China Global Development to Bid on $277 Million Olympic Projects

China Global Development Inc. has announced that the company is preparing to bid on Olympic development projects to be built for the 2008 Summer Olympics to be held in Beijing.

According to the Beijing Organizing Committee for the XXIX Olympia Games, Beijing and the Chinese government will spend more than $277 million U.S. over the next five years on construction projects such as facilities, transportation, telecommunications, and environmental improvements in support of the games.

The planned Olympic Village projects, Olympic venues, and housing for dignitaries, visitors and residents will adjoin existing greenbelt areas and river-front properties previously developed by China Global Development in partnership with the Chinese government.

China Global Development is working with the Chinese government to clean up the environment near the Olympics venue. The plan includes the reduction of air and water pollution, building water and waste treatment facilities and other environmental improvements near the site of the 2008 Beijing Olympics. The Chinese government has allocated $180 million U.S. for the cleanup.

Baldwin Yung, CFO of China Global Development, stated, "We're excited that the Olympics will be held in Beijing in 2008. This is a tremendous opportunity for China Global Development and we're well positioned for the bidding process that begins in April. Our expertise in hotels, villas and other high-end construction projects lends itself nicely to this type of project."

Source: China Global Development Inc.