Banyan Tree continues to expand its brands in China, India, Greece and the UAE

The Group has also signed land acquisition agreements/MOUs with three different Chinese provincial and municipal governments for resorts sites in Jiuzhaigou, Lhasa and Guilin in China.

Mr Ho KwonPing, Executive Chairman of Banyan Tree said,

"In our continuing expansion efforts, we are pleased to add these exciting destinations to our portfolio. These are extraordinary properties and sites and are a good fit to our strategy of operating a chain of Banyan Tree and Angsana properties in the leading tourist destinations around the world."

Angsana Santorini Axion Esti in Greece
The Group signed a hotel management agreement with TEAV S.A. to establish an Angsana Resort and Spa in Santorini, one of Greece's most spectacular destinations. Located in the Aegean Sea, Santorini is home to an internationally renowned tourist attraction, the famous submerged caldera - a 32-square mile basin of water in Santorini volcano's crater.

Design work on the 84-room resort has commenced and the Angsana Santorini Axion Esti resort is targeted to open in 2009.

Angsana Fujairah in the United Arab Emirates
The Group entered into a Hotel Management Agreement with Damas Hotels Co. LLC. to operate an Angsana Resort and Spa in Fujairah. Located on approximately 5 hectares with a sea front of 130 metres, the Angsana Fujairah Resort and Spa will have a total of 117 rooms. Completion of the resort is targeted in 2009.

Angsana Spa at Sofitel Fizi Haikou, Hainan in China
Under the spa management agreement with the Hainan Golden Bay Condo-Hotel Co., Ltd., Banyan Tree will manage an Angsana Spa at the 304-room Sofitel Haikou. Located at the Yingbin Peninsula on the west coast of Hainan Island, China's southern most province, the Sofitel Fizi has spectacular beachfront views over Qiongzhou Strait and is 30 minutes away from Haikou city centre, and 40 minutes away from Haikou Airport. The Angsana Spa is currently undergoing renovations and is expected to open in first half of 2007 with 13 spa treatment rooms.

Angsana Spa at Prestige Ozone, Whitefield, Bangalore in India
The spa management agreement with Prestige Leisure Resorts Private Limited will see the Group managing an Angsana Spa at the Club House in Prestige Ozone Hagdur Village, KR Puram Hobli, Bangalore South Taluk in India.

Prestige Ozone, just 45 minutes from Bangalore Airport is a residential, commercial, retail and leisure property development project that has transformed the skyline of Bangalore. Located on 2,000 square feet in the Club House, the Angsana Spa will feature 6 spa pavilions and is expected to open in the second half of 2007.

Banyan Tree and Angsana resorts in Jiuzhaigou, Sichuan Province, China
Banyan Tree entered into a land acquisition agreement with The People's Government of Jiuzhaigou, Sichuan Province, for the purpose of developing Banyan Tree and Angsana resorts plus holiday homes in Jiuzhaigou. Under the agreement, these will be developed on approximately 13 to 20 hectares of land while an additional 30 to 60 hectares of land in the area surrounding the resorts will be reserved for future development.

Jiuzhaigou, a UNESCO World Heritage Site since 1992, is famed for its multi-level waterfalls and colorful lakes.

Banyan Tree resort in Lhasa, Tibet, China
The Group signed a land acquisition agreement with the Lhasa Municipal Government in the Autonomous Region of Tibet, to acquire approximately 6 hectares of land to develop a Banyan Tree resort. An additional 13 hectares of surrounding land will be reserved for future development.

Banyan Tree and Angsana resorts in Yangshuo, Guilin, China
A Memorandum of Understanding was signed between Banyan Tree and The People's Government of Yanghshuo, Guilin, to acquire land of approximately 13 to 20 hectares for the development of Banyan Tree and Angsana resorts plus holiday homes in Yangshuo, Guilin.

All these new developments are not expected to have any material financial impact on the Group's earnings and its net tangible assets for 2006.