HANZHONG, China, Sept. 9 /PRNewswire-Asia-FirstCall/ -- China HGS Real Estate Inc. (OTC Bulletin Board:CAHS.ob - News) ("China HGS" or "the Company"), a leading residential property developer in Hanzhong, China, today announced that the Company has received approval to list its common stock on The NASDAQ Stock Market.
China HGS expects to begin trading on The NASDAQ Global Market under the new stock symbol "HGSH" on Monday, September 13, 2010, until which time its shares will continue to trade on the Over-The-Counter Bulletin Board under the symbol "CAHS".
"We are honored to be approved to list on The NASDAQ Global Market, one of the world's most prestigious stock markets," commented Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS. "This is a significant milestone for China HGS' growth as a U.S. public company. It reflects our commitment to enhance our corporate governance and increase shareholder value. We expect that our listing on the NASDAQ Global Market will enhance our profile in the U.S. capital markets, further expand our investor base and increase both our liquidity and visibility in the investment community."
About China HGS Real Estate Inc.
China HGS Real Estate Inc., through its wholly-owned subsidiary, Shaanxi Guangsha Investment and Development Group Co., Ltd., specializes in real estate development in China's second-tier and third-tier cities. The Company's real estate properties include multi-layer, sub-high-rise, and high-rise apartment buildings. The Company possesses the national grade II real estate qualification and was ranked as the No. 1 property developer in Hanzhong, Shaanxi Province in terms of market share in 2007 and 2008 successively.
Forward-looking Statements:
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the company's perceived benefits on listing on the NASDAQ. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in demand especially in the residential property market of tier II and tier III cities, the Company's ability to secure financing for land use rights acquisition and property development, meet the planned property development schedule, reliance on third-party contractors, changes in government regulations, risk of default by customers on the Company guaranteed mortgage loans, increase in the cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. You are urged to consider these factors care in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
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