Great China International Holdings, Inc. announced it has received an $88.0 million USD (702.0 million RMB) market appraisal by Hong Kong-based American Appraisal China Limited for its Galaxy Bay residential project at Chessboard Mountain in Shenyang. The company acquired the land for $56.7 million through a public auction on February 27, 2006.

"We are very pleased with the outcome of this independent analysis, which confirms the prime location and quality of the project, which is situated along the scenic Hunhe River," said Zhiren (Paul) Deng, chief executive officer. "The valuation reflects the desire that consumers have for modern, sophisticated residences, balanced against a healthy mix of cost, market conditions and income capitalization in Shenyang. We remain confident of our marketing strategy and prices from$46.50/square foot for condominiums to $232/square foot for premium villas to accommodate buying demand."

American Appraisal estimated the total realization value of the Galaxy Bay project at $488.8 million USD (3.9 billion RMB). The realization value is the estimated aggregate resale market price as of the date of completion, assuming all planned units in the project are built and sold. Construction has just begun, with completion of properties in stages from 2007 to 2009.

"We also are proud that Great China has received the Architectural Design Award of Global Human Settlements from the Friends of the United Nations for our condominiums and mansions designed by Canadian architects Crang & Boake," Deng added. "The award recognizes Great China for best practices in rapid housing development and improvement to the urban environment through responsible ecological construction."

Source:佚名