SHENYANG, China, Jan. 10, 2007 (PRIME NEWSWIRE) -- Great China International Holdings, Inc. (OTCBB:GCIH) today announced that a group of 11 major shareholders has entered a lock-up agreement for an aggregate 7,553,059 common shares of Great China, representing approximately 64% of the company's issued and outstanding shares.
Under the terms of the agreement, each shareholder has agreed not to transfer or sell any interest in any shares of Great China during the period from December 20, 2006, to December 15, 2007. An aggregate of 6,740,000 shares subject to the lock-up agreement are held by Great China's present and former board of directors, including Fang Jiang, chairman, and Jing Shi Duan, Guang Hua Li and Li Rong Wang.
"This agreement demonstrates the confidence of our board and shareholders in our company," said Zhiren (Paul) Deng, chief executive officer. "With the sale of the Chessboard Mountain residential project in December 2006, we now intend to intensify our efforts planning the first stages of development to the multifunctional Xita site."
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.