Warrants 2000/2001 in Fraser & Neave Holdings Berhad

Hong Kong (5th March, 2001) - Hing Kong Holdings Ltd (stock code: 535, "Hing Kong") announced today after its Special General Meeting that it has passed a shareholders' resolution to change its name to Vision Century Corporation Ltd ("Vision Century" or "the Company").

CyberCity Holdings Ltd ("CyberCity"), Ascendas Land International Pte Ltd ("Ascendas") and Fraser and Neave Ltd ("F&N"), through their newly formed consortium, Vision Century Ltd ("VCL"), held 53.3% of Vision Century following the completion of acquisition of shares from China Travel International Investment Hong Kong Limited on 5th February 2001. A general offer ("GO") is being made by VCL to acquire all the shares and warrants of Vision Century at HK$1.0 per share and HK$0.01 per warrant. The closing date for the GO will be 6th March 2001, on which an announcement will be made on the new shareholding of VCL in Vision Century.

The new name, Vision Century, will signify the repositioning of the company to focus on three key areas: 1) business parks and facilities; 2) e-infrastructure services and support; and 3) property developments.

Dr Jiang Xiaoming, Simon, Chairman of Vision Century, and Chairman and Chief Executive Officer of CyberCity Holdings Ltd, said, "The partners share a common vision for Vision Century to provide China with full-service business parks in strategically located areas and full-scale hi-tech infrastructure. We aim to create a Pan-China network of business parks with integrated facilities and services. The CyberCity Shenzhen Science Park will be developed to become the flagship of Vision Century's business park network in China," he added.

Quality e-infrastructured space and facilities including systems integration and technical services, customer relationship management (CRM) services and a high level of operational support, will be provided to customers of the Shenzhen science park.

Ms Chong Siak Ching, Deputy Chairman of Vision Century and President and the Chief Executive Officer of Ascendas said, "Ascendas looks forward to contributing towards this venture with our proven track record in the development, management and marketing of science parks, business and high-tech parks in the region."

"We believe that China has great potential and there is a growing demand for business real estate infrastructure of the type in which Ascendas has been successful. The fast growth of technology-related industries in China reflects this confidence. Ascendas will provide the value-added expertise and network, to support Vision Centuryaas plans to set up business parks across China."

Mr Lai Seck Khui, Deputy Chairman of Vision Century, and the Chief Operating Officer (New Ventures) of F&N said, "We are pleased to be part of the Vision Century venture which will allow us to play a greater role in China and Hong Kongaas exciting advancement in the hi-tech and IT areas. We will continue to actively identify opportunities arising from the synergies between real estate and IT/e business.

Residential and commercial real estate development will remain as one of the Companyaas businesses, which is expected to generate a steady income stream as the Greenery Place residential project in Yuen Long, Hong Kong nears completion.