SHANGHAI, Oct. 29 /PRNewswire-Asia/ -- Headquartered in Shanghai, China Golf Group, Inc. ("China Golf", or the "Company", or "we"), a leading designer and developer of premium golf courses, golf communities and improved land properties in China and the first of its kind publicly registered and reporting in the United States, today announced engagement of KPMG Advisory (China) Limited Beijing Branch ("KPMG") to assist the Company's management in carrying out the SOX 404 readiness project which includes planning, scoping and documentation assistance. Business units fall within this project include China Golf and its subsidiaries - Goodintend Holdings Limited, Shenyang Yanzikou Sports and Entertainment Co., Ltd. and Beijing Shungao Golf Course Management Co., Ltd.
Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404") requires public companies in the U.S. and their external auditors to report on the adequacy of the companies' internal financial reporting and controls systems. As the first Chinese golf company publicly registered and reporting its business results to the U.S. Securities & Exchange Commission ("SEC"), China Golf holds itself to a high standard of transparency, corporate governance, and financial reporting accuracy. "We fully understand the importance of establishing and retaining effective internal controls and procedures. With the right mechanism, we can reasonably assess risks over time and be truly responsible for our long term shareholders," stated Tiger Bi, the Company's Chief Executive Officer and Founder. This engagement demonstrates the Company's commitment to implementing best practices in preparation for its future listing on a major stock exchange.
About China Golf Group
Founded in 2006, China Golf Group ("China Golf" or the "Company") is a Shanghai headquartered, leading designer and developer of premium golf courses, golf communities and improved land properties sold to developers of private residence villas and/or corporate clubs. In July 2010 China Golf merged with a Delaware public company and filed with the U.S. Securities and Exchange Commission ("SEC"). China Golf designs, constructs and develops premium golf courses and golf communities in the People's Republic of China ("PRC") through our PRC based operating companies. We offer a full spectrum of golf course development and management services, including design, engineering, construction, and maintenance of golf courses as well as consulting and management of golf projects. Since the formation of Beijing Shungao in 2006, we have completed over ten golf courses in China. With our influential strategic partners, we are expanding our business to an invest-design-build-sell model with an objective to become the top golf course management company and the largest golf course chain in China.
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About Strategic Alliance Beijing Capital Group Ltd.
Headquartered in Beijing, China, Beijing Capital Group Ltd. ("Beijing Capital") is a large-scale State-Owned Enterprise (SOE) affiliated to the State-Owned Assets Supervision and Administration Commission of Beijing Municipal Government. Since 1995 Beijing Capital has established three core businesses: urban infrastructure with water supply as the core, urban real estate with urban residential development and construction as the core, and financial services with investment banking and acquisition as the core. Beijing Capital has become an influential comprehensive urban investment and holding company with a well-defined strategy, clear development plan, outstanding reputation and brand recognition both within Beijing and throughout China. With a group asset value of approximately RMB 75 billion, it owns 142 enterprises; some of them are listed on domestic or foreign stock markets or both. Through its subsidiary Beijing Capital Land Ltd., a company listed on the Stock Exchange of Hong Kong (HKEx stock code: 2868), Beijing Capital is one of the largest Chinese state-owned real estate companies that focuses on urban real estate development and urban infrastructure construction. For more information on Beijing Capital, please visit
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward- looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward- looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company U.S. Contact:
Betty Yu, CFA
China Golf Group, Inc.
Company China Contact:
Chief Executive Officer
China Golf Group, Inc.
Phone: 86 21 5876 5017
SOURCE China Golf Group, Inc.