MCG Mountain China Resorts Holding Ltd

Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the
"Company"), is pleased to provide an update on its non-brokered private
placement (the "Private Placement") announced on September 16, 2011. The Company
has received conditional acceptance of the Private Placement from the Exchange
and has also received subscription proceeds of $19,026,000 from three investors:
Grandluck Assets Management Limited, a personal holding company of Mr. CHENG,
Kin Ming, who has been involved in real estate development in Hong Kong and
Greater China; Keen Best International Limited, a personal holding company of
Mr. CHEN, Dongsheng, who is the founder of Taikang Life Insurance Co., Ltd.; and
China Entrepreneurs Forum Limited, a company equally owned by 50 Chinese
entrepreneurs. The closing of the Private Placement is subject to final
acceptance of the Exchange, which is currently conducting background checks on
the investors as these investors will become insiders of the Company. 


Secondly, MCR is pleased to announce that MCR's Board resolved on 28 November
2011 to increase the number of the Company's directors from eight (8) to ten
(10), appointing Mr. CHEN, Dongsheng and CHEN, Shi as directors of the Company.
Mr. CHEN, Dongsheng is the founder and currently the President and CEO of
Taikang Life Insurance Co. Ltd., which is one of the largest life insurance
companies in China with revenue of 74.4 billion RMB in the year of 2010. Mr.
CHEN, Dongsheng holds a doctorate degree in economics from the Wu Han University
of China. Mr. CHEN, Shi is the President of Hong Kong Kangrui Investment Co.
Ltd. and has participated in numbers of economic research projects for the
government of Hong Kong SAR. Mr. Chen holds a master degree in economics from
the Wu Han University of China and a doctorate degree in economics from The
Graduate School of Chinese Academy of Social Sciences.


Furthermore, the Company has appointed Mr. Wang Lian, currently our Director of
Corporate Finance and Investor Relations, onto our audit committee.


About MCR

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

www.mountainchinaresorts.com 

FORWARD LOOKING INFORMATION

Information in this press release that is not current or historical factual
information may constitute forward-looking information within the meaning of
securities laws, and actual results may vary from the forward-looking
information. Implicit in this information are assumptions regarding future
operations, plans, expectations, anticipations, estimates and intentions, such
as the plans to develop the ski resorts in China. These assumptions, although
considered reasonable by MCR at the time of preparation, may prove to be
incorrect. Readers are cautioned that actual future operating results and
economic performance of MCR are subject to a number of risks and uncertainties,
including general economic, market and business conditions, the ability of MCR
to obtain required approvals for the non-brokered private placement or approvals
may contain subject conditions that are unacceptable to the parties, the
investors and the director candidates being able to successfully complete their
respective background checks, MCR's ability to obtain additional financial
resources and sufficient working capital, currency fluctuations and other risks,
and could differ materially from what is currently expected as set out above. 


Forward-looking information contained in this press release is based on current
estimates, expectations and projections, which MCR believes are reasonable as of
the date of this press release. MCR uses forward-looking statements because it
believes such statements provide useful information with respect to the
operation and financial performance of MCR, and cautions readers that the
information may not be appropriate for other purposes. Readers should not place
undue importance on forward-looking information and should not rely upon this
information as of any other date. While MCR may elect to, it does not undertake
to update this information at any particular time except as required by
applicable law.

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