09:51     SW KINGSWAY<00188> - Announcement (2)                               

    A circular containing, among others, further details of the               
    Acquisition together with the valuation report of the Property            
    prepared by the Valuer will be dispatched to the shareholders             
    of the Company as soon as practicable.                                    
                                                                              
    INTRODUCTION                                                              
                                                                              
    The Board announces that the Purchasers, two indirect                     
    wholly-owned subsidiaries of the Company, entered into the Sale           
    and Purchase Agreements with the Vendor on 14 April 2005 in               
    relation to the Acquisition for an aggregate consideration of             
    RMB236,182,869 (equivalent to approximately HK$222,898,140                
    (based upon the exchange rate at 1.0596 as at 13 April 2005)).            
                                                                              
    SALE AND PURCHASE AGREEMENTS                                              
                                                                              
    (1)     Date:                                                             
                                                                              
    14 April 2005                                                             
                                                                              
    (2)     Parties:                                                          
                                                                              
    Vendor: * (Beijing Lin Da Hua Xia                                         
    Real Estate Development Company Limited). To the best of the              
    Directors' knowledge, information and belief having made all              
    reasonable enquiry, the Vendor and its ultimate beneficial                
    owner(s) and their respective associates (as defined in the               
    Listing Rules) are third parties independent of the Company and           
    its connected persons (as defined in the Listing Rules).                  
                                                                              
    The Company has been informed by the Vendor that the Vendor is            
    engaged in property investments.                                          
                                                                              
    Purchasers:     Overseas Billion Limited, an indirect wholly-owned        
    subsidiary of the Company; and                                            
                                                                              
    Well Talent Limited, an indirect wholly-owned subsidiary of the           
    Company.                                                                  
                                                                              
    (3)     Property:                                                         
                                                                              
    3rd Floor to 25th Floor (both floors inclusive) of Block E, Ocean         
    Express, B2, North Road, East Third Ring Road, Chaoyang District,         
    Beijing, People's Republic of China, a new residential property           
    in the Ocean Express complex which is being developed by                  
    Sino-Ocean Real Estate Development Co. Ltd. The Property                  
    produces no current source of revenue and is scheduled to be              
    completed on or before 31 October 2005.                                   
                                                                              
    Overseas Billion Limited shall acquire the 3rd Floor to the 12th          
    Floor (both floors inclusive) of the Property occupying a total           
    gross floor area of 10,727.30 square meter.                               
                                                                              
    Well Talent Limited shall acquire the 13th Floor to the 25th              
    Floor (both floors inclusive) of the Property occupying a total           
    gross floor area of 9,459.27 square meter.                                
                                                                              
    (4)     Completion:                                                       
                                                                              
    On or before 31 October 2005.                                             
                                                                              
    (5)     Consideration:                                                    
                                                                              
    The aggregate Consideration is RMB236,182,869 (equivalent to              
    approximately HK$222,898,140 (based upon the exchange rate at             
    1.0596 as at 13 April 2005)) which has been or will be paid by            
    the Purchasers to the Vendor in cash in the following manner:-            
                                                                              
    (i)     An aggregate of RMB12,000,000 (equivalent to