09:58     CHINA VELOCITY<00149> - Announcement (3)                            

    "Purchaser"        China Land Holdings Limited, a company incorporated    
    in the BVI and a wholly owned subsidiary of the Company;                  
                                                                              
    "Renowed"        Renowed Holdings Limited, a company incorporated in      
    the BVI and wholly owned by the Vendor                                    
                                                                              
    "Sale Loan"        the shareholder loan of HK$47,340,992.20 owed by       
    Renowed to the Vendor based on the unaudited management account of        
    Renowed as at 31 December 2004. The loan is unsecured, interest free      
    and repayable on demand                                                   
                                                                              
    "Sale Shares"        one Share beneficially owned by the Vendor,          
    representing the entire issued share capital of Renowed                   
                                                                              
    "Shares"        shares of US$1.00 each in the capital of Renowed          
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Superwide"        Superwide Development Limited, a company               
    incorporated in the BVI and, a wholly owned subsidiary of Renowed         
                                                                              
    "Vendor"        Ms. Liang Yun, an Independent Third Party                 
                                                                              
    As at the date of this announcement, the Board comprises:                 
                                                                              
    Executive Directors:        Independent Non-executive                     
              Directors:                                                      
    Chan Yeung Nam        Tang Cheung Fai                                     
    Fu Jie Pin        Lam Ping Cheung                                         
            Jee Wengue                                                        
                                                                              
            By Order of the Board                                             
            China Velocity Group Limited                                      
            Chan Yeung Nam                                                    
            Chairman                                                          
                                                                              
    7 April 2005 Hong Kong