Message for U.S. Citizens — New ACS Email Address for Public Inquiries
Effective March 15, 2013, U.S. Embassy Beijing’s American Citizen
Services (ACS) section will begin using a new email address for public
inquiries: BeijingACS@state.gov. Please use the new e-mail address
BeijingACS@state.gov for inquiries NOT covered on our website. ACS will
continue to monitor the firstname.lastname@example.org
<mailto:email@example.com> mail box for a period of six weeks
until May 15, 2013. After that time, this email address will no longer
Notes on HGSH
the market for real estate sales in 2012 was extremely challenging. Our sales volume dropped significantly in fiscal 2012. Our sales, gross profit and net income for fiscal 2012 were $ 18,856,978, $8,086,532 and $5,176,093, respectively, representing a 66.8%, 63.0% and 72.3% decrease from fiscal 2011, respectively.
For the year ended September 30, 2012, we completed and started delivery of 4 new residential buildings with total GFA of 64,141 square meters, compared to 17 new residential buildings with GFA of 160,320 square meters completed in fiscal 2011. Currently, most of our real estate projects under construction are high-rise buildings with planned GFA over 709,038 square meters, which generally take about 2- 3 years for the construction, while our completed projects in the past were mostly multi-layer or sub-high-rise buildings and took 1-1.5 years for construction.
For the year ended September 30, 2012, our average selling price (“ASP”) for real estate projects (excluding sales of parking spaces) located in Yang County was approximately $417 per square meter, a slight increase of 3% from the ASP of $401 per square meter in fiscal 2011. The ASP of our Hanzhong real estate projects (excluding sales of parking spaces) was approximately $754 per square meter, an increase of 30.7% from the ASP of $577 per square meter in fiscal 2011. This was mainly due to the fact that we sold more commercial properties in Hanzhong during the first quarter of fiscal 2012.
the average housing price to residence income ratio for Tier 1 and Tier 2 cities are in the range from 10.4 to 15.6, while the ratio for Tier 3 and Tier 4 cities generally ranges from 4.2 to 8.0.
To date, no buyer has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not been caused to refund any loan proceeds pursuant to its mortgage loan guarantees. As a result, based on the Company’s historical experience, the Company believes that its revenue recognition policy is appropriate.
The decrease in cash to $1,104,686 as of September 30, 2012 from $8,837,795 as of September 30, 2011 was mainly due to the slow sales and the payment of land use right deposits of $16.6 million.
Our expectation, therefore, is that we will seek to access the capital markets in both the U.S. and China to obtain the funds we need.
GOOD LUCK WITH THAT