09:34     WANG ON GROUP<01222> - Announcement (1)                             

    The Stock Exchange of Hong Kong Limited takes no responsibility           
    for the contents of this announcement, makes no representation            
    as to its accuracy or completeness and expressly disclaims any            
    liability whatsoever for any loss howsoever arising from or in            
    reliance upon the whole or any part of the contents of this               
    announcement.                                                             
                                                                              
    WANG ON GROUP LIMITED                                                     
    (Stock Code: 1222)                                                        
    (incorporated in Bermuda with limited liability)                          
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
    ACQUISITION OF PROPERTY                                                   
                                                                              
    On 15 April 2005, Smart First Investment Limited, an indirect             
    wholly-owned subsidiary of the Company, entered into the                  
    Agreement with the Vendor, an Independent Third Party to acquire          
    the Property for a consideration of HK$15,750,000.                        
                                                                              
    The Acquisition contemplated under the Agreement constitutes              
    a discloseable transaction of the Company under the Listing Rules.        
    A circular containing details of the Acquisition will be sent             
    to shareholders of the Company as soon as possible.                       
                                                                              
    THE AGREEMENT                                                             
                                                                              
    Date of execution       :       15 April 2005                             
                                                                              
    Parties :       Purchaser:      Smart First Investment Limited, a         
    property holding company and an indirect wholly-owned subsidiary          
    of the Company; and                                                       
                                                                              
                    Vendor: An individual who, to the best of knowledge and   
    belief of the Directors, is an Independent Third Party.                   
                                                                              
    Property        :       Address:        The ground, first and second      
    floors and                                                                
    rooftop of 68 San Hong Street, Sheung Shui, Hong Kong.                    
                                                                              
                    Gross floor     The ground floor is for commercial        
                areas and   use and has a gross floor area of                 
                uses:       approximately 1,000 square feet.                  
                                                                              
    The first floor is for residential use and has a gross floor              
    area of approximately 900 square feet.                                    
    The second floor is for residential use and has a gross floor             
    area of approximately 900 square feet.                                    
    The rooftop is for residential use and has a gross floor area             
    of approximately 900 square feet.                                         
                                                                              
    Consideration   :       The consideration of HK$15,750,000 was            
    agreed after arm's length negotiations between the Vendor and             
    the Purchaser by reference to the current market value of                 
    properties for commercial and residential uses in the market              
    in the adjacent areas and was/shall be payable (as applicable)            
    in cash as follows:                                                       
                                                                              
    (i)     HK$450,000 after the signing of the Agreement;                    
                                                                              
    (ii)    HK$1,125,000 on the signing of the formal agreement for           
    sale and purchase on or before 28 April 2005; and                         
                                                                              
    (iii)   the balance of HK$14,175,000 upon completion on or before         
    28 June 2005.                                                             
                                                                              
    To the best of the Directors' knowledge, information and belief           
    having made all reasonable enquiry, the Vendor is an Independent          
    Third Party who is independent and not being a connected person           
    of the Company.