UCHC Incubation Project - Hotel Management Group Project Progress
SHENZHEN, China, July 30 /PRNewswire-Asia/ - Uni Core Holdings Corporation (OTC Bulletin Board: UCHC, referred to as "UCHC"), an experienced 'company doctor' and aggressive 'incubator' of mid- to large-size companies in China, reveals the progress of its incubation project, a hotel management group.
UCHC is actively looking for suitable properties or hotels in order to gather a group of hotels with certain scale and integrate them as a hotel management group through incubation efforts, including making investment, managing, and restructuring the appropriate properties. Mr. Thomas Lee, Chief Operating Officer, has been exploring appropriate business partners during the last six months, and finally decided to cooperate with Mr. Stephen Cheung (a Hong Kong Chinese, whose Biography is illustrated at the end of this press release), a senior hotel management expert, to set up a hotel management company and work on hotel projects. Mr. Cheung has more than 30 years experience in internationally renowned hotel management and provision of leadership to professional hotel teams. He was the General Manager of Shenzhen Sunshine Hotel, the first 5-star hotel in Shenzhen.
Currently, UCHC has reached an agreement with its business partner on the intention to invest in a 3-star hotel in Shenzhen. Shenzhen, China, located at the forefront of Pearl River Delta, connecting and bridging Hong Kong and mainland China, is one of the most economically effective cities in China, ranking first in terms of per capita GDP amongst the big and middle-sized cities of China. It is expected that, with an investment of RMB30 million (about US$4.5 million), providing about 120 guest rooms, Chinese and Western cuisine, etc. and an expected annual return on investment of 25%, the pay back period of cost of investment would be 4 years. Meanwhile, UCHC is working with its partners in Shanghai, Hong Kong, Chengdu, Hunan and other places to discuss hotel investment and management projects, expecting to create a professional hotel management group with a professional restructuring approach, and commissioned approach to manage or escrow hotels. The expected total investment on the entire hotel management group project is USD$50 million.
Mr. Thomas Lee believes the GDP of China's economy is growing at a high rate of around 10% per annum, creating an increasingly high demand on business travel within China. The hotel industry will benefit from this speedy economic growth. UCHC will consider focusing on integrating and investing in 3-star to 5-star hotels in China in the upcoming three to five years. Through various forms of management and cooperation, the incubation project will integrate a group of standalone hotels to be part of a hotel management group and be spun off for listing in 5 years' time so that shareholders can enjoy dividends out of the rapid development of China's hotel industry.
Mr. Thomas Lee further mentioned that, apart from developing projects of hotel management, environment-friendly packaging, agricultural resource sales and distribution chains, UCHC will continue exploring projects with high investment return and implement the incubation process through investing and restructuring, and ultimately spin off for listing, so that the shareholders can gain high return brought by the economic development of China and incubation of projects.
Biography of Mr. Stephen Cheung:
Mr. Stephen Cheung, born in Hong Kong in 1949, graduated from the Department of Business Administration of the Hong Kong Baptist College, has more than thirty years of management experience of hotels with recognized star standard, and is good at preparing and planning for building hotels, operation management, and sales promotion. Mr. Cheung worked with Hong Kong Land Real Estate, Macau Real Estate, China Merchants of Hong Kong, the Hong Kong Emperor Group, and China's Domestic Tourism Bureau, and held senior positions, such as Executive Director and General Manager, at recognized hotels of places including Hong Kong, Macau, Zhuhai, Thailand and Shenzhen. Mr. Cheung entered into the domestic travel industry of China in 1980, working at the Paradise Hill Hotel in Zhuhai, being the first foreign manager taking up the general manager position of a hotel under joint venture arrangement within China since the opening of China reform. Since 1991, Mr. Cheung has served in various positions at Sunshine Hotel, a 5-star hotel with the longest history in Shenzhen, including Marketing Director cum Catering & Beverages Director, General Manager, and Managing Director, leading the Sunshine Hotel marching to brilliant performance.
About Uni Core Holdings Corporation
Uni Core Holdings Corporation (Stock symbol: UCHC) was founded in the USA in September 1998 under the name of Intermost Corporation and it was the first Chinese Internet company listed on the US OTC Bulletin Board in December 1998. Uni Core Holdings Corporation changed its name from January 29, 2010 and evolved into a new business strategy, acting as 'company doctor' and 'incubator' of mid- to large-size companies that have good potential and profitable products in the market, which are desperate for help from experts who can help them grow by assisting them in obtaining public or private financing in China, including company diagnosis services; consulting services; mergers and acquisitions; incubating; fundraising or financing; assistance to get public listing for mid- to large-size companies, etc.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that, if they never materialize or if they prove incorrect, could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations as of the date of this press release. Actual results may differ materially from those projected because of a number of risks and uncertainties, including those detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company assumes no obligations and does not intend to update these forward-looking statements.
For more information, please contact:
Mr. Caiyi Zhou
Tel: +852-2827-6898
Fax: +852-2827-6989
Email: [email protected]
Web: http://www.unicoreholdings.com
SOURCE Uni Core Holdings Corporation
Share this article