HOHHOT, China, Sept. 4 /Xinhua-PRNewswire/ -- Gold Horse International, Inc., (OTC 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: adamw@cfooncall.com
Web: http://www.GoldHorseInternational.com
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
