XI'AN, China, Nov. 6, 2013 /PRNewswire/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," NASDAQ: CHLN) today announced that the Company has secured the land title for its Golden Bay project located in the Baqiao District of Xi'an City in Shaanxi Province.
This project was originally introduced in July 2009 and an RMB55.92 million deposit was made at that time. Now that the land title has been secured, China Housing will develop two land parcels on a total site area of approximately 94,825 square meters. The Company will pay a total of RMB420.0 million (approximately US$68.8 million), financed by internally generated funds, for the land use rights for the land parcels. China Housing expects to develop the project in the fourth quarter of 2013 and commence presales in the first quarter of 2014. The Company plans to develop both commercial property and residential apartments on this project with an estimated total gross floor area ("GFA") of approximately 252,000 square meters.
Mr. Pingji Lu, the Chairman of China Housing, commented, "We are pleased to have secured the required land title for our Golden Bay project and to be shifting to construction phase. Golden Bay is a high end development project targeting upper income level customers, leading to higher average selling prices. The housing market in Xi'an continues to grow resulting in steady pricing and sales volume increases. We will continue to seek new projects in the Xi'an region as we continue to have confidence in the health of the local market."
About China Housing & Land Development, Inc.Based in Xi'an, the capital city of China's Shaanxi province, China Housing & Land Development, Inc., is a leading developer of residential and commercial properties in northwest China. 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, since 1992. China Housing & Land Development is the first Chinese real estate development company traded on NASDAQ. The Company's news releases, project information, photographs, and more are available on the internet at www.chldinc.com. 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.