Jul 15 2010
Gold Horse International, Inc., (OTC Bulletin Board: GHII) ("Gold Horse" or "the Company"), a diversified China-based construction company that also controls and operates a real estate development business and a hotel and restaurant/banquet facility in Inner Mongolia, announced that the Company will start construction on the Jiari Residential Building, another phase of four new residential development projects expected to generate combined revenues exceeding $98 million.
CEO Liankuan Yang explained: "In July 2010, we should begin the construction of building no. 6 of the Procuratorate Housing Estates (Jiari Residential Building), which consists of a construction area of 38,000 square meters and is expected to be completed in October 2011, with estimated revenues of $22 million. We will sell units to individual home buyers.
"Based on historical events, we believe that real estate development in Hohhot, Inner Mongolia, as a third-tier city, and its surrounding areas will remain strong and should not feel the effects of the slower real estate markets occurring in tier-one cities such as Beijing and Shanghai. Our goal is to become one of the most prominent construction and real estate development companies in Western China," concluded Mr. Yang.
To underscore Mr. Yang's assessment, The People's Daily reported: "As with much of China, economic growth has led to a boom in construction, including new commercial development and large apartment complexes. The nominal GDP of Inner Mongolia in 2009 was 970 billion yuan (US$142 billion), a growth of 16.9% from 2008, with an average annual increase of 20% from the period 2003-2007."
Source: http://www.goldhorseinternational.com/