HANZHONG, China, May 21, 2012 /PRNewswire-Asia/ -- China HGS Real Estate Inc. (NASDAQ: HGSH) ("China HGS" or "the Company"), one of the largest residential and commercial property developers in China's southern Shaanxi Province, today announced that the Hanzhong municipal government awarded the Company "Honorable Taxpayer" status in a ceremony chaired by the mayor of Hanzhong and attended by officials from the State Administration of Taxation on May 4, 2012.
The "Honorable Taxpayer" status was awarded to 62 companies in Hanzhong based on an examination of 2011 tax filings for the amount of local tax income generated through combined corporate income tax and sales tax collected through operations. China HGS placed third overall in the list of 62 companies recognized, behind China Tobacco (Hanzhong) and Shaanxi Tobacco (Hanzhong). This is the seventh consecutive year China HGS has received this honor and is its highest ranking to date.
"HGS is proud to be recognized by city leadership and tax authorities as an important contributor to Hanzhong's economy and a model corporate citizen," stated Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS. "We will continue to focus on building quality housing for our customers and generating best returns on investment for our shareholders."
About China HGS Real Estate Inc.China HGS Real Estate Inc., through its wholly owned subsidiary, Shaanxi Guangsha Investment and Development Group Co., Ltd., has specialized since 1995 in real estate development in China's third-tier and fourth-tier cities. The Company's real estate properties include multi-layer, sub-high-rise, and high-rise apartment buildings. The Company possesses the national Grade-I real estate qualification and was ranked as the No. 1 property developer in Hanzhong, Shaanxi Province in terms of market share in 2007, 2008, 2009, 2010, and 2011. Forward-looking Statements: This press release contains certain statements that may include 'forward-looking statements'. All statements other than statements of historical fact included herein are 'forward-looking statements'. These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. 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. You 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website http://www.sec.gov. 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. Contact: