09:26     G-VISION INT'L<00657> - Announcement (2)                            

    The principal business of Homley is property investment. As               
    announced by the Company on 6 May, 2002, the Group entered                
    into a tenancy deed with Homley on 6 May, 2002 with respect to            
    the lease of the Property for a term of three years commencing            
    from 1 May, 2002 at a month rental of HK$250,000 (exclusive of            
    rates and management and air-conditioning fees). The said                 
    lease will expire on 30 April, 2005. As the Group will                    
    continue to operate the restaurant at the Property, the Group             
    has requested and Homley has agreed to a renewal of the lease             
    of the Property.                                                          
                                                                              
    3.   CONTINUING CONNECTED TRANSACTION                                     
    As at the date of this announcement, Golden Toy and Kong Fai              
    held approximately 8.91 per cent. and 61.09 per cent. of the              
    issued share capital of the Company respectively. The entire              
    issued share capital of Golden Toy and Kong Fai are                       
    beneficially owned by two discretionary trusts the objects of             
    which include members of the Cheng Family. As members of the              
    Cheng Family are executive directors of the Company, Homley               
    being a wholly-owned subsidiary of Golden Toy is therefore an             
    associate of such persons and is considered a connected person            
    of the Company under the Listing Rules. Accordingly, the                  
    Transaction constitutes a continuing connected transaction of             
    the Company. However, prior approval of the Shareholders is               
    not required pursuant to Rule 14A.34 of the Listing Rules as              
    the appropriate percentage ratio defined under the Listing                
    Rules for the Transaction is more than 2.5 per cent. but less             
    than 25 per cent. and the aggregate yearly rental in respect              
    of the Property under the Tenancy Deed amounts to less than               
    HK$10,000,000. Details of the Transaction will be included in             
    the annual report and accounts of the Company in accordance               
    with the requirements of Rules 14A.45 and 14A.46 of the                   
    Listing Rules.                                                            
                                                                              
    The Directors (including the independent non-executive                    
    Directors) consider that the terms of the Tenancy Deed have               
    been negotiated on an arm's length basis and on normal                    
    commercial terms which are fair and reasonable and in the                 
    interests of the Shareholders are concerned and are in the                
    interest of the Company.                                                  
                                                                              
    4.   DIRECTORS                                                            
    As at the date hereof, the executive Directors are Mr. Cheng              
    Hop Fai, Mrs. Cheng Kwok Kwan Yuk, Ms. Cheng Pak Ming, Judy,              
    Miss Cheng Pak Man, Anita and Mr. Chan Ming Fai and the                   
    independent non-executive Directors are Mr. Law Toe Ming, Mr.             
    Mark Yiu Tong, William and Ms. Kan Lai Kuen, Alice.                       
                                                                              
    5.   TERMS USED IN THIS ANNOUNCEMENT                                      
    "CCC Restaurant"   City Chiu Chow Restaurant Limited, a                   
    company incorporated in Hong Kong with limited liability and              
    an indirect wholly-owned subsidiary of the Company                        
                                                                              
    "Cheng Family"   Mr. Cheng Hop Fai, Mrs. Cheng Kwok Kwan Yuk,             
    Ms. Cheng Pak Ming, Judy and Miss Cheng Pak Man, Anita, all of            
    whom are executive Directors. Mr. Cheng Hop Fai is the                    
    chairman of the Company. Mrs. Cheng Kwok Kwan Yuk is the                  
    spouse of Mr. Cheng Hop Fai. Ms. Cheng Pak Ming, Judy and Miss            
    Cheng Pak Man, Anita are children of Mr. Cheng Hop Fai and Mrs.           
    Cheng Kwok Kwan Yuk                                                       
                                                                              
    "Company"   G-Vision International (Holdings) Limited                     
                                                                              
    "Directors"   directors of the Company                                    
                                                                              
    "Golden Toy"   Golden Toy Investments Limited, a company                  
    incorporated in the British Virgin Islands                                
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "Homley"   Homley Development Limited, a company incorporated             
    in Hong Kong with limited liability and a wholly-owned                    
    subsidiary of Golden Toy                                                  
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region of              
    the PRC                                                                   
                                                                              
    "Kong Fai"   Kong Fai International Limited, a company                    
    incorporated in the British Virgin Islands                                
                                                                              
    "Listing Rules"   the Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "Property"   Units Nos. G17, 109 to 123, 135 and 136, East                
    Ocean Centre, 98 Granville Road, Kowloon, Hong Kong