MI Developments announces rescheduling of Greenlight Capital appeal hearing

    AURORA, ON, Jan. 9 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A,
MIM.B; NYSE:   MIM) announced today that, due to scheduling conflicts, the
hearing of Greenlight Capital's appeal of the October 2006 Superior Court of
Justice decision in favour of MID and certain of its current and former
directors and officers has been rescheduled to the week of April 21, 2008. The
appeal was originally scheduled to be heard in late January 2008.
    MID continues to consider Greenlight's oppression claim to be without
merit and, together with the other respondents, will vigorously defend against
the appeal.

    About MID

    MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also holds a controlling investment in Magna
Entertainment Corp., North America's number one owner and operator of horse
racetracks, based on revenue, and among the world's leading suppliers, via
simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.

For further information:

For further information: Richard Crofts, Executive Vice-President,
Corporate Development, General Counsel and Secretary at (905) 726-7505

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