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GREATER CHINA CORPORATION

Participating in China's Economic Success

GREATER CHINA CORPORATION

One Rockefeller Plaza

Suite 1010

New York, NY 10020

Tel: 212.765.4547

Fax: 212.722.4818

Email: info@greaterchinacorp.com

Website: www.GreaterChinaCorp.com

"Our mission is to build Greater China Corporation into the ideal public company for investors and partners who wish to share in the growth of China and related economies."

Letter To Shareholders

November 2009

Dear Fellow Shareholders:

The Chinese have a saying: "May you live in interesting times." We are fortunate to be living in such times now - particularly with the appropriate name of "Greater China Corporation" and with the support of a team of professionals with excellent relationships in this increasingly important part of the world. Here is how we are responding to the particular challenges and opportunities of these times.

1. Dragon Beach, Vietnam After many delays including the worst typhoon to hit Vietnam in over 100 years, we finally achieved success at Dragon Beach. We and our partners, Global C&D and Tano Capital were issued a 50 year renewable license to develop over 1,000 acres of land on what Forbes magazine calls one of the 10 most beautiful beaches in the world. This $4.2 billion project will be developed over the next 10 years into a world-class resort with 9 casino-hotels of 2,000 rooms each and golf-courses, high-end housing, shopping centers, schools, hospitals and other facilities. The Government of Quang Nam Province has also agreed to provide us with an additional 1,000 acres for expansion.

This effort was spearheaded by Greater China Advisors, Tong Pham and Bob McGrath who attended the closing ceremony along with John Allen and Charles Johnson, Managing Partner of Tano Capital and formerly co-President of the Franklin Templeton Funds.

2. Status of other Projects With the emergence of China as both a source of opportunity and of investment, we have turned out attention to capitalizing on this changing environment. The following are some examples:

The EB-5 Visa Investment Program. Under this U.S. government sponsored program, wealthy Chinese and others can gain U.S. residence visas by investing $1 million in authorized business projects in the U.S. We have a steady stream of candidates for this program along with access to many attractive investment opportunities and are working with a highly experienced partner organization with offices in China to process the visas. As these investors are matched with authorized projects in the U.S. GCC receives fee income, an equity stake in the projects and a long-term relationship with important Chinese investors.

Assisting Chinese companies to go public. This is a program which we will now be able to implement with the re-listing of GCC shares. It provides a successful Chinese enterprise with a more cost-effect way to go public. This is done by having GCC acquire a stake in the company (using our non-dilutive preferred shares) and then distributing some of our holdings to our GCC shareholders to effectively take it public. This is much quicker, less expensive and more likely to succeed than an IPO or reverse merger with a shell company. We have also identified a number of Chinese companies and U.S. companies that want to join forces to better compete on a global basis with the possibility of dual listings in the U.S. and in China on the new GEM (ChiNext) market in Shenzhen.

NYSE company combination. With the change in SEC regulations we can now re-list GCC without having to use our Bermuda subsidiary for this purpose. This enables us to use the Bermuda company as the vehicle for the NYSE, closed-end fund roll-up program which we continue to pursue. As this takes place we then have the option of combining GCC with the NYSE company or holding and distributing some of our shares in the resulting NYSE Bermuda entity to our GCC shareholders.

Issuance of outstanding shares and completion of audits for re-listing. We have determined that year-end 2009 is the best cut-off date to accomplish the above. Therefore we are endeavoring to complete a number of business, financial and administrative activities to accomplish this.

We are fortunate that we have a very lean organization, no debt and a growing network of important relationships and opportunities. Our task is to convert these into value for our shareholders. We look forward to reporting on our progress as it takes place and thank you for your continued patience and support.

Sincerely,

John W. Allen
Chairman & CEO