10:24     CENTURY LEGEND<00079> - Announcement & Resumption (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.                   
                                                                              
                                                                              
    CENTURY LEGEND (HOLDINGS) LIMITED                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 0079)                                                        
                                                                              
    VERY SUBSTANTIAL ACQUISITION                                              
    CONNECTED TRANSACTION                                                     
    AND                                                                       
    RESUMPTION OF TRADING                                                     
                                                                              
    On 9th April, 2005, LNX entered into a legally binding Memorandum of      
    Terms with among others, Keenfull, who is not a connected person of the   
    Company, to acquire a call option in respect of all the shares in         
    Fastpro (which indirectly holds Holiday Inn, Macau) and the rights to     
    manage the Hotel during the Option Period. The Memorandum of Terms is     
    subject to all parties entering into further agreement setting out in     
    detail the terms and conditions for the transaction. Pursuant to the      
    Memorandum of Terms, the Company has on 3rd May, 2005 entered into the    
    Agency Agreement, the Option Agreement and the JV Agreement.              
                                                                              
    LNX is a 50/50 owned joint venture formed with CL Properties, a           
    wholly-owned subsidiary of China Sky which is the controlling             
    shareholder of the Company.                                               
                                                                              
    The formation of a joint venture between the Group and CL Properties for  
     the purpose of entering into the Agency Agreement, the Novation and the  
     JV Agreement constitutes a connected transaction of the Company under    
    the Listing Rules and is subject to the Independent Shareholders'         
    approval (by way of poll) at the Special General Meeting. China Sky and   
    its associates shall abstain from voting on the transactions.             
                                                                              
    The entering into of the Agency Agreement, the Novation and the JV        
    Agreement also constitutes a very substantial acquisition of the Company  
     under the Listing Rules. The Company will issue a circular containing    
    details of the transactions to the Shareholders as soon as possible.      
                                                                              
    Trading in the Shares was suspended from 9:30 a.m. on 11th April, 2005    
    pending the release of this announcement. Application has been made by    
    the Company for the resumption of trading of the Shares on the Stock      
    Exchange with effect from 9:30 a.m. on 9th May, 2005.                     
                                                                              
                                                                              
    INTRODUCTION                                                              
                                                                              
    The Board is pleased to announce that on 9th April, 2005, LNX which is    
    50/50 owned by the Group and China Sky, the controlling shareholder of    
    the Company, entered into a legally binding Memorandum of Terms with,     
    among others, Keenfull, who is not a connected person of the Company, to  
     acquire a call option in respect of all the shares in Fastpro (which     
    indirectly holds Holiday Inn, Macau) and the rights to manage the Hotel   
    during the Option Period. The Memorandum of Terms is subject to all       
    parties entering into further agreement setting out in detail the terms   
    and conditions for the transaction. Pursuant to the Memorandum of Terms,  
     the Company has on 3rd May, 2005 entered into the Agency Agreement, the  
     Option Agreement and the JV Agreement, detailed terms of these           
    agreements are set out below.                                             
                                                                              
    THE AGENCY AGREEMENT                                                      
                                                                              
    Date:   3rd May, 2005                                                     
                                                                              
    Parties:                                                                  
                                                                              
    Principal:   LNX, a joint venture owned as to 50% by CL Properties and    
    50% by HKM, a wholly-owned subsidiary of the Company.                     
                                                                              
    Agent:   CL Properties, a wholly-owned subsidiary of China Sky which is   
    the controlling Shareholder currently holding approximately 37% interest  
     in the Company. China Sky is ultimately beneficially owned as to one     
    third by each of Mr. Samuel Tsang, the executive chairman of the          
    Company, Mr. Tsang Chiu Ching, an executive Director, and Ms. Sylvia      
    Tsang. Ms. Sylvia Tsang is the sister of Mr. Samuel Tsang and Mr. Tsang   
    Chiu Ching.                                                               
                                                                              
    Other parties:   HKM                                                      
                                                                              
    Pursuant to the Agency Agreement, CL Properties was appointed as the      
    agent of LNX to enter into the Option Agreement (as detailed in the       
    paragraph headed "The Option Agreement" below).