10:29     VISION CENTURY<00535>-Announcement&Resumption of Trading(2)         

    Company. However, this Proposal is made solely by F&N and independently   
    of the Ascendas group. Following the Proposal, if completed, F&N's        
    shareholding in the Company will increase to more than 30%. F&N will      
    apply for a waiver of the obligation to make a general offer pursuant     
    to Rule 26.1 of the Takeovers Code and the Proposal is conditional on,    
    among other things, such waiver being granted to F&N.                     
                                                                              
    By virtue of Rule 14A.17 of the Listing Rules, the Proposal will          
    constitute a connected transaction for the Company and is required to     
    be made conditional on the approval by the independent shareholders of    
    the Company passed at a special general meeting to be held.               
                                                                              
    If the Proposal is proceeded with, Dr. Han Cheng Fong, Mr. Goh Yong       
    Chian, Patrick and Mr. Hui Choon Kit, each being a director or an         
    alternate director of the Company and a director or employee of F&N,      
    will abstain from voting in respect of the Proposal. F&N and its          
    associates are required to abstain from voting in respect of the          
    resolution to be proposed at the general meeting of the Company to        
    approve the Proposal.                                                     
                                                                              
    However, discussion relating to the Proposal is at a very preliminary     
    stage, and the Company is evaluating the Proposal. No decision has been   
    made and the Proposal may or may not proceed.                             
                                                                              
    Brief particulars of the two property development projects in Shanghai    
    which are subject of the Proposal are as follows:                         
                                                                              
    (A)   Property 1 is located at Shanghai city, PRC with a site area of     
    about 1.4 hectares; and                                                   
                                                                              
    (B)   Property 2 comprises two pieces of land located in the suburban     
    area of Shanghai, PRC with a total site area of about 70 hectares.        
                                                                              
    The Ascendas group has no interest, whatsoever, in the abovementioned     
    property projects.                                                        
                                                                              
    Save as disclosed herein, the board of directors of the Company           
    ("Board") confirms that there are no other negotiations or agreements     
    relating to intended acquisitions or realizations which are               
    discloseable under Rule 13.23 of the Listing Rules; neither is the        
    Board aware of any matter discloseable under the general obligation       
    imposed by Rule 13.09 of the Listing Rules, which is or may be of a       
    price-sensitive nature.                                                   
                                                                              
    Shareholders of the Company and potential investors are advised to        
    exercise caution when dealing in the shares of the Company.               
                                                                              
    Trading in the shares of the Company was suspended at the request of      
    the Company with effect from 9:30 am on 6 May 2005 pending the release    
    of this announcement. An application has been made by the Company to      
    the Stock Exchange for the trading in its shares to resume from 9:30 am   
    on 12 May 2005 following the publication of this announcement.            
                                                                              
    As at the date hereof, the Board comprises one executive director,        
    namely Mr. Ang Ah Lay; five non-executive directors, namely Dr. Han       
    Cheng Fong (whose alternate is Mr. Hui Choon Kit), Ms. Chong Siak Ching   
    (whose alternate is Mr. Goh Kok Huat), Mr. Goh Yong Chian, Patrick, Mr.   
    Lew Syn Pau (whose alternate is Mr. Goh Toh Sim) and Ms. Wang Poey        
    Foon, Angela; and three independent non-executive directors, namely Mr.   
    Alan Howard Smith, J.P., Mr. Kwong Che Keung, Gordon and Mr. Hui Chiu     
    Chung, J.P..                                                              
                                                                              
    By Order of the Board                                                     
    Vision Century Corporation Limited                                        
    Ang Ah Lay                                                                
    Executive Director and Chief Executive Officer                            
                                                                              
    Hong Kong, 11 May 2005                                                    
                                                                              
    The Directors of the Company jointly and severally accept full            
    responsibility for the accuracy of information contained in this          
    announcement and confirm, having made all reasonable enquiries, that to   
    the best of their knowledge, opinions expressed in this announcement      
    have been arrived at after due and careful consideration and there are    
    no other facts not contained in this announcement, the omission of        
    which would make any statement in this announcement misleading.