This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Housing Announces New Land Acquisition

XI'AN, China, Nov. 28, 2011 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," NASDAQ: CHLN) today announced that the Company has signed an agreement with the local government to acquire a new land parcel in Ankang, China.

Located approximately 200 kilometers south of Xi'an in China's Shanxi Province, Ankang is considered a Tier 4 city with a population exceeding three million people. China Housing paid a total of RMB82.4 million (approximately US$12.9 million), which was financed by internally generated funds, for the land use rights for the Ankang land parcel. The land parcel offers a total site area of approximately 74,819 square meters. The Company intends to develop middle income residential units on the site with an estimated gross floor area ("GFA") of 261,867 square meters. The development period of the project is expected to begin in the first quarter of 2012 and is estimated to last approximately three years.  The Company plans to start presales in the third quarter of 2012 and anticipates that this new development project will generate revenue of approximately RMB1.1 billion ( US$171.9 million) over the life of the project.

Mr. Pingji Lu, the Chairman of China Housing, commented, "We are excited to expand our presence into the surrounding region with our land acquisition in Ankang. This new land acquisition represents an important step for the Company's development plans outside of Xi'an.  There is less competition and fewer building restrictions in many tier 3 and tier 4 cities in western China.  Given that we develop high quality projects with unique designs, quality construction and we provide highly professional property management services, we see strong potential demand coming from such cities.  While expected average selling prices ("ASPs") in the surrounding tier 3 and 4 cities are typically lower than in Xi'an, development and marketing costs are lower as well, allowing us to maintain appropriate gross margin levels."  

"With this new project, we will have a total of six projects under construction in 2012 that can generate solid revenue and stable cash flow over the next three to five years. We continue to selectively evaluate new development projects in western China and believe that establishing a strategic presence within Xi'an and in surrounding areas reduces risk and bodes well for our growth and profit opportunities next year and beyond."

About China Housing & Land Development, Inc.

Based in Xi'an, the capital city of China's Shaanxi province, China Housing is a leading developer of residential and commercial properties in northwest China. Since 1992, China Housing has been engaged in land acquisition, development, and management, including the sales of residential and commercial real estate properties through its wholly-owned subsidiary in China.

China Housing is the first and only Chinese real estate development company traded on NASDAQ.  The Company's news releases, project information, photographs, and more are available on the internet at

Safe Harbor Statement

This news release may contain forward-looking information about China Housing which is covered under the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as believe, expect, may, will, should, project, plan, seek, intend, or anticipate or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and China Housing future performance, operations, and products.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.98 -0.21%
FB $116.77 -0.56%
GOOG $692.36 0.00%
TSLA $230.00 -1.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs