10:16     WANG ON GROUP<01222> - Announcement (2)                             

        At the date of this announcement, the sum of HK$500,000 as            
    described in (i) above has already been paid by Longable.                 
                                                                              
    Other term  :  The Property is to be sold to Longable free of             
    encumbrances.                                                             
                                                                              
    Pursuant to the Provisional Agreement, the parties shall enter into a     
    formal sale and purchase agreement in respect of the Acquisition on or    
    before 1 February 2005.                                                   
                                                                              
    REASONS FOR THE ACQUISITION                                               
                                                                              
    The Group is principally engaged in the management and sub-licensing of   
    Chinese wet markets, shopping centres and car parks, as well as in        
    property development and investment in Hong Kong. In addition, the        
    Group also has interests in the pharmaceutical business through its       
    investments in Wai Yuen Tong Medicine Holdings Limited, a company         
    listed on the Stock Exchange. Given the fact that the Group has           
    property investment business, the Directors consider that the             
    Acquisition enables the Group to further expand its property portfolio    
    in Hong Kong.                                                             
                                                                              
    The consideration for the Acquisition will be funded by the Group's       
    internal resources.                                                       
                                                                              
    INFORMATION OF YIELD LAND                                                 
                                                                              
    Yield Land is a limited company incorporated in Hong Kong. To the best    
    knowledge of the Directors, Yield Land is principally engaged in          
    trading and its ultimate beneficial owner are independent third parties   
    not being connected persons (as defined in the Listing Rules) of the      
    Company.                                                                  
                                                                              
    GENERAL                                                                   
                                                                              
    The Acquisition constitutes a discloseable transaction of the Company     
    pursuant to Rule 14.06(2) of the Listing Rules. A circular containing,    
    amongst other things, further information relating to the Provisional     
    Agreement, the Property and the Acquisition will be despatched to the     
    Shareholders as soon as practicable.                                      
                                                                              
    As at the date of this announcement, the Board comprises of three         
    executive Directors, namely Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Mr.    
    Chan Chun Hong, Thomas, and four independent non-executive Directors,     
    namely Dr. Lee Peng Fei, Allen, Mr. Wong Chun, Justein, Dr. Siu Yim       
    Kwan, Sidney and Mr. Siu Kam Chau.                                        
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following terms have the following meanings:    
                                                                              
    "Acquisition"  the acquisition of the Property pursuant to the terms of   
    the Provisional Agreement                                                 
                                                                              
    "Board"  the board of Directors                                           
                                                                              
    "Company"  Wang On Group Limited, a company incorporated in Bermuda and   
    the shares of which are listed on the Stock Exchange                      
                                                                              
    "Directors"  the directors of the Company                                 
                                                                              
    "Group"  the Company and its subsidiaries                                 
                                                                              
    "Hong Kong"  the Hong Kong Special Administrative Region of the           
    People's Republic of China                                                
                                                                              
    "Listing Rules"  the Rules Governing the Listing of Securities on the     
    Stock Exchange                                                            
                                                                              
    "Longable"  Longable Limited, a limited company incorporated in Hong      
    Kong and a wholly owned subsidiary of the Company                         
                                                                              
    "Property"  Shop 6, G/F, Grandeur Garden, Nos. 14-18 Chik Fai Street,     
    Nos. 55-65 Tai Wai Road, Shatin, New Territories, Hong Kong               
                                                                              
    "Provisional Agreement"  the provisional sale and purchase agreement      
    entered into between Longable and Yield Land on 25 January 2005 in        
    respect of the Acquisition                                                
                                                                              
    "Shareholders"  holders of the shares of HK$0.10 each in the issued       
    share capital of the Company                                              
                                                                              
    "Stock Exchange"  The Stock Exchange of Hong Kong Limited