SALT LAKE CITY, April 27, 2016 /PRNewswire/ -- GREAT CHINA INTERNATIONAL HOLDINGS, INC. (GCIH) — 2016 Outlook and 2015 Summary.
Great China International Holdings, Inc. (the Company or Great China International) would like to update its shareholders on the Company's progress, operations, and future goals and plans. We have some exciting initiatives in store for 2016 and beyond and are delighted to share some of our latest developments with you.
Our primary China subsidiary was founded in 2004 and acquired by Great China International in 2005. Historically, we have focused on real estate development, leasing and property management. Since 2005, we have accumulated a variety of assets including our ownership of the President's Building, a twin-tower, 5A-class office building completed in 2002, located in Shenyang, China. On December 31, 2015, the net book value per share of the Company was $2.02, which is primarily attributable to the book value of the Company's real estate holdings of $35.5 million. Net income for 2015 was $2.5 million before foreign currency adjustment, versus a loss of $4.3 million in 2014, or $0.18 earnings per share in 2015 versus a loss of $0.41 per share in 2014.
Great China International has been prudent in its development and expansion plans at the entrance of China's slowing economic growth and specific de-leveraging in the real estate sector, and thus has made its focus on profitability above all other factors.
Going forward in 2016 and beyond, Great China International hopes to expand beyond real estate. We feel the nutraceutical and healthy foods sector has tremendous potential to impact human development, and firmly believe that people's quality of life can be effectively improved by eating green, healthy and functional foods. This sector is an area in which we will place significant focus going forward. Currently, this is a burgeoning industry and we plan to expand our efforts to take advantage of its growth. We believe our sound development strategy, which we will be executing in the near future, along with our strong commercial cooperation partnerships and abundant capital reserve will make our efforts a great success.
Over the next year, we hope to make many strides and achievements in the areas of health food and nutraceutical development. In April, 2015, we set up a Research & Development (R&D) institute for healthy products in Japan in order to specialize and engage in research on Macadamia Nuts and Perilla Frutescens — two crops that we plan to focus significant efforts on in planting, R&D, producing and marketing. We will carry out the whole industry chain operation and vertically integrate into brands that will be sold to health-conscious Chinese consumers.
Frank Jiang, our CEO stated, "I am very happy to be back at Great China International in a more active role as the CEO, after having founded the Company's real estate business 15 years ago. I believe we are perfectly positioned to execute on developing Great China International into a leader in the field of nutraceuticals and health foods. We expect to make significant progress and developments in the near future through commercial and strategic relationships and corporate re-branding as we enter this high-growth sector."
We will continue to update our shareholders on the Company's activities as they develop. We are focused on creating shareholder value for the Company and believe that 2016 will be a great start in that effort. Finally, we are appreciative and thankful for your continued support.
Chairman & Chief Executive Officer
About Great China International, Inc.
Great China International, through its various indirect subsidiaries, has been engaged for more than 15 years in commercial and residential real estate development, sales and property management in the city of Shenyang, Liaoning Province, in the People's Republic of China.
Safe Harbor for Forward-looking Statements
This news release may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, they are based on management's current beliefs and assumptions as to future events. However, since the company's operations and business prospects are always subject to risk and uncertainties, the forward-looking events and circumstances discussed in this news release might not occur, and actual results could differ materially from those described, anticipated or implied. For a more complete discussion of such risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission.
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SOURCE Great China International Holdings, Inc.