10:24     CHINA VELOCITY<00149>-Announcement&Resumption of Trading(5)         

    Property Co., Ltd., a sino-foreign co-operative joint venture             
    established in the PRC in 1992, which is owned as to 75% by Eventic       
    and 25% by * Guangzhou Haizhu City                                        
    Construction Development Co., an Independent Third Party                  
                                                                              
    "Listing Rules"        the Rules Governing the Listing of Securities      
    on the Stock Exchange of Hong Kong Limited                                
                                                                              
    "More Cash"        More Cash Limited, a company incorporated in the       
    BVI and subject to the disposal under the First Agreement, a              
    subsidiary of the Vendor                                                  
                                                                              
    "PRC"        The People's Republic of China                               
                                                                              
    "Property"        the development site of Paul Y. Plaza, Jiangnanda       
    Road and Changgangzhong Road, Haizhu District, Guangzhou, the PRC         
                                                                              
    "Purchaser"        Always Rich Resources Inc, a company incorporated      
    in the BVI and an Independent Third Party                                 
                                                                              
    "RMB"        Renminbi, the lawful currency of PRC                         
                                                                              
    "Sale Loans"        loans of HK$77,120 owing by More Cash and             
    HK$565,586,823 owing by Eventic respectively to the Vendor as at 31       
    March 2005                                                                
                                                                              
    "Sale Shares"        60 ordinary shares of US$1.00 each in the share      
    capital of More Cash, representing 60% of the entire issued share         
    capital of More Cash                                                      
                                                                              
    "SFO"        Securities and Futures Ordinance (Chapter 571 of the Laws    
    of Hong Kong)                                                             
                                                                              
    "Shares"        ordinary share(s) of US$0.02 in the share capital of      
    the Company                                                               
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "US$"        United States Dollars, the lawful currency of the United     
    States of America                                                         
                                                                              
    "Vendor"        Hongkong Macau (International) Limited, a company         
    incorporated in the BVI and a wholly owned subsidiary of the Company      
                                                                              
    As at the date of this announcement, the Board comprises:                 
                                                                              
    Executive Directors:        Independent Non-executive Directors:          
    Chan Yeung Nam                  Tang Cheung Fai                           
    Fu Jie Pin                      Lam Ping Cheung                           
                                    Jee Wengue                                
                                                                              
            By Order of the Board                                             
            China Velocity Group Limited                                      
            Chan Yeung Nam                                                    
            Chairman                                                          
                                                                              
    11 May 2005 Hong Kong                                                     
                                                                              
    (*For the Chinese names, please refer to the press announcement.)