China Growth Development Achieves Full Occupancy of Newest Shopping Mall, Primed to Add 1.9 Million in Annual Revenue
14 August 2009 - 1:00AM
Business Wire
China Growth Development Inc. (OTCBB: CGDI), a Chinese
commercial property developer and operator, has achieved full
occupancy of its newest structure, which equates to the
anticipated addition of $1.9 million U.S. dollars in annual gross
revenue. The Xicheng Shopping Mall - Phase II, located in Taiyuan,
China is a five story mall with 21,000 square meters of commercial
space for retail stores.
The Company, which operates six (6) shopping malls located in
the Shanxi Province, currently generates positive cash flow through
existing operations. In the remainder of 2009, the company intends
to continue efforts to expand our presence in the commercial real
estate market through potential acquisitions and construction of
new facilities.
“We are pleased to announce that our newest shopping mall has
reached full occupancy, which translates to increased annual
revenue growth for the company,” stated Sam Liu, COO. “The tenants
normally pay in advance for up to a 10 year lease period, and this
is a significant factor in reducing China Growth Development Inc.‘s
exposure to fluctuations in the commercial real estate market.”
The company notes that China's economy has experienced
significant growth over the past few years and that has increased
the demand for commercial space.
China Growth Development Inc. intends to grow and expand its
commercial real estate business. The company desires to acquire an
additional 2 shopping centers within the next three years in
addition to capitalizing on existing development rights.
“We aim to have these and future developments enhance China
Growth Development’s balance sheet and thus shareholder value,”
added Mr. Liu.
About China Growth Development
China Growth Development is a real estate development company
that currently operates over 80 million in assets through six
shopping malls in the Shanxi Provence, China.
Safe Harbor Statement
This press release contains certain statements that may include
'forward-looking statements' as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes, expects, anticipate, optimistic, intend, will" or
similar expressions. Such forward-looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Such factors include,
among others, the following: international, national and local
general economic and market conditions: demographic changes; the
ability of the Company to sustain, manage or forecast its growth;
the ability of the Company to successfully make and integrate
acquisitions; raw material costs and availability; new product
development and introduction; existing government regulations and
changes in, or the failure to comply with, government regulations;
adverse publicity; competition; the loss of significant customers
or suppliers; fluctuations and difficulty in forecasting operating
results; changes in business strategy or development plans;
business disruptions; the ability to attract and retain qualified
personnel; the ability to protect technology; and other factors
referenced in this and previous filings. 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 and available from the Securities and Exchange
Commission. All forward-looking statements attributable to the
Company or 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.
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