XI'AN, China, Dec. 19, 2011 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," NASDAQ: CHLN) today announced that the Company has secured all required construction and presale permits from the Xi'an government for the Company's JunJing III development project. As a result, China Housing will commence presales for this project immediately.
As of December 16th, the Company has secured approximately RMB 268.4 million in contract sales for JunJing III. This project has presold 396 out of 423 available units with an average selling price (ASP) of RMB 6,405 per square meter. Revenue from units sold will be recognized using the percentage of completion (PoC) method after formal contracts are signed with customers, which will start immediately.
Mr. Pingji Lu, the Chairman of China Housing, commented, "We are relieved to have finally secured the required permits to proceed with pre-sales of JunJing III. While this permit delay impacted all developers operating in Xi'an, we are encouraged that the local government has taken recent measures to ease its construction and presale permit restrictions. Overall demand for JunJing III's apartment units has been quite strong as evidenced by healthy ASP levels and pre-sales of over 90% of the units as of mid-December. The revenue recognition from these projects should occur in the fourth quarter of 2011 and the first quarter of 2012. We have an active pipeline of new projects heading into next year and continue to focus on projects that can result in strong future revenue and profit growth."
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 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 www.chldinc.com .
Safe Harbor Statement
This news release may contain forward-looking information about China Housing & Land Development, Inc. 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 & Land Development's future performance, operations, and products.
Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Actual performance results may vary significantly from expectations and projections. Further information regarding this and other risk factors are contained in China Housing's public filings with the U.S. Securities and Exchange Commission. All information provided in this news release and in any attachments are as of the date of the release, and the companies do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
China Housing contacts:
Mr. Cangsang Huang
Chief Financial Officer
+86-29-8258-2648 in Xi'an
Ms. Jing Lu
Chief Operating Officer, Board Secretary, and Investor Relations Officer
+86-29-8258-2639 in Xi'an
Mr. Shuai Luo
+86-29-8258-2632 in Xi'an
Mr. Bill Zima, ICR
+1-646-308-1285 in United States
SOURCE China Housing & Land Development, Inc.