SHENYANG, China, June 27, 2006 (PRIMEZONE) -- Great China International Holdings, Inc. (OTCBB:GCIH) announced today that it has received planning approval from Shenyang Municipal Planning and Land Resources Bureau -- Chessboard Mountain International Tourism Development Zone Branch for the Chessboard Mountain residential development in Shenyang, China.
The company said it expects to break ground on the approximately 104-acre residential site after receiving its construction permit, which is expected shortly.
"The approval marks an important milestone in our plans," said Zhiren (Paul) Deng, chief executive officer of Great China. "We look forward to breaking ground on what will be a stunning landmark project, consisting of apartments, townhouses and luxury villas.
"We are well on our way to creating one of the most premium high-quality, low-density residential areas along the scenic Hunhe River in Shenyang."
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, receipt of the construction permit for the Chessboard Mountain project and the start of construction, 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.