09:51     SW KINGSWAY<00188> - Announcement (3)                               

    approximately HK$11,325,028 (based upon the exchange rate at              
    1.0596 as at 13 April 2005)) has been paid by the Purchasers              
    as an initial deposit and part payment of the Consideration on            
    14 April 2005.                                                            
                                                                              
    (ii)    An aggregate of RMB47,045,717 (equivalent to                      
    approximately HK$44,399,507 (based upon the exchange rate at              
    1.0596 as at 13 April 2005)) (item (i) and item (ii) collectively,        
    representing 25% of the Consideration) will be paid by the                
    Purchasers as a further deposit and part payment of the                   
    Consideration within 40 days upon signing of the Sale and                 
    Purchase Agreements.                                                      
                                                                              
    (iii)   An aggregate of RMB59,045,717 (equivalent to                      
    approximately HK$55,724,535 (based upon the exchange rate at              
    1.0596 as at 13 April 2005)), representing 25% of the                     
    Consideration, will be paid by the Purchasers as a further                
    deposit and part payment of the Consideration within 80 days              
    upon signing of the Sale and Purchase Agreements.                         
                                                                              
    (iv)    An aggregate of RMB94,473,148 (equivalent to                      
    approximately HK$89,159,256 (based upon the exchange rate at              
    1.0596 as at 13 April 2005)), representing 40% of the                     
    Consideration, will be paid by the Purchasers as a further                
    deposit and part payment of the Consideration within 120 days             
    upon signing of the Sale and Purchase Agreements.                         
                                                                              
    (v)     The balance of the Consideration in the sum of RMB23,618,287      
    (equivalent to approximately HK$22,289,814 (based upon the                
    exchange rate at 1.0596 as at 13 April 2005)) will be paid within         
    3 days after completion of the Acquisition.                               
                                                                              
    The Company plans to finance the Acquisition up to 50% of the             
    Consideration by bank mortgage loan and the remaining balance             
    of the Consideration by internal resources of the Group. The              
    Company is negotiating with various banks as to the terms to              
    be offered by them for such banking facilities (including the             
    securities required), which terms have not been agreed as of              
    the date of this announcement. It is expected that such banking           
    facilities will be secured by a legal charge on the Property.             
                                                                              
    The Property was valued at RMB 242,000,000 (equivalent to                 
    approximately HK$228,388,070 (based upon the exchange rate at             
    1.0596 as at 13 April 2005)) as at 31 March 2005 by the Valuer,           
    an independent valuer. The basis of the valuation of the Property         
    is the estimated amount for which a property should exchange              
    on the date of valuation between a willing buyer and a willing            
    seller in an arm's-length transaction after proper marketing              
    wherein the parties had each acted knowledgeable, prudently and           
    without compulsion.                                                       
                                                                              
    The Consideration was arrived at after arms length negotiation            
    with the Vendor after taking into account the valuation of the            
    property provided by the Valuer.                                          
                                                                              
    (6)     Conditions:                                                       
                                                                              
    Completion of the Acquisition is conditional upon the consent             
    or approval as required under the Listing Rules or such other             
    regulatory requirements being obtained where applicable.                  
                                                                              
    In the event that the Purchasers are not able to complete the             
    Acquisition (other than due to the Vendor's default in whole              
    or in part), all deposits paid by the Purchasers will be forfeited        
    to the Vendor, whereupon none of the parties thereto will have            
    any further claims against each other.