China HGS Appoints Three Independent Directors, Enhances Corporate Governance
HANZHONG, China, Jan. 14 /PRNewswire-Asia-FirstCall/ -- China HGS Real Estate Inc. (OTC Bulletin Board: CAHS) ("China HGS" or "the Company"), a leading residential property developer in Hanzhong, China, today announced that the Company appointed Mr. Gordon Silver, David Sherman and Yuankai Wen as independent board members by an unanimous written consent of the Company's board of directors on January 6, 2010, effective immediately. The Company also appointed Ms. Shenghuei Luo to its board of directors, effective immediately. With these additions, China HGS board of directors is now comprised of five directors, with a majority of independent directors.
Mr. Silver has a strong background in the financial services industry. Mr. Silver is currently a Director and Audit and Governance Committee Chairman of J.I. Kislak, Inc., a well established private company which invests in, manages and brokers the sale of commercial real estate properties located in Miami Lakes, Florida. From 2007 through 2008, he was also a Director and member of the Audit and Nominating Committees of China Growth Alliance, Ltd., a business acquisition company formed to acquire an operating business in China. He also previously served as a Senior Managing Director and Senior Administrative Officer at Putnam Investments, one of the largest mutual fund complexes in the United States. Mr. Silver received his MBA and Law degree from Harvard University, and a Bachelor of Arts degree in government from Cornell University.
Mr. Sherman has an extensive experience as a board member and industry expertise in the health care and financial services sector. He is Professor of Northeastern University, College of Business Administration, since 1985. Mr. Sherman received his Doctorate and MBA degree from Harvard Business School. He holds a Bachelor of Arts degree in economics from Brandeis University and is a U.S. Certified Public Accountant.
Mr. Wen has an extensive experience working in China managing investments. He currently serves as Chairman of Beijing Neolinde Management Training Center since 1998. He has also served as Vice President of Roosevelt China Investment Co., an investment firm which seeks unique opportunities in China, where it can leverage its extensive international network. Mr. Wen received his Bachelor's degree in Chemistry from Nanjing University. He was also a visiting scholar of Physical and Chemical Biology Institute, University of Paris in France.
Ms. Luo has a strong background in accounting and finance. Ms. Luo serves as a Manager of the Finance Department of Shaanxi Guangsha Investment and Development Group Co., Ltd, the wholly-owned subsidiary of China HGS. Ms. Luo received her Bachelor degree in Accounting from Shaanxi Finance College.
"We extend a warm welcome to Mr. Silver, Mr. Sherman, Mr. Wen and Ms. Luo to serve on our board and believe their solid backgrounds and valuable experience will benefit China HGS and our shareholders," said Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS. "We believe their expertise will improve our corporate oversight and governance policies, and increase our transparency. With a majority of independent directors on our board, we are now a step closer to meet the corporate governance requirements to list our shares on a major US exchange."
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:
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 further information, please contact:
Company Contact:
Mr. Ran Xiong, Deputy GM
Tel: +86-916-2622612
Email: xr968@163.net
Investor Relations Contact:
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
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