China Growth Stocks

[libertycola]

CNYD: China Yida Provides Update on Progress of Yunding Park Construction

FUZHOU, China, Dec. 7 /PRNewswire-Asia-FirstCall/ -- China Yida Holding Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a leading diversified entertainment enterprise in China, today provided investors with an update on the construction progress at its Yunding Park tourist destination. Located 30 kilometers from Fuzhou, the national park will include Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake.

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All of the groundwork construction has been completed and residual work is progressing according to plan. The entire project is expected to be completed and the grand opening is expected to occur during the second quarter of 2010. China Yida has obtained exclusive rights to develop and manage this tourism destination until 2048. Once operational, the Company will generate revenue from entrance fees, cable cars and other attractions.

On November 25, 2009, China's State Council approved Guidelines to Accelerate the Development of Tourism Industry ("Tourism Guidelines"), which will foster development of the tourism industry and make it a strategic pillar of the national economy. According to the Tourism Guidelines, more effort will be made to improve tourism infrastructure and enhance training of personnel in the industry. The government will also encourage investment in the sector from private firms and other types of enterprises.

"Approval of the Tourism Guidelines mark the first time that tourism is defined by the central government as a strategic pillar industry for the national economy. At the ongoing Central Economic Working Conference, promoting domestic demand and development of the service sector is a major area of emphasis in 2010. We anticipate a more friendly investment environment in the tourism industry, which is a key segment in China's service sector," commented Dr. Minhua Chen, Chairman and Chief Executive Officer of China Yida.

"Our extensive experience building and maintaining world-class destinations puts us in a strong position to benefit from these policies. We will continue to evaluate opportunities to acquire additional management rights for tourist destinations in other provinces to accelerate our profitable growth in future," Dr. Chen added.