China Grand Resorts, Inc., together with its subsidiaries, focuses on the project consulting and real estate acquisition, and project marketing activities for tourism area developments in the People’s Republic of China. It owns commercial income rights to 10,000 square meters of apartment space in a building of the Huadun Changde International Hotel’s apartment complex, which is under development in the city of Changde in the Hunan Province. The company is based in Beijing, the People’s Republic of China.
History:
From 2004 through January 2008, as a result of our acquisitions of the BAHA and BHCA, we were engaged in advertising production, and media consultation providing marketing, brand management, advertising, media planning, public relations and direct marketing services in the People’s Republic of China. We ceased those operations when we sold our interest in the BAHA Group in January 2008.
In January 2008, our business focus was based on the interest acquisition in JXHC and the Provincial Class One Full Service Operator license for the Jiangxi Province from Union Max. We also subsequently acquired other mobile phone and internet based technologies to compliment our existing technology and license rights. We attempted to provide ancillary services for cell-phone customers in Jiangxi Province whereby customers could buy minutes on the fly using their debit card or bank account along with other mobile phone based services. However, in December 2008, due to third party issues which negatively affected our ability to launch that business, we determined to terminate that business which resulted in a sale of our interests to an unaffiliated third party effective in March 2009 for $100.
On August 1, 2009, we entered into the agreement with Hua Hui. Under the agreement, we received the commercial income rights to the Project. In the PRC, local and central governments own all of the real property, however, land use right are granted by the governments to third parties. Hua Hui owns the land use rights to the Project, and we received the commercial income rights to the Project from Hua Hui. Commercial income rights means the exclusive right to own and/or receive any and all income and proceeds derived from the Project in any capacity.
The Company is actively pursuing additional capital in an effort to fund its ongoing capital requirements, as well as seeking agreements with potential strategic partners to develop a new business strategy, other than its ownership of the commercial income rights to the Project.
