GreaterChinaCorp (fka GCHC)

[chief]

Greater China Corporation
Corporate Headquarters
One Rockefeller Plaza, Suite 1010
New York, New York 10020
Tel: [phone] Fax: [phone]
http://www.greaterchinacorp.com

GREATER CHINA CORPORATION

June 4, 2009

Dear Fellow Shareholders:

In recent weeks many GCC shareholders have requested a status report on the Company. The following is a rundown on some of the important matters currently before us:

1. GCC-NYSE company combination. We continue to focus on the business combination with a New York Stock Exchange listed closed-end fund. Having a NYSE listed platform can enable us to fully utilize the resources and relationships we have, but have not yet been able to exploit. Our GCC Advisor who is also a Trustee of the Fund is acting as an intermediary and facilitator.

2. Dragon Beach, Vietnam. Our GCC Advisor for this project has finally been able to bring the parties to the table. This involves: a. Securing the rights to develop the enormously valuable Dragon Beach site, and b. Receiving the contemplated 9 casino operating licenses for the site. Meetings are scheduled this month with the principals of Dragon Beach to finalize the initial agreement and to coordinate with the President, Prime Minister and other top Vietnamese officials to schedule signing events during which we feel the casino licenses may be issued.

3. Other Projects. We continue to develop numerous opportunities along with our Directors and Advisors and their own networks of high-level relationships. Our constraint in realizing value from these opportunities has been our lack of financial resources, compounded by the current economic implosion. This has, however, created even more opportunities for us with less competition particularly as we achieve the NYSE status. We will report on specific opportunities only as they become a reality since we do not wish to get excited about projects if they can’t be turned into value for our shareholders.

4. The completion of our audits, new share issuance and the re-listing of GCC shares continue to be hampered by a shortage of capital. We have cut our internal expenses to the bone but still have to pay third party professionals relatively small amounts to get this work done. In this regard we have been negotiating with a number of investors to cover these expenses so we can move ahead rapidly.

We are fortunate that we have a very lean organization, no debt, and a growing network of important relationships and opportunities. Our task is to convert these into value for our shareholders, which is exciting, but which takes time and money. We look forward to reporting on our progress as it takes place and thank you for your continued patience and support.


Sincerely,
John W. Allen [e-mail]
Laurence B. Levine [e-mail]