Great China International Holdings says Shenyang Jitian Property Co. intends to use primarily bank financing for the transaction and is negotiating extended payment terms with the Land Reserve Exchange Center, which offered the property for auction. Great China's new chief executive Zhiren (Paul) Deng says that said if his company fails to negotiate extended payment terms and make required payments when due, the company may forfeit any deposits and interest on the property. Great China also would be required to pay the cost of another auction for the property or may seek to sell the rights to another bidder, he says.

Shenyang Maryland International Industry Co., Ltd., another Great China subsidiary, is one of the largest non-state-owned real estate developers in Northeast China. The company's core business is premium residential and commercial development and management. It currently owns and manages the President Building, which was completed in April 2002 and has 25 tenants including General Electric (China) Co., Ltd., Johnson & Johnson, Kodak and Philip Morris. The company's prior developments included the Maryland Building, Roma Resort Garden, Qiyun New Village, Peacock Garden, University Campus of Shenyang Teacher's University, and Chenglong Garden, mostly located in Shenyang.

Deng assumed the chief executive role early this month. The former CEO, Jiang Fang, retains the title of president and chairman of the board. Deng joined Great China in the capacity of chief business advisor in November 2005. Immediately prior to that, he was the chief consultant and then the CEO for a real estate development project, Sichuan Exposition Development Ltd. Deng also has been the chief consultant to Beijing Junefield Group, and CEO of Beijing X&D Property Consultants Ltd., which participated in the strategic planning and sales for about 70 real estate projects in China.