10:13     WING ON TRAVEL<01189>& CHINA STRATEGIC<00235>-JA & Resume(9)        

    discloseable transaction of Wing On Travel under the Listing Rules        
                                                                              
    "Last Dealing Date"   25 November 2004, being the last trading day for    
    the Shares and the shares of CSH prior to the suspension of dealings of   
    the Shares and the shares of CSH on the Stock Exchange, pending the       
    issue of this announcement                                                
                                                                              
    "Listing Committee"   the listing sub-committee of the Stock Exchange     
                                                                              
    "Listing Rules"   the Rules Governing the Listing of Securities on the    
    Stock Exchange                                                            
                                                                              
    "Placees"   the placees procured by the Placing Agent under the Placing,  
    all of which will be Independent Third Parties                            
                                                                              
    "Placing"   the placement of 6,000 million existing Shares by the         
    Placing Agent to the Placees at the Placing Price under the Placing       
    Agreements                                                                
                                                                              
    "Placing Agent"   Deutsche Bank AG, Hong Kong Branch, an Independent      
    Third Party corporation licensed to carry on business in types 1, 3, 4,   
    8, 7 regulated activities under the Securities and Futures Ordinance      
    (Chapter 571 of the Laws of Hong Kong)                                    
                                                                              
    "Placing Agreements"   the First Placing Agreement and the Second         
    Placing Agreement                                                         
                                                                              
    "Placing Price"   the placing price of HK$0.028 per Placing Share under   
    the Placing, which is the same as the Subscription Price                  
                                                                              
    "Placing Share(s)"   6,000 million existing Shares to be placed under     
    the Placing                                                               
                                                                              
    "Second Placing Agreement"   the placing agreement dated 30 November      
    2004 between CEL, Wing On Travel and the Placing Agent in respect of the  
    placing of 2,340 million existing Shares and the conditional              
    subscription of 2,340 million new Shares                                  
                                                                              
    "SFO"   Securities and Futures Ordinance Cap. 333                         
                                                                              
    "Share(s)"   share(s) of a nominal value of HK$0.01 each in the capital   
    of Wing On Travel                                                         
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Subscription"   the subscription of 6,000 million new Shares by CEL (or  
    its nominees) under the Placing Agreements                                
                                                                              
    "Subscription Price"   the subscription price of HK$0.028 per             
    Subscription Share under the Subscription, which is the same as the       
    Placing Price                                                             
                                                                              
    "Subscription Share(s)"   6,000 million new Shares to be subscribed by    
    CEL under the Placing Agreements which is equivalent to the number of     
    Placing Shares placed by the Placing Agent                                
                                                                              
    "Wing On Travel"   Wing On Travel (Holdings) Limited, a company           
    incorporated in Bermuda with limited liability and the Shares of which    
    are listed on the Stock Exchange                                          
                                                                              
    "Wing On Travel Group"   Wing On Travel and its subsidiaries              
                                                                              
    "%"   per cent.                                                           
                                                                              
                                                                              
                                                                              
    By Order of the Board of            By Order of the Board of              
    Wing On Travel (Holdings) Limited   China Strategic Holdings Limited      
    Yu Kam Kee, Lawrence, M.B.E., J.P.  Chan Ling, Eva                        
    Chairman                            Executive Director                    
                                                                              
    Hong Kong, 30 November 2004