09:38     WORLD HOUSEWARE<00713> - Announcement (1)                           

    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its          
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    WORLD HOUSEWARE (HOLDINGS) LIMITED                                        
    (Incorporated in the Cayman Islands with limited liability)               
    (Stock Code: 713)                                                         
                                                                              
    Discloseable Transaction: Disposal Of A Property                          
                                                                              
    The Board announces that on 24 March 2005, the Vendor a wholly owned      
    subsidiary of the Company had entered into the Provisional Agreement for  
    Sale and Purchase with an independent third party Purchaser whereby the   
    Vendor agreed to sell and the Purchaser agreed to purchase the Property   
    at an aggregate consideration of HK$12,300,000.                           
                                                                              
    The Disposal of the Property constitutes a discloseable transaction of    
    the Company under Chapter 14 of the Listing Rules.                        
                                                                              
    The Company will send a circular containing, among other things, the      
    details of the Disposal to the Shareholders as soon as practicable.       
                                                                              
    The Agreement                                                             
                                                                              
    Date                                                                      
                                                                              
    24 March 2005                                                             
                                                                              
    Parties                                                                   
                                                                              
    (a)        The Vendor; and                                                
                                                                              
    (b)        The Purchaser                                                  
                                                                              
    Subject matter of the Agreement                                           
                                                                              
    Pursuant to the Agreement, the Vendor agreed to sell and the Purchaser    
    agreed to purchase the Property subject to the following terms:           
                                                                              
    (a)        The Date of Completion of the Agreement shall be on or before  
    18 May 2005; and                                                          
                                                                              
    (b)        Vacant possession of the Property shall be given to the        
    Purchaser on the Date of Completion; and                                  
                                                                              
    (c)        The Vendor shall repay all outstanding mortgage loan in        
    respect of the Property on the Date of Completion.                        
                                                                              
    Property                                                                  
                                                                              
    The Property comprising the Flat and the Car Parking Space is situated    
    at No.1 Beacon Hill Road, Kowloon, Hong Kong. The Property is currently   
    vacant. The total saleable floor area of the Flat is approximately 1,384  
    square feet. The Flat and the Car Parking Space were acquired by the      
    Vendor in March 2003 and in September 2004 respectively at an aggregate   
    consideration (together with relevant costs) of approximately             
    HK$8,578,000 and the carrying value (including sales agent commission)    
    of the Property as at 24 March 2005 was approximately HK$8,966,000.       
                                                                              
    Consideration                                                             
                                                                              
    The consideration for the Disposal is HK$12,300,000 which shall be paid   
    by the Purchaser to the Vendor in the following manner:                   
                                                                              
    (a)        A deposit of HK$500,000 has been paid to the Vendor upon the   
    signing of the Provisional Agreement; and                                 
                                                                              
    (b)        A further deposit of HK$730,000 shall be paid upon signing of  
    the Formal Agreement for sale and purchase on or before 7 April 2005;     
    and                                                                       
                                                                              
    (c)        The remaining balance of HK$11,070,000 shall be paid on the    
    Date of Completion.                                                       
                                                                              
    If the Purchaser shall fail to complete on the Date of Completion all     
    the deposits paid by the Purchaser shall be forfeited by the Vendor who   
    may resell the Property to other party and any deficiency in price        
    arising from such resale shall be recovered from the Purchaser as         
    liquidated damages. If the Vendor shall fail to complete the Property     
    all deposits shall be returned to the Purchaser who may recover from the  
    Vendor such further damages over and above the deposits as the Purchaser  
    may substain.