China Golf Group, Inc. Signed a Supplementary Agreement with Yuhong District Administration to Develop Puhe Hot Spring Resort

SHANGHAI, June 21, 2011/PR Newswire-Asia-FirstCall/ -- Headquartered in Shanghai, China Golf Group, Inc. ("China Golf", or the "Company", or "we"), a leading developer of premium golf courses, golf communities and improved land properties in China and the first of its kind publicly registered and reporting in the United States, announce that on June 4, 2011, in Pullman Shanghai Skyway Hotel, we signed a Supplementary Agreement with Yuhong District Administration, Shenyang city, Liaoning province, to develop Puhe Hot Spring Resort.

This project occupies 329 acre of land, which is along both sides of Puhe River. We plan to invest and build an integrated project including golf course, hot spring resort and community. To support this project, in the Supplementary Agreement, local government provides us with more certain benefits, such as land transfer fee reduction, long-term tax benefits and more flexible development plan. Both parties plan to sign the definitive Agreement between July 20 and July 25, 2011, which will be witnessed by the governor of Liaoning Province. We plan to start this project in 2011 and finish it in 2014.

Shenyang is the center city of northeast Asian Economic Circle and Ring Bohai Economic Circle as well as the largest core city and transportation hub in Northeast China. The population of Shenyang is about 7,204,000. The GDP of Shenyang in 2010 is US $ 30.56 billion and the GDP per capita is US $ 9,647 (Source: www.shenyang.gov.cn). This project is in Yuhong district, Shenyang city, Liaoning Province, 40 km away from the airport, 15 km away from the city center, and 166 km away from Yingkou Harbor.

"Introducing international concept to develop Shenyang city is the consistent policy," said Mr. Haibo Chen, the Mayor of Shenyang. "We welcome China Golf to invest in Shenyang and Shenyang government will be supportive to this project in accordance with relevant state regulations."

"Taking full consideration of China Golf's investment intensity and the local situation, under the principle of mutual benefit, we will provide China Golf with more favorable investment conditions," commented by Mr. Maojun Lian, the District Chief of Yuhong.

"Puhe River and hot spring are two attractive selling points of this project, under the support and cooperation of both Shenyang government and Yuhong District Administration, we are confident to complete this project successfully," said Tiger Bi, the CEO of China Golf Group.

About China Golf Group

Founded in 2006, China Golf Group ("China Golf" or the "Company") is a Shanghai headquartered, leading developer of premium golf courses, golf communities and improved land properties sold to developers of private residence villas and/or corporate clubs. In July 2010, China Golf merged with a Delaware public company and filed with the U.S. Securities and Exchange Commission ("SEC"). China Golf develops premium golf facilities and provides the surrounding value added service for the golf industry in the People's Republic of China ("PRC") through our PRC based operating companies. We offer a full spectrum of golf facilities development and management services, including develop golf course, golf city club and golf communities as well as involve in golf media, management and education. Since the formation in 2006, we have completed over ten golf courses in China. With our influential strategic partners, we are expanding our business to a develop-outsourcing -rollup model with an objective to become the top golf development and management Company and the largest golf club chain in China.

For more information on the Company, please visit http://www.chinagolfgroup.com/

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains certain statements that may include "forward- looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. 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 the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward- looking statements attributable to the Company or 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.

SOURCE China Golf Group, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED