09:54     UPBEST GROUP<00335> - Announcement & Resumption (1)                 

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the content of this announcement, makes                
    no representation as to its accuracy or completeness and                  
    expressly disclaims and liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any               
    part of the contents of this announcement.                                
                                                                              
    UPBEST GROUP LIMITED                                                      
    (Incorporated in Cayman Islands with limited liability)                   
    (Stock code: 335)                                                         
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    Financial Advisor to Upbest Group Limited                                 
                                                                              
    Upbest Securities Company Limited                                         
                                                                              
    On 25 January 2005, the Group entered into Agreement with                 
    Ms. Lam In Heng relating to the acquisition of Property                   
    located in Macau for a consideration of HK$127.5 million                  
    payable in cash.                                                          
                                                                              
    Ms. Lam In Heng is not a connected person of the Company as               
    defined in the Listing Rules. The Acquisition constitutes                 
    a discloseable transaction for the Company under Chapter 14               
    of the Listing Rules. A circular in connection with the                   
    Acquisition will be dispatched to the shareholders of the                 
    Company as soon as practicable.                                           
                                                                              
    At the request of the Company, the shares of the Company have             
    been suspended from trading on the Stock Exchange at 9:30am               
    on 26 January 2005 pending the release of this announcement.              
    Application has been made for resumption of trading in the                
    shares of the Company on the Stock Exchange from 9:30 a.m.                
    on 28 January 2005.                                                       
                                                                              
    (1)   THE ACQUISITION                                                     
    The Board hereby announces that Mei Wo Real Estate Company                
    Limited, a wholly owned subsidiary of the Company, have                   
    entered into a sales and purchase agreement with Ms. Lam In               
    Heng, dated 25 January 2005 (the "Agreement") to acquire 51               
    various carparking spaces and the whole of the ground floor               
    and 1st floor of Chino Plaza, located in Baia Sul Do Bairro               
    Fai Chi Kei, Lote PS2, Macau (the "Acquisition").                         
                                                                              
    Agreement                                                                 
    Date:                                                                     
    25 January 2005                                                           
                                                                              
    Parties:                                                                  
    Ms. Lam In Heng as the vendor (the "Vendor").                             
                                                                              
    Ms. Lam In Heng is not a connected person of the Company as               
    defined in the Listing Rules. To the best of the Company's                
    knowledge, Ms Lam In Heng does not have any connection with               
    any of the vendors of the two properties in Macau which the               
    Group acquired on 3 January 2005.                                         
                                                                              
    Mei Wo Real Estate Company Limited, a wholly owned subsidiary             
    of the Company, incorporated in Macau on 25 January 2005 with             
    limited liability, as the purchaser (the "Purchaser").                    
                                                                              
    Subject matter of the sale and purchase:                                  
    51 various carparking spaces and the whole of the ground                  
    floor and 1st floor of Chino Plaza, located in Baia Sul Do                
    Bairro Fai Chi Kei, Lote PS2, Macau (the "Property").                     
                                                                              
    Consideration and payment:                                                
    The consideration payable by the Purchaser to the Vendor                  
    under the Agreement is HK$127,500,000. The consideration                  
    payable by Purchaser was determined and agreed between                    
    Purchaser and Vendor on normal commercial terms after arm's               
    length negotiations and represents a discount of                          
    approximately 25% to the estimated market value of Property               
    of HK$170 million which appraised by the Valuer, an                       
    independent professional valuer retained for preparing the                
    valuation, as at 25 January 2005.                                         
                                                                              
    The Board considers that the terms of Agreement are fair and              
    reasonable to the Shareholders as a whole, are on normal                  
    commercial terms and are beneficial to and in the best                    
    interests of the Group and the Shareholders.