China HGS Raises Guidance for Fiscal Year 2010
HANZHONG,
Estate Inc. (OTC Bulletin Board: CAHS) (“China HGS” or “the Company”), a
leading residential property developer in Hanzhong,
financial guidance for the fiscal year ended
stronger than expected growth in the local residential property market.
China HGS expects revenues for the fiscal year ended
be approximately 47.5 million
million
(
(
Company expects fully diluted earnings to be in the range of
per share, based on current weighted average shares outstanding. China HGS’s
guidance has been increased to reflect stronger than expected growth in ASPs
(Average Selling Prices), which increased approximately
$43.9
evaluation of its major projects in Hanzhong City and Yang County.
“During the second quarter of fiscal year 2010, we are experiencing robust
growth in ASP’s of our real estate projects and expect these prices to
continue to trend higher in 2010,” commented Mr.
Chief Executive Officer of China HGS. “The key growth drivers for rapid growth
in Hanzhong have remained intact and prices for residential properties have
steadily increased since 2009. Most importantly, we have not witnessed
significant speculation in the local real estate market. While the Chinese
government has recently tightened the monetary policy, we believe it largely
targets tier I and tier II cities and will be of minimal impact to our
operations. We are confident in our ability to achieve our guidance for fiscal
year 2010.”
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
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,
Forward-looking Statements:
This press release contains certain statements that may include ‘forward-
looking statements’. All statements other than statements of historical fact
included herein are ‘forward-looking statements’. These forward looking
statements are often identified by the use of forward-looking terminology such
as ‘believes,’ ‘expects’ or similar expressions, involve known and unknown
risks and uncertainties. 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. You 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 those discussed in the Company’s periodic reports that are filed
with the Securities and Exchange Commission and available on its website
http://www.sec.gov . 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.
For more information, please contact:
Company Contact:
Mr. Ran Xiong, Deputy GM
Email: xr968@163.net
Tel: +86-916-2622612
Investor Relations Contact:
CCG Investor Relations
Elaine Ketchmere, Partner
Tel: +1-310-954-1345
Email: elaine.ketchmere@ccgir.com
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE China HGS Real Estate Inc.