XI'AN, China, April 6 /PRNewswire-Asia/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," Nasdaq: CHLN) today reported preliminary contract sales results for its first quarter ended March 31, 2010.
During the first quarter ended March 31, 2010, contract sales totaled RMB 289.1 million (US$42.3 million) of residential and commercial unit sales as well as parking space sales for a total of 58,248 square meters. This compares to contract sales of RMB 288.9 million (US$42.5 million) and 61,787 square meters sold in the fourth quarter of 2009 and contract sales of RMB 107.2 million (US$15.6 million) and 22,358 square meters sold in the first quarter of 2009. First quarter 2010 contract sales are primarily derived from the Company's JunJing II Phase One, Phase Two and Puhua Phase One Projects. The Company's average residential selling price per square meter in the first quarter of 2010 was RMB 5,099, which is a 9% sequential increase over the residential selling price of RMB 4,635 in the fourth quarter of 2009 and 6% residential selling price increase compared to RMB 4,797 in the first quarter of 2009.
Sales contracts are reported under the percentage of completion accounting method for revenue recognition and may not be fully recognized in the fourth quarter.
According to data from E-house (China) and the Xi'an Bureau of Statistics, which track sales statistics in China's real estate market, due to seasonal factors, Xi'an's residential sales in the first quarter of 2010 totaled 2.37 million square meters for an average selling price of RMB 5,521, a 58% decrease in sales volume and 11% increase in price compared to fourth quarter 2009 results of 5.6 million square meters in sales for an average selling price of RMB 4,996 per square meter. This performance reflects a 37% increase in sales volume and 23% increase in price compared with first quarter 2009 results of 1.7 million square meters for an average price of RMB 4,496 per square meter.
Mr. Xiaohong Feng, Chief Executive Officer of China Housing & Land Development said, "Our first quarter contract sales results represented a healthy start to 2010. First quarter contract sales trends in Xi'an have slowed compared to the fourth quarter of last year largely due to seasonal factors. Importantly, average sale prices remain on the rise. We view this as a positive indicator that the market in which we operate is stable. Our two major projects -- JunJing Phase Two and Puhua Phase One -- sold well in the first quarter. We are optimistic that we'll continue to see stabilized volume and average sales price growth which bode well for our two major projects as well as for several other major projects scheduled for development and pre-sales later this year."
The Company plans to officially report its first quarter 2010 financial results in mid-May.
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 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.
For more information, please contact:
China Housing contacts
Mr. Cangsang Huang
Chief Financial Officer
Phone: +86-29-8258-2648 in Xi'an
Email: chuang@chldinc.com
Ms. Jing Lu
Chief Operating Officer, Board Secretary, and Investor Relations Officer
Phone: +86-29-8258-2632 in Xi'an
Email: jinglu@chldinc.com
Mr. Shuai Luo
Investor Relations
Phone: +86-29-8258-2632 in Xi'an
Email: laurentluo@chldinc.com
Mr. Bill Zima, ICR
Phone: +1-203-682-8200 in United States
Email: William.Zima@icrinc.com
Ms. Annie Chen, ICR
Phone: +86-10-6599-7966 in Beijing
Email: Annie.Chen@icrinc.com
