XI'AN, China, Oct. 13 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," Nasdaq: CHLN) today reported preliminary pre-sales results for the third fiscal quarter ended September 30, 2009.
In the 2009 third quarter, sales contracts totaled approximately RMB161.7 million (US$23.7 million), which is comprised of residential and commercial unit sales from Junjing II Phase One, Phase Two and Tsining 24-G for a total of 32,066 sq. meters. The Company's average selling price per sq. meter in the 2009 third quarter was RMB5,042. This compares to residential and commercial sales contracts valued at RMB161.2 million (US$23.6 million) for a total of 32,820 sq. meters sold with an average selling price of RMB4,913 per sq. meter at the end of the 2009 second quarter.
Junjing II Phase Two, the Company's major project under development, continued to generate the vast majority of contract sales in the 2009 third quarter. Generated sales contracts for the 2009 third quarter are reported under the percentage of completion accounting method for revenue recognition and may not be fully recognized in the second quarter.
According to data from E-house and the Xi'an Bureau of Statistics, which track sales figures in China's real estate market, the 2009 third quarter residential sales in Xi'an totaled 3.09 million sq. meters and the average selling price was RMB4,962 per sq. meter, which is a 11.0% increase and 6.9% increase, respectively, compared to 2.78 million sq. meters and an average selling price of RMB4,642 per sq. meter in the 2009 second quarter.
Mr. Xiaohong Feng, Chief Executive Officer of China Housing & Land Development said, "We are pleased with our third quarter sales results. Our performance was highlighted by strong sequential apartment unit sales and ASP growth in our JunJing II Phase Two project. We are also encouraged that this strong sales momentum continued throughout the recent Chinese national holiday week celebrated at the beginning of October."
"Our performance is a result of increased stability in Xi'an's real estate market as well as our ability to design and develop residential units that are attractive to a growing number of working professionals in the region. We have a sustainable growth plan in place to capitalize on residential housing demand in Xi'an and look forward to fully updating investors on our progress when we report our third quarter financial results in November 2009."
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 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 http://www.chldinc.com .
Safe Harbor
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.
For more information, please contact:
China Housing contacts
Mr. Cangsang Huang
Chief Financial Officer
Tel: +86-29-8258-2648 in Xi'an
Email: chuang@chldinc.com
Ms. Jing Lu
Chief Operating Officer, Board Secretary, and Investor Relations Officer
Tel: +86-29-8258-2632 in Xi'an
Email: jinglu@chldinc.com
ICR contacts
Mr. Bill Zima
Tel: +1-203-682-8200 in United States
Email: William.Zima@icrinc.com
Ms. Annie Chen
Tel: +86-10-6599-7966 in Beijing
Email: Annie.Chen@icrinc.com