BEIJING, CHINA--(Marketwire - May 2, 2012) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), today announces that, as a result of a review by the British Columbia Securities Commission, it has filed amended and restated management's discussions and analyses ("MD&A's") for the periods ended December 31, 2010 and September 30, 2012 to include additional disclosure required by applicable regulatory requirements, and is issuing this press release to clarify the Company's disclosure. The amended MD&A's are available on SEDAR at www.sedar.com.
The amended MD&A's now include a further detailed discussion on the Company's resort operations revenues; disclosure of Century Zone Limited as a related party to the Company; an update on the Company's claims relating to the Changchun Resort, a further discussion on the status of the Company's resort real estate development, disclosure on the impact of Chinese government policies on the prospect of the Company's resort real estate development project, and disclosure that the Company's current resort real estate development project at the Sun Mountain Yabuli Resort has not generated any revenues for the Company and that the Company has decided to suspend injection of further working capital on the public infrastructure work for the Company's resort real estate development project and a full scale marketing and advertising regime. The additional disclosure in the MD&A's are aimed to provide the readers with a more balanced discussion on the Company's financial condition, performance and future prospect.
The additional disclosure does not impact the audited financial statements of the Company for the year ended December 31, 2010 and the unaudited interim financial statements of the Company for the three and nine months ended September 30, 2011 that have been previously filed by the Company.
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.
ON BEHALF OF THE BOARD
Gang Han, Chief Financial Officer