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Great China Acquires Loyal Best
Property Development Limited
Aug.25, 2007
Great China International Holdings, Inc. (OTCBB:GCIH) today
announced that it has completed the acquisition of Loyal Best
Property Development Limited, a Hong Kong limited company, for
$24.51 million USD from Gentle Knight Limited.
Through the acquisition, Great China assumes ownership of a parcel
of land located at the center area of the Hunnan New Zone in
Shenyang, China. The purchase price included $4.01 million USD for
all outstanding shares of Loyal Best and $20.5 million USD for the
purchase of all outstanding director loan notes previously issued by
Loyal Best, which were used for a portion of the land transfer fee
payment on the Hunnan New Zone property.
"The acquisition of Loyal Best fits well with our mission to
identify prime real estate opportunities and to develop premium
commercial, residential and mixed-use properties that attract
international investors to the China real estate industry," said
Fang (Frank) Jiang, chief executive officer. "Our next step will be
to assess the development potential of a new compound residential
use property called the Olympic Sports Center Project in the Hunnan
New Zone. The preliminary time for ground-breaking and construction
will be in March 2008, and we expect to see a return on investment
as early as August 2008 when we begin presales on the property. We
believe this acquisition presents an attractive opportunity to
showcase our expertise in real estate development and management, as
we move closer to our goal to become one of the largest non-state
owned real estate developers in northeast China."
The project lies close to the Shenyang Exhibition Center and is
named for its close proximity to the newly built Shenyang Olympic
Sports Center -- the soccer venue of the 2008 Olympic Games in
Beijing. The Olympic Sports Center Project spans 64.75 acres
(262,020 square meters) and will have immediate access to a variety
of facilities in the heart of the Hunnan New Zone via Line Two of
the Shenyang subway, which is currently under construction through
the city center. The Hunnan New Zone is a modern new city zone on
the south bank of Hunhe River that integrates finance, commerce,
education and scientific research, high-quality living and
recreation and sightseeing.
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.
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