SHENYANG, China, Aug. 22, 2006 (PRIMEZONE) -- Great China International Holdings, Inc. (OTCBB:GCIH) today announced it has received an $88.0 million USD (702.0 million RMB) market appraisal by Hong Kong-based American Appraisal China Limited for its Galaxy Bay residential project at Chessboard Mountain in Shenyang. The company acquired the land for $56.7 million through a public auction on February 27, 2006.
"We are very pleased with the outcome of this independent analysis, which confirms the prime location and quality of the project, which is situated along the scenic Hunhe River," said Zhiren (Paul) Deng, chief executive officer. "The valuation reflects the desire that consumers have for modern, sophisticated residences, balanced against a healthy mix of cost, market conditions and income capitalization in Shenyang. We remain confident of our marketing strategy and prices from $46.50/square foot for condominiums to $232/square foot for premium villas to accommodate buying demand."
American Appraisal estimated the total realization value of the Galaxy Bay project at $488.8 million USD (3.9 billion RMB). The realization value is the estimated aggregate resale market price as of the date of completion, assuming all planned units in the project are built and sold. Construction has just begun, with completion of properties in stages from 2007 to 2009.
"We also are proud that Great China has received the Architectural Design Award of Global Human Settlements from the Friends of the United Nations for our condominiums and mansions designed by Canadian architects Crang & Boake," Deng added. "The award recognizes Great China for best practices in rapid housing development and improvement to the urban environment through responsible ecological construction."
About Great China International Holdings
Founded in 1989, Great China International Holdings' wholly owned subsidiary, Shenyang Maryland International Industry Co., Ltd., is 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, pricing strategy for the Galaxy Bay project, the actual realized value of the project and completion dates, 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.