China Growth Development Inc. [[CGDI.OB]], 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.
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