09:52     SW KINGSWAY<00188> - Announcement (5)                               

    As at the date of this announcement, the directors of the Company         
    comprise Jonathan Koon Shum Choi as Chairman, William Ka Chung            
    Lam as Chief Executive Officer and Executive Director, Michael            
    Koon Ming Choi, Rebecca Yuk Fung Lau and Patrick Sun as Executive         
    Directors, Michael Wai Chung Wu as Non-Executive Director and             
    Robert Tsai To Sze, Raymond Wai Yung Wu and Stanley Kam Chuen             
    Ko as Independent Non-Executive Directors.                                
                                                                              
    DEFINITIONS                                                               
                                                                              
    "Acquisition"   the acquisition of the Property by the                    
    Purchasers from the Vendor pursuant to the Sale and Purchase              
    Agreements which will be classified as an investment property             
    grouped under fixed assets                                                
                                                                              
    "Board" the board of Directors                                            
                                                                              
    "Company"       SW Kingsway Capital Holdings Limited, a company           
    incorporated in Bermuda with limited liability, the shares of             
    which are listed on the main board of the Stock Exchange                  
                                                                              
    "Consideration" the 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)) for the Acquisition         
                                                                              
    "Director(s)"   the director(s) (including executive directors,           
    non-executive directors and independent non-executive                     
    directors) of the Company                                                 
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "HK$"   Hong Kong dollar, the lawful currency of Hong Kong                
                                                                              
    "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                                                     
                                                                              
    "OBL"   Overseas Billion Limited, an indirect wholly-owned                
    subsidiary of the Company, which is incorporated in Hong Kong             
    with limited liability                                                    
                                                                              
    "PRC"   The People's Republic of China                                    
                                                                              
    "Property"      3rd Floor to 25th Floor (both floors inclusive) of        
    Block E, Ocean Express, B2, North Road, East Third Ring Road,             
    Chayoang District, Beijing, People's Republic of China                    
                                                                              
    "Purchasers"    OBL and WTL (and individually, a "Purchaser")             
                                                                              
    "RMB"   The lawful currency of the PRC                                    
                                                                              
    "Sale and Purchase      the two sale and purchase agreements              
    entered into between the                                                  
      Agreements"   respective Purchaser and the Vendor on 14 April           
    2005 in relation to the Acquisition                                       
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Valuer"        Sallmanns (Far East) Limited                              
                                                                              
    "Vendor"        * (Beijing Lin Da Hua Xia                                 
    Real Estate Development Company Limited), a company incorporated          
    in PRC with limited liability, which and whose ultimate                   
    beneficial owner(s) and their respective associates (as defined           
    in the Listing Rules) are, to the best of the Directors' knowledge,       
    information and belief having made all reasonable enquiry, third          
    parties independent of the Company and its connected persons              
    (as