Goodman signs MOU to develop premier business and logistics hub in China

BEIJING, May 19, 2010 - Goodman Group (Goodman or the Group) today announced that it has signed a
Memorandum of Understanding (MOU) with the Langfang Municipal Government to
participate in the development of a premier business and logistics hub for
the greater Beijing-Tianjin area in northern China.

The key points relating to the MOU are:

    -- Significant mixed use development project over five square kilometres,
       which is expected to be delivered over the next seven years
    -- Goodman will participate as co-ordinator and master planner for the
       project and will take a fee for service role
    -- Goodman expects to generate fee income over the life of the project
       and will also consider making further investments for itself and its
       investment partners in the development of logistics and business park
       product on the site on a case by case basis

Over the next seven years Goodman will work jointly with its affiliates
to develop a five square kilometre parcel of land into an international
standard, environmentally friendly mixed use business park. This will consist
of offices and modern logistics facilities and will be co-located with
residential housing and associated amenities to create a sustainable
community.

Mr Greg Goodman, Goodman Group CEO said, "As the strategic partner of
Langfang and the master planner of the park, Goodman will use its worldwide
expertise in business park development, master planning and property
management to develop a comprehensive and sustainable logistics and business
hub to cater to the needs of modern day business. It will also provide
tremendous opportunities for local job creation."

"Goodman will draw upon its global partners to introduce international
investors and banking groups to provide full scale financing support. This
provides the Group important access to development land in a capital
efficient manner and allows Goodman to promote the project and development in
China to international customers," he added.

Langfang occupies a key position between Beijing and Tianjin and is
within the Hebei Province. Its proximity to transportation networks including
rail, airports and road underscores its importance as a logistics hub. Often
called "China's Silicon Valley", Langfang is set to further benefit from
plans for a high-speed railway link between Shanghai and Beijing, with the
travelling time between Beijing and Langfang reduced to 10-15 minutes.
Extensions to the Beijing ring road network will further enhance Langfang's
ability to support continued economic growth in northern China.

The MOU with Goodman will strengthen the delivery of international best
practice in project development, planning, sustainability and logistics
management in China. It signifies a concrete step towards enhancing the
expansion of the local property development and logistics industry. Goodman's
approach to sustainability was one of the key factors which attracted the
Langfang Government to Goodman as they considered the Group to be well
positioned to help them deliver on their vision of creating a model
sustainable city.

Goodman's Chief Executive Officer, Greg Goodman said, "This announcement,
which has been made possible through the strength of our cooperation with the
China Investment Corporation (CIC), marks an important step in the continued
development of our Asian business and is a further indication of our growing
and long-term commitment to the China market. Goodman expects to generate fee
income over the life of the project and will also consider further
investments for itself and its investment partners in the development of
logistics and business park product at the site on a case by case basis."

The MOU builds on Goodman's successful track record in Greater China,
where it manages a total portfolio value of around US$1.6 billion in the key
logistics hubs of Pearl River Delta, Yangtze River Delta and Bohai Rim
Regions.

About Goodman (ASX: GMG)

Please visit: www.goodman.com

    For further information, please contact:

     Greg Goodman
     Group Chief Executive Officer
     Tel: +61-2-9230-7400

     Philip Pearce
     Managing Director, Greater China
     Tel: +852-2249-3100

Greg Goodman, Group Chief Executive Officer, Tel: +61-2-9230-7400, or Philip Pearce, Managing Director, Greater China, Tel: +852-2249-3100