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GSL Holdings Acquires Hotel for $13M

HAIMEN CITY, CHINA-GSL Holdings Inc. of Los Angeles pays its controlling shareholder 6.5 million shares valued at $2 each in exchange for the 160,000-sf Shi Shan Hotel in Haimen City, Jiangsu Province, China.

By Brian K. Miller | Updated on January 15, 2004

HAIMEN CITY, CHINA-GSL Holdings Inc. has acquired the Shi Shan Hotel in Haimen City, Jiangsu Province, China, for about $13 million.

GSL is a Los Angeles-based company traded on the OTCBB that is principally engaged in the development of trade centers in China and in the US. The company did not explain the acquisition, but did say the hotel will undergo “a major renovation project and then re-open in the near future.”

Ownership of the hotel was transferred to the company by its controlling shareholder, Everbright Development Overseas Ltd., in exchange for 6,463,415 shares of GSL Holdings, Inc., valued at $2 per share.

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