FUZHOU, China, Dec. 7 /PRNewswire-Asia/ -- China Yida Holding Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a leading diversified entertainment enterprise in China, today provided investors with an update on the construction progress at its Yunding Park tourist destination. Located 30 kilometers from Fuzhou, the national park will include Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake.
(Logo: http://www.prnasia.com/sa/2009/10/12/20091012155952.jpg )
All of the groundwork construction has been completed and residual work is progressing according to plan. The entire project is expected to be completed and the grand opening is expected to occur during the second quarter of 2010. China Yida has obtained exclusive rights to develop and manage this tourism destination until 2048. Once operational, the Company will generate revenue from entrance fees, cable cars and other attractions.
On November 25, 2009, China’s State Council approved Guidelines to Accelerate the Development of Tourism Industry ("Tourism Guidelines"), which will foster development of the tourism industry and make it a strategic pillar of the national economy. According to the Tourism Guidelines, more effort will be made to improve tourism infrastructure and enhance training of personnel in the industry. The government will also encourage investment in the sector from private firms and other types of enterprises.
"Approval of the Tourism Guidelines mark the first time that tourism is defined by the central government as a strategic pillar industry for the national economy. At the ongoing Central Economic Working Conference, promoting domestic demand and development of the service sector is a major area of emphasis in 2010. We anticipate a more friendly investment environment in the tourism industry, which is a key segment in China’s service sector," commented Dr. Minhua Chen, Chairman and Chief Executive Officer of China Yida.
"Our extensive experience building and maintaining world-class destinations puts us in a strong position to benefit from these policies. We will continue to evaluate opportunities to acquire additional management rights for tourist destinations in other provinces to accelerate our profitable growth in future," Dr. Chen added.
About China Yida
China Yida Holding Co. is a leading diversified entertainment enterprise focused on China’s fast-growing media and tourism industries and headquartered in Fuzhou City, Fujian province of China. The Company’s media business provides operations management services; including channel, column and advertisement management for television station, presently the Fujian Education Television Station ("FETV", a top-rated provincial education television channel), and "Journey through China on the Train" (an advertisement-embedded travel program, currently the only on-board media program from third party authorized by Ministry of Railways). Additionally, the Company provides tourism management services, and specializes in the development, management and operation of natural, cultural and historic scenic sites. China Yida currently operates the Great Golden Lake tourist destination (Global Geopark, including Golden Lake, Shangqing River, Zhuanyuan Rock, Luohan Mountain and Taining Old Town.), Hua’An Tulou tourist destination (World Culture Heritage, including Dadi Tulou cluster and the Shangping Tulou cluster), and China Yunding tourist destination (National Park, including Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake). The Company’s operating scenic sites are over 300 square kilometers in the area. For further information, please contact the Company directly, or visit its Web site at http://www.yidacn.net .
Forward-Looking Statements
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of China Yida Holding Co., Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to: (i) the Company’s ability to obtain sufficient capital or a strategic business arrangement; (ii) the Company’s ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov.
For more information, please contact:
China Yida Holding Company
George Wung, CFO
Phone: +1-909-843-6358
Email: ir@yidacn.net
CCG Investor Relations
Crocker Coulson, President
Phone: +1-646-213-1915
Ed Job, CFA
Phone: +1-646-213-1914
Email: ed.job@ccgir.com
