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Tuesday 9 November 12:41 PM

HK Bourse: Release from China Everbright Tech On Price Move -3

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. 
CHINA EVERBRIGHT TECHNOLOGY LIMITED
*
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 256) 
DISCLOSEABLE TRANSACTION - DISPOSAL OF PROPERTY 
On 5 November 2004, Wisdom Power Property Limited, a
wholly-owned subsidiary of the Company, entered into a
preliminary sale and purchase agreement with an independent
third party to dispose the property at 39/F., Far East
Finance Centre, 16 Harcourt Road, Hong Kong at the
consideration of HK$92,888,600. 
The disposal constitutes a discloseable transaction of the
Company under the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited. A circular
containing details of the disposal will be sent to the
shareholders of the Company as soon as possible. 
The Board has noted the recent increases in the price and
the trading volume of the shares of the Company and wishes
to state that save as disclosed in this announcement, it
is not aware of any reasons for such increases. 
SUSPENSION AND RESUMPTION OF TRADING
At the request of the Company, trading in the Shares on the
Stock Exchange was suspended with effect from 15:05 p.m.
on 5 November 2004 pending the release of this announcement.
Application has been made by the Company to the Stock
Exchange for resumption of trading in the Shares with effect
from 9:30 a.m. on 9 November 2004. 
THE PRELIMINARY SALE AND PURCHASE AGREEMENT
Date:   5 November 2004 
Parties: 
(1)     Vendor
Wisdom Power Property Limited ("Wisdom Power"), a
wholly-owned subsidiary of China Everbright Technology
Limited (the "Company", and together with its subsidiaries,
the "Group");

(2)     Purchaser
New Asia Investment Limited or its nominees to the best of
the knowledge, information and belief of the directors of
the Company and having made all reasonable enquiries, the
principal business activity of the Purchaser is property
investment; and

(3)     Estate Agent
AG Wilkinson & Associates, whose principal activity is real
estate agency.

The Company confirms that to the best of its knowledge,
information and belief having made all reasonable enquiry,
New Asia Investment Limited or its nominees, AG Wilkinson
& Associates and their respective ultimate beneficial
owners are not connected persons of the Company (as defined
in Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the "Listing



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  November 08, 2004 20:41 ET (01:41 GMT)


DJ HK Bourse: Release from China Everbright Tech On Price Move -2


Rules") and are independent third party not connected with
the Company and its connected persons (as defined in the
Listing Rules)).

Property to be sold:
A property with a gross floor area of approximately 10,800
square feet at 39/F., Far East Finance Centre, 16 Harcourt
Road, Hong Kong (the "Property") held by the Group. It was
used as the principal place of business of the Company until
22 September 2004 and has been vacant since then.

Consideration:
The consideration of HK$92,888,600 was agreed after arm's
length negotiations with reference between the Vendor and
the Purchaser by reference to the recent market value of
comparable properties and no professional valuation has
been made the Vendor for the purpose of the sale.

The consideration shall be payable in cash as follows:

(i)     an initial deposit of HK$3,000,000 was paid on the
signing of the preliminary sale and purchase agreement;

(ii)    a further deposit of HK$6,288,860 will be paid on the
signing of the formal sale and purchase agreement on or
before 15 November 2004; and

(iii)   the balance of HK$83,599,740 will be paid on
completion of the sale and purchase on or before 31 January
2005.

A commission of HK$464,443 is payable by Wisdom Power to
AG Wilkinson & Associates before 31 January 2005.

The Property was acquired by Wisdom Power in 1997 and the
cost of the Property as carried to 31 December 2003 was
HK$107,232,426. The book value of the Property as at 31
December 2003 was HK$57,894,894. The loss on disposal of
the Property based on the cost as carried to 31 December
2003 is HK$14,343,826 while the profit based on the book
value as at 31 December 2003 is HK$34,993,706. The Property
was revalued on 31 December 2003 by Chung, Chan & Associates,
an independent professionally qualified valuers at
HK$63,800,000 on an open market, existing use basis.

Formal agreement:
A formal sale and purchase agreement is expected to be
entered into by New Asia Investment Limited or its nominees
and Wisdom Power on or before 15 November 2004. The
preliminary sale and purchase agreement constitutes a
legally binding contract between the Vendor and the
Purchaser on the terms thereof.

Completion:
Completion of the sale and purchase of the Property is
scheduled to take place on or before 31 January 2005. The
Vendor shall deliver vacant possession of the Property to
the Purchaser upon completion of sale and purchase of the
Property.

REASON FOR THE PROPERTY DISPOSAL
In view of the current property market conditions in Hong
Kong, the board of directors (the "Board") of the Company
considers that the disposal of the Property is in the
interests of the Company and the shareholders as a whole.
The sale proceeds will be used for general working capital
purposes of the



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  November 08, 2004 20:41 ET (01:41 GMT)


DJ HK Bourse: Release from China Everbright Tech On Price Move -3


Group.

GENERAL
The Group is engaged in watches and timepieces manufacturing
and distribution business, timber business, property
development and property investment.

The directors of the Company are of the view that the
disposal of the Property is on normal commercial terms which
are fair and reasonable and is in the interest of the Company
and its shareholders as a whole.

The disposal constitutes a discloseable transaction of the
Company under the Listing Rules. A circular containing
details of the disposal will be sent to the shareholders
of the Company as soon as possible.

STATEMENT MADE PURSUANT TO RULE 13.10
This statement is made at the request of the Stock Exchange
of Hong Kong Limited.

The Board has noted the recent increases in the price and
the trading volume of the shares of the Company and wishes
to state that save as disclosed above, it is not aware of
any reasons for such increases and the Board also confirms
that there are no negotiations or agreements relating to
intended acquisitions or realizations which are
discloseable under Rule 13.23, neither is the Board aware
of any matter discloseable under the general obligation
imposed by Rule 13.09, which is or may be of a
price-sensitive nature.

SUSPENSION AND RESUMPTION OF TRADING
At the request of the Company, trading in the Shares on the
Stock Exchange was suspended with effect from 15:05 p.m.
on 5 November 2004 pending the release of this announcement.
Application has been made by the Company to the Stock
Exchange for resumption of trading in the Shares with effect
from 9:30 a.m. on 9 November 2004.

Made by the order of the Board of the Company, the Directors
of which individually and jointly accept responsibility for
the accuracy of this statement.

Source: Stock Exchange of Hong Kong

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