SHENYANG, China, Oct. 2, 2006 (PRIMEZONE) -- Great China International Holdings, Inc. (OTCBB:GCIH) today announces the resignation of Lawrence Shui Sheng Cheng as Chief Financial Officer, and the appointment of Danny Sui Keung Chau to the position of Chief Financial Officer. Mr. Cheng resigned his position, effective September 30, 2006, due to health reasons.
Mr. Danny Chau, 49, obtained an MBA from the University of Toronto in 1982. He is a Certified Management Accountant in Canada. Prior to joining Great China, Chau has been the Managing Director for Ambrose Financial Services Ltd since 1988. This company engaged in consultancy service in property investment projects, international business and marketing and financial restructuring. Since 1985, Chau has been invited by various organizations and universities to give lectures and training on management and finance topics, including IBM (Asia), Belgian Bank, Caltex Oil (Greater China), Amway (HK), American Express Bank, Cigna Worldwide Insurance, Chinese University of Hong Kong, University of Toronto, etc.
"Great China is a great company and I am really excited about this opportunity," said Danny Chau. Paul Deng, CEO of Great China, commented, "We thank Lawrence for the contributions that he made to Great China during his tenure here. We wish him all the best in his future endeavors. At the same time, we welcome Mr. Danny Chau to join our team. He will bring a unique wealth of finance and accounting expertise to our company."
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, completed in April 2002, with 25 tenants comprised of Fortune 500 companies, including General Electric (China), 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.