SHENYANG, China, June 30, 2006 (PRIMEZONE) -- Great China International Holdings, Inc. (OTCBB:GCIH) announced today that it has received its construction permit from the Construction Administration Bureau of Shenyang - Chessboard Mountain International Tourism Development Zone Branch for the Chessboard Mountain residential development in Shenyang, China.
"It has taken only four months from the auction of the land to the start of construction, which began on June 28, and this marks a project development record in Shenyang," said Zhiren (Paul) Deng, chief executive officer of Great China. "This project will provide immediate and steady profit for Great China over the next three to five years. We hope to begin pre-sales on the property before the end of 2006, and expect to complete the entire construction by 2010."
The project, which is called Galaxy Bay, ranks among the largest premium residential developments in Shenyang for 2006. At 893,943 square meters (approximately 9.6 million square feet), the Galaxy Bay project will be divided into premium villas and condominiums to avoid full market risk for the higher-end market while generating maximum profit. Prices for residential units will range from $500/square meter ($46.50/sq.ft.) for condominiums to $2,500/square meter ($232/sq.ft.) for premium villas.
Appraisal of the property -- by the Hong Kong-based firm American Appraisal Limited -- is expected to be completed before the end of July. Canadian architectural firm Crang & Boake will head the design of the project, and Suzhong Construction Group Co., Ltd. of Jiangsu Province is operating construction under the supervision of the Shenyang Jiandu Project Construction Supervision Co., Ltd.
About Great China International Holdings
Founded in 1989, Great China International Holdings' wholly owned subsidiary, Shenyang Maryland International Industry Co., Ltd., is one of the largest non-state-owned real estate developers in Northeast China. The company's core business is premium residential and commercial development and management. It currently owns and manages the President Building, which was completed in April 2002, with 25 tenants comprised of Fortune 500 companies, including General Electric (China) Co., Ltd., Johnson & Johnson, Kodak and Philip Morris. The company's prior developments included the Maryland Building, Roma Resort Garden, Qiyun New Village, Peacock Garden, University Campus of Shenyang Teacher's University, and Chenglong Garden, mostly located in Shenyang.
Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including, but not limited to, completion of the construction of Galaxy Bay and the ultimate sales price of the condominium and villa units, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the company's filings with the Securities and Exchange Commission.