Good Life China (GLCC) Receives Financial Grant from Shijiazhuang Government
Last update: 7:30 a.m. EST Nov. 14, 2008
BEIJING, Nov 14, 2008 /PRNewswire-FirstCall via COMTEX/ -- Good Life China Corporation www.goodlifechina.com (GLCC) is pleased to announce that it has obtained a subsidy from the Shijiazhuang Commercial Bureau in connection with the Chinese Ministry of Commerce's "Market Project of Thousands of Villages and Townships," originally launched in 2005.
In order to commend Haorizi for its outstanding achievements in developing countryside stores in the Shijiazhuang district, the Shijiazhuang Commercial Bureau provided a financial grant to the company of RMB 120,000 yuan (Approximately $7,500USD). This brings the total subsidies obtained from government sources by the Company to nearly RMB 3.5 million yuan (over $500,000 USD) since the program's inception in 2005.
In addition, the government is subsidizing the Company's interest rates on operating loans. The specially discounted interest rate is only 4%, compared to typical interest rates in the 8% range for similar loans. This significantly reduces interest expenses incurred by the Company.
Shijiazhuang is the capital City of Hebei Province, with a population over 9 million people in its 6 districts, 12 counties, 5 county-level cities.
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