Beijing, China -- (SBWIRE) -- 09/03/2008 -- New China Ventures Ltd. (OTC PK: NCVL), a Chinese water company involved in infrastructure development, consultancy and ancillary products and services, announces that negotiations have commenced to acquire a 20% interest in the municipal water system in Xinyu City, Jiangxi Province in central eastern China.

One morning last spring, millions of people in eastern China woke up to find stinking, green sludge oozing from their taps. It looked like blended seaweed and gave off a rotten odor that choked them if they got too close...

Lake Tai is China's third-largest lake. It's in the Jiangsu province, near the East Coast of China, 70 miles upstream from Shanghai. About 30 million Chinese rely on Lake Tai for drinking water. But in May 2007, pollution caused an algae bloom to cover the lake.

For 10 days, 2 million people who live on the shores of Lake Tai had no drinking water. It caused a panic. The price of a two-gallon jug of bottled water in the nearby city of Wuxi jumped from $1 to $6.50 overnight.