Gold Horse International, Inc. Updates Status of Key Real Estate Development Projects for 2009
04 Settembre 2008 - 1:30PM
PR Newswire (US)
HOHHOT, China, Sept. 4 /Xinhua-PRNewswire/ -- Gold Horse
International, Inc., (OTC:GHII) (BULLETIN BOARD: GHII) ("Gold
Horse" or "the Company"), a multifaceted business group that
controls and operates a construction company, real estate
development business and a hotel in Inner Mongolia, China, today
provided updates on two key real estate development projects in
Inner Mongolia that are scheduled for completion in 2009. The
construction cost of both projects combined is expected to be RMB
158 million ($23.2 million). The Company's Inner Mongolia
affiliate, Jin Ma Real Estate Development Co. Ltd. ("Jin Ma Real
Estate"), expects to complete the Jian Guan residential project in
the Yu Quan District of Hohhot in December 2009. The construction
cost of this project is approximately RMB 108 million ($15.9
million), with a net profit of approximately RMB 50 million ($7.4
million). Jin Ma Construction Co. Ltd. ("Jin Ma Construction") is
performing all of the construction services on behalf of Jin Ma
Real Estate. The Company began developing the 60,000 square-meter
Jian Guan residential project in July 2008 and expects to complete
this project in December 2009. Jin Ma Real Estate has invested in
the construction of student apartments for the Inner Mongolia
Chemistry College situated in Inner Mongolia University City, a
compound where many higher education institutions are located. Jin
Ma Construction is performing all of the construction services on
behalf of Jin Ma Real Estate for this project as well. Once
completed, the Company will lease the buildings to the college for
a period of 20 years. The cost of construction is estimated to be
RMB 50 million ($7.4 million), and the Company expects the annual
investment returns to be RMB 7 million ($1 million) for 20 years.
Jin Ma Construction began developing the 51,037 square-meter
project in July 2008 and expects to complete the project in August
2009. "We are pleased to contribute to the housing and construction
needs of Inner Mongolia by providing quality real estate projects
that address the growing demand for high-quality, affordable
housing in this burgeoning region," said Mr. Liankuang Yang,
chairman and CEO of Gold Horse. "We are confident in our ability to
meet the schedules and achieve the highest deliverable standards
for the Jian Guan residential project and the student apartments
for Inner Mongolia Chemistry College, both of which are scheduled
for completion in 2009." About Gold Horse International, Inc. Gold
Horse International, Inc., through its wholly owned subsidiaries,
Gold Horse International, Inc. (Nevada) and Global Rise
International Ltd., controls and operates Inner Mongolia Jin Ma
Construction Co., Ltd., Inner Mongolia Jin Ma Hotel Co., Ltd., and
Inner Mongolia Jin Ma Real Estate Development Co., Ltd., all based
in Hohhot, the regional capital of Inner Mongolia Autonomous Region
in China. Jin Ma Construction has been providing construction and
general contractor services in Hohhot to both private developers
and to the local and regional governments since 1980. Jin Ma Hotel
owns, operates and manages the Jin Ma Hotel, a full-service,
two-star hotel located in Hohhot. Jin Ma Real Estate develops
residential and commercial properties in Hohhot. For more
information, visit http://www.goldhorseinternational.com/ .
Information on the Company's Web site or any other Web site does
not constitute a portion of this release. Safe Harbor Statement
This release contains certain "forward-looking statements" relating
to the business of the Company and its subsidiary companies. These
forward looking statements are often identified by the use of
forward-looking terminology such as "believes, expects" or similar
expressions. Such forward looking statements involve known and
unknown risks and uncertainties such as cost overruns, lack of
materials, projected earnings not realized and other risks of
construction that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its Web site (
http://www.sec.gov/ ). All forward-looking statements attributable
to the Company or to persons acting on its behalf are expressly
qualified in their entirety by these factors other than as required
under the securities laws. The Company does not assume a duty to
update these forward-looking statements. For more information,
please contact: Gold Horse International, Inc. Mr. Adam Wasserman,
CFO Tel: +1-800-867-0078 Email: Web:
http://www.goldhorseinternational.com/ CCG Investor Relations Mr.
Crocker Coulson, President Tel: +1-646-213-1915 Email: Web:
http://www.ccgir.com/ DATASOURCE: Gold Horse International, Inc.
CONTACT: Mr. Adam Wasserman, CFO of Gold Horse International, Inc.,
+1- 800-867-0078, ; Mr. Crocker Coulson, President of CCG Investor
Relations, +1-646-213-1915, or , both for Gold Horse International,
Inc.
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