Mountain China Resorts (Holding) Limited

Mountain China Resorts (Holding) Limited

April 24, 2011 09:25 ET

Mountain China Resorts (Holding) Limited Announces the Appointment of New Directors

BEIJING, CHINA--(Marketwire - April 24, 2011) -


Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company") is pleased to announce the appointments of Mr. Hongfei Zhang and Mr. Li Wing Kuen, Philip to the board of directors (the "Board").

Appointment of Directors

Mr. Zhang is the Managing Partner and Global Chief Investment Officer at China Bridge Capital, a global leading investment bank and fund manager. He has many years of experience in financial services, derivatives trading, portfolio management and risk management and has held senior positions with Dexia New York, Deutsche Bank in New York and Nationwide Insurance Enterprise in Columbus, Ohio, including being the managing director and Chief Risk Officer for Dexia Financial Products. Before his financial industry career, Mr. Zhang was a professor at Ball State University and the University of Texas at Austin. He has a Ph.D. in Mathematics from Delft University of Technology, the Netherlands and Bachelor of Science from Tsinghua University. He is also a CFA charter-holder.

Mr. Li is the Managing Director of Windriveon Company Limited, a financial advisory and services company. He has more than 30 years of experience in international and local capital markets and banking. He held a senior executive position with Hong Kong Mortgage Corporation Limited and was an executive director with IBJ Asia Limited and a director with China Chengxin International Credit Rating Company. Mr. Li also served as chairman of The Hong Kong Capital Markets Association and respectively as member of the Hong Kong Stock Exchange's Debt Listing Working Group and Hong Kong SAR Government's Debt Reform Working Group. Mr. Li graduated from the Chinese University of Hong Kong and holds a Certificate of Securities and Certificate of Finance Investment from the Canadian Securities Institute.

Mr. Li will also be appointed as the Chairman of the Company's Audit Committee and Compensation Committee and will be a voting member of the Company's Governance & Nominating Committee.

The board has approved the appointment of directors subject to TSXV approval. The appointment date for Mr. Li and Mr. Zhang is 1 April 2011.

About MCR

MCR is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company's Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.


Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, and actual results may vary from the forward-looking information. Implicit in this information are assumptions regarding future operations, plans, expectations, anticipations, estimates and intentions. These assumptions, although considered reasonable by MCR at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of MCR are subject to a number of risks and uncertainties, including general economic, market and business conditions, uncertainty relating to land use rights, adverse industry events for the ski and real estate industries, MCR's ability to make and integrate acquisitions, the requirements of recent Chinese regulations relating to cross-border mergers and acquisitions, the inability to obtain required approvals or approvals may be subject to conditions that are unacceptable to the parties, changing industry and government regulation, as well as MCR's ability to implement its business strategies, dispose of assets or raise sufficient capital, seasonality, weather conditions, competition, currency fluctuations and other risks, and could differ materially from what is currently expected as set out above.

Forward-looking information contained in this press release is based on current estimates, expectations and projections, which MCR believes are reasonable as of the date of this press release. MCR uses forward-looking statements because it believes such statements provide useful information with respect to the operation and financial performance of MCR, and cautions readers that the information may not be appropriate for other purposes. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While MCR may elect to, it does not undertake to update this information at any particular time.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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