongKongLimitedtakesnoresponsibilityforthecontentsofthiscircular,makesnorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimsanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthiscircular.Thiscircularisforinformationpurposesonlyanddoesnotconstituteanofferorinvitationtosubscribefororpurchaseanysecurities,norisitcalculatedtoinviteanysuchofferorinvitation.(IncorporatedinBermudawithlimitedliability)(StockCode:754)DISCLOSEABLETRANSACTIONAletterfromtheChairmanofHopsonDevelopmentHoldingsLimitedissetoutonpages3to8ofthiscircular.*ForidentificationpurposesonlyTHISDOCUMENTISIMPORTANTANDREQUIRESYOURIMMEDIATEATTENTION23April2008Page1.DEFINITIONS....................................................................12.LETTERFROMTHECHAIRMANA.INTRODUCTION..........................................................3B.THETRANSACTION......................................................4C.REASONSFORTHETRANSACTION.......................................7D.DISCLOSEABLETRANSACTION..........................................7E.EFFECTOFTHETRANSACTIONONTHEEARNINGS,ASSETSANDLIABILITIESOFTHEGROUP......................................8F.FURTHERINFORMATION.................................................8G.DIRECTORS..............................................................8APPENDIX—GENERALINFORMATION..........................................9CONTENTS–i–Inthiscircular,unlessthecontextrequiresotherwise,thefollowingtermshavethecorrespondingdefinitionslistedbelow:‘‘BeijingHopsonBeifang’’北京合生北方房地產開發有限公司(BeijingHopsonBeifangRealEstateDevelopmentLimited),acompanyestablishedinthePRCandanindirectwholly-ownedsubsidiaryoftheCompany‘‘BeijingHopsonLuZhou’’北京合生綠洲房地產開發有限公司(BeijingHopsonLuZhouRealEstateDevelopmentLimited),acompanyestablishedinthePRCandanindirectwholly-ownedsubsidiaryoftheCompany‘‘BeijingLandBureau’’北京市國土資源局(BeijingStateLandResourcesBureau)‘‘BeijingLandCentre’’北京市土地整理儲備中心通洲區分中心(BeijingTuDiZhengLiChuBeiZhongXin,TongZhouDistrictBranch)‘‘Company’’HopsonDevelopmentHoldingsLimited,acompanyincorporatedinBermudawithlimitedliabilityandwhosesharesarelistedontheMainBoardoftheStockExchange‘‘Development’’thefirstclasslanddevelopment(土地一級開發)oftheLand‘‘Directors’’thedirectorsoftheCompany‘‘Group’’theCompanyanditssubsidiaries‘‘HK$’’HongKongdollars‘‘HongKong’’theHongKongSpecialAdministrativeRegionofthePRC‘‘Land’’apieceoflandsituatedat中國北京市通洲區永順鎮喬莊村(QiaoZhuangVillage,YongShunTown,TongZhouDistrict,Beijing,PRC)‘‘LandTransferContract’’北京市國有土地使用權出讓合同(ContractforthetransferofthelanduserightofState-ownedlandoftheBeijingMunicipal)inrespectoftheLandtobeenteredintobetweenBeijingHopsonBeifang,BeijingHopsonLuZhouandBeijingLandBureau‘‘LandTransferPrice’’RMB1,740,000,000(equivalenttoapproximatelyHK$1,870,967,742),beingthepriceforthetransferoflanduserightinrespectofLandundertheLandTransferContract‘‘LatestPracticableDate’’17April2008,beingthelatestpracticabledatepriortotheprintingofthiscircularforascertainingcertaininformationcontainedinthiscircular‘‘ListingRules’’theRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimitedDEFINITIONS–1–‘‘PRC’’thePeople’sRepublicofChina‘‘Reimbursement’’thesumofRMB493,178,100(equivalenttoapproximatelyHK$530,299,032)payablebyBeijingHopsonBeifangandBeijingHopsonLuZhoutoBeijingLandCentreundertheReimbursementAgreement‘‘ReimbursementAgreement’’土地開發建設補償協議(AgreementforReimbursementofLandDevelopment)dated2April2008andenteredintobetweenBeijingHopsonBeifang,BeijingHopsonLuZhouandBeijingLandCentre‘‘RMB’’Renminbi‘‘Shareholders’’shareholdersoftheCompany‘‘StockExchange’’TheStockExchangeofHongKongLimited‘‘Transaction’’thetransactionscontemplatedundertheLandTransferContractandtheReimbursementAgreementForillustrativepurposeofthisannouncement,RMB0.93=HK$1.DEFINITIONS–2–(IncorporatedinBermudawithlimitedliability)(StockCode:754)website::CHUMangYee(Chairman)XIANGBinAUWaiKinCHENChangYingXIAOYanXiaZHAOHaiXUEHuNon-executiveDirector:SHAFRAN,StevenIndependentNon-executiveDirectors:YUENPakYiu,PhilipLEETsungHei,DavidWONGShingKay,OliverHeadandPrincipalOffice:Suites3305-330933/F,JardineHouse1ConnaughtPlaceCentralHongKongRegisteredOffice:ClarendonHouse2ChurchStreetHamiltonHM11Bermuda23April2008TotheShareholdersDearSirandMadam,DISCLOSEABLETRANSACTIONA.INTRODUCTIONItwasannouncedbytheCompanyon2April2008thattheGroupmadeasuccessfulbidforthelanduserightoftheLandon19February2008.On2April2008,theGroupenteredintotheReimbursementAgreementwithBeijingLandCentre,pursuanttowhichtheGroupagreedtoreimburseBeijingLandCentrefort