China Housing & Land Developmen (NASDAQ:CHLN)

XI'AN, China, Feb. 18, 2016 /PRNewswire/ -- China Housing & Land Development, Inc. (CHLN) announced today that it is postponing the effective and record dates for its proposed 1-for-50,000 reverse stock split (the "Reverse Stock Split") to February 19, 2016. At a meeting held on January 28, 2016 Beijing time, the Company's Board of Directors had previously approved a record date of February 15, 2016 and an effective date of February 18, 2016 for the Reverse Stock Split. The Company is now postponing the effective and record dates for the Reverse Stock Split to February 19, 2016.

As described in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on December 31, 2015, the Company's stockholders approved the Reverse Stock Split at a special meeting of the Company's stockholders held on December 30, 2015 Beijing time (December 29, 2015 U.S. Eastern Time). The implementation of the Reverse Stock Split is expected to reduce the number of the Company's stockholders of record to less than 300 and allow the Company to "go private" by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on NASDAQ.

Due to logistical reasons associated with effectuating the Reverse Stock Split, the Company's management has determined that it is appropriate to postpone the effective date of the Reverse Stock Split to February 19, 2016. As described in further detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on November 23, 2015, following the consummation of the Reverse Stock Split, the Company's stockholders as of February 19, 2016 will receive new stock certificates and/or cash in lieu thereof, as applicable, in exchange for surrendering their current stock certificates to our exchange agent.

XI'AN, China, Jan. 29, 2016 /PRNewswire/ -- China Housing & Land Development, Inc. (CHLN) (the "Company") announced today that the Company's board of directors (the "Board") set record and effective dates for the previously announced 1-for-50,000 reverse stock split of the Company's common stock (the "Reverse Stock Split"). At a meeting held on January 28, 2016 Beijing time the Board unanimously approved a record date of February 15, 2016 and an effective date of February 18, 2016 for the Reverse Stock Split.

As described in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on December 31, 2015, the Company's stockholders approved the Reverse Stock Split at a special meeting of the Company's stockholders held on December 30, 2015 Beijing time (December 29, 2015 U.S. Eastern Time). Implementation of the Reverse Stock Split is expected to reduce the number of the Company's stockholders of record to less than 300 and allow the Company to "go private" by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on the NASDAQ.

XI'AN, China, Dec. 30, 2015 /PRNewswire/ -- China Housing & Land Development, Inc. (NASDAQ: CHLN) (the "Company") announced today that at a special meeting of stockholders held on December 30, 2015, Beijing time (December 29, 2015U.S. Eastern Time), stockholders holding a majority of the Company's outstanding common stock ("Common Stock") approved a proposed 1-for-50,000 reverse stock split as further described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on November 25, 2015 (the "Transaction").    

If and when the Transaction is consummated, every 50,000 shares of Common Stock outstanding as of the effective date of the Transaction will be converted into one whole share of Common Stock.  In lieu of issuing any fractional shares, the Company will make a cash payment to each stockholder who would otherwise receive fractional shares equal to US$3.00 multiplied by the number of pre-Transaction Common Stock held by such stockholder that would be converted into fractional shares.  The consummation of the Transaction is expected to reduce the number of record holders of Common Stock to less than 300 and allow the Company to "go private" by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on the NASDAQ.  

The Company's board of directors plans to establish a record date for the Transaction in the first quarter of 2016 with an effective date on or shortly after the record date.   

XI'AN, China, December 24, 2015 /PRNewswire/ -- China Housing & Land Development, Inc. (NASDAQ: CHLN)(the "Company") announced today that it is postponing the record date for its proposed 50,000-to-1 reverse stock split (the "Reverse Stock Split") to a date that will be established in the first quarter of 2016. The Company previously anticipated that the record date would be at least 10 days prior to the date of its special meeting of stockholders, which is currently scheduled for Wednesday, December 30, 2015 at 9:00am, Beijing time (December 29, 2015 at 8:00pmU.S. Eastern Time). The Company is postponing the record date to a date that is closer in time to the projected effective date of the proposed reverse stock split, which the Company anticipates will be implemented during the first quarter of 2016.

As described in the Company's definitive proxy statement filed with the Securities and Exchange Commission and mailed to stockholders of record as of November 23, 2015, the Company's stockholders are being asked to approve the Reverse Stock Split in order to reduce the number of holders of record to less than 300. The Reverse Stock Split, if approved by stockholders, would allow the Company to "go private" by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on the NASDAQ.

As a result of the change in exchange rate of the Renminbi to U.S. Dollars, restrictions imposed by the Chinese banking system, and the reallocation of capital expenditures associated with the ongoing realignment of the Company's labor force, the Company's management determined that it was appropriate to delay the timing of the record date of the Reverse Stock Split to the first quarter of 2016.

Item 8.01. Other Events.

On December 24, 2015, China Housing & Land Development, Inc. (the “Company”) issued a press release announcing the postponement of the record date for its proposed 50,000-to-1 reverse stock split (the “Reverse Stock Split”) to a date that will be established in the first quarter of 2016. The Company previously anticipated that the record date would be at least 10 days prior to the date of the special meeting of its stockholders, which is currently scheduled for Wednesday, December 30, 2015 at 9:00am, Beijing time (Tuesday, December 29, 2015 at 8:00pm U.S. Eastern Time). The Company is postponing the record date to a date that is closer in time to the projected effective date of the Reverse Stock Split, which the Company anticipates will be implemented during the first quarter of 2016.

As described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on November 23, 2015, the Company’s stockholders are being asked to approve the Reverse Stock Split in order to reduce the number of holders of record to less than 300. The Reverse Stock Split, if approved by stockholders, would allow the Company to “go private” by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on the NASDAQ.

As a result of the change in exchange rate of the Renminbi to U.S. Dollars, restrictions imposed by the Chinese banking system, and the reallocation of capital expenditures associated with the ongoing realignment of the Company’s labor force, the Company’s management determined that it was appropriate to delay the timing of the record date of the Reverse Stock Split to the first quarter of 2016.

XI'AN, China, Nov. 30, 2015 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company") (Nasdaq:CHLN) today announced that the Company has filed with the Securities and Exchange Commission ("SEC") the definitive proxy statement in connection with the previously announced transaction (the "Transaction") which consists of a reverse stock split of the Company's common stock, whereby each 50,000 shares of the outstanding common stock will be converted into one whole share of Company common stock (the "Reverse Stock Split"), and, in lieu of issuing fractional shares to stockholders who would hold fractional shares as a result of the Reverse Stock Split, the Company will pay cash equal to US$3.00 (the "Cash Payment") multiplied by the number of pre-Reverse Stock Split shares of common stock held by such stockholder underlying the corresponding fractional shares. Accordingly, stockholders owning fewer than 50,000 pre-Reverse Stock Split shares of common stock will have no further interest in the Company, will no longer be stockholders of the Company and will be entitled to receive only the Cash Payment multiplied by the number of pre-Reverse Stock Split shares of common stock owned by them. Stockholders owning at least 50,000 pre-Reverse Stock Split shares of common stock, who after the Reverse Stock Split will continue as stockholders but own a fractional share as a result of the Reverse Stock Split will receive a Cash Payment based on their pre-Reverse Stock Split share equivalent of their fractional share.

The special meeting of stockholders (the "Special Meeting") to consider and vote upon, among other things, the Transaction has been scheduled for Wednesday, December 30, 2015, at 9:00 a.m., Beijing time (December 29, 2015, at 8:00 p.m. U.S. Eastern Time). The Special Meeting will be held at 1008 Liuxue Road, Baqiao District, Xi'an, Shaanxi Province 710038, China. China Housing stockholders of record at the close of business, New York time, on Monday, November 23, 2015, are entitled to notice of, and to vote at, the Special Meeting.

A special committee of the Company's board of directors (the "Special Committee"), consisting entirely of independent directors, unanimously determined that the Transaction is advisable, fair to and in the best interests of the Company and its unaffiliated stockholders and recommended that the board of directors approve and declare the advisability of the Transaction. The board of directors, after careful consideration and acting on the unanimous recommendation of the Special Committee, determined that the Transaction is advisable, fair to and in the best interests of the Company and its unaffiliated stockholders. The board of directors recommends that all China Housing stockholders vote "FOR" the Transaction.

China Housing stockholders are encouraged to read the Company's definitive proxy materials in their entirety as they provide, among other things, a detailed discussion of the process that led to the Transaction and the reasons behind the unanimous recommendation by the board of directors that stockholders vote "FOR" the proposal to approve the Transaction. Shareholders who have questions about the Transaction, who need additional copies of the Company's proxy materials, or need assistance in voting their shares are encouraged to contact Ms. Jing Lu, the Secretary of the Company.

Third Quarter 2015 Financial Results:

• Total revenue in the third quarter of 2015 was $19.7 million compared to $36.2 million in the second quarter of 2015 and $27.7 million in the third quarter of 2014.
• Net loss attributable to the Company in the third quarter of 2015 was $1.4 million, or $(0.20) per diluted share, compared to net loss of $19.0 million, or $(2.73) per diluted share, in the second quarter of 2015 and net income of $2.2 million, or $0.31 per diluted share, in the third quarter of 2014.

Mr. Pingji Lu, China Housing's Chairman, commented, "Our results for the third quarter were reflective of challenging real estate market conditions in Xi'an. Overall unit sales remained weak as residential purchase activity remained sluggish. We are hopeful that market conditions can improve for our business as favorable government policies implemented over the last year will result in greater unit sales over time. We will continue to actively balance the pricing of our housing inventory to improve sales and cash flows, control our costs and roll out new projects including Golden Bay, Ankang II and Park Plaza II for pre-sales as market conditions stabilize."

Second Quarter 2015 Financial Results

Total revenue in the second quarter of 2015 was $36.2 million compared to $23.8 million in the first quarter of 2015 and $44.1 million in the second quarter of 2014.

• Net loss attributable to the Company in the second quarter of 2015 was $19.0 million, or $(2.73) per diluted share, compared to net loss of $479 thousand, or $(0.01) per diluted share, in the first quarter of 2015 and $6.8 million, or $(0.98) per diluted share, in the second quarter of 2014.

Mr. Pingji Lu, China Housing's Chairman, commented, "While we were pleased to exceed our revenue guidance forecast in the second quarter, the real estate market in Xi'an remains challenging. There remains a gap in supply versus demand resulting in higher levels of inventory which will take time to work through. To address the current market environment, we increased our promotional efforts in the second quarter as well as concentrated our sales efforts on our enhanced unit offerings. This resulted in higher than forecasted contract sales, more normalized business operations, and better controlled risk for our business in the second quarter."

"We are also encouraged by both national and local government efforts to improve the supply-demand imbalance. Such policies can result in increased purchase activity for our property units over time. Looking at the second half of the year, we plan to actively sell our housing stock and adjust our promotional strategy on a per-project basis to attract greater sales volume. We will also evaluate our new projects under planning to ensure sales can be maximized as overall market conditions improve."

Third Quarter 2015 Outlook

Total contract revenue for the third quarter in 2015 is expected to reach $22 million to $30 million, compared with $23.3 million in the third quarter of 2014. The Company is reporting revenues, which are subject to percentage of completion alterations.

Item 8.01. Other Events.

 
As previously disclosed by China Housing & Land Development, Inc. (the “Company”) in a Form 8-K filed on May 22, 2015, the Company received a letter from Xi’an Baqiao New Development Zone Management Council on May 18, 2015 indicating that the land use right covering 29.7 acres (net) of land at Textile City had been rezoned from residential & commercial purposes to cultural, entertainment & commercial purposes (the “Rezoning”).

In light of the Rezoning, the Board of Directors of the Company (“Board”) retained consultants to analyze and advise on the feasibility of continuing to develop the Textile City land use right in compliance with the terms imposed under the Rezoning. Following a presentation by such consultants and due consideration of all relevant factors, the Board ultimately determined that the Textile City land use right is inconsistent with the Company’s future development strategy. On June 29, 2015, the Board formally adopted resolutions directing the Company to terminate the development of the Textile City land and to seek to mitigate its damages by pursuing a return of the deposits that were previously paid in connection with securing the Textile City land use right. While the Company will exercise all reasonable efforts to seek a return of such deposits, there can be no assurance the Company will be successful in obtaining a return of all or any part of the deposits previously paid to secure the land use right.

• Total revenue in the first quarter of 2015 was $23.8 million compared to $44.9 million in the fourth quarter of 2014 and $22.0 million in the first quarter of 2014.  
• Net loss attributable to the Company in the first quarter of 2015 was $479 thousand, or $(0.07) per diluted share, compared to net loss of $16.1 million, or $(2.31) per diluted share, in the fourth quarter of 2014 and $774 thousand, or $(0.11) per diluted share, in the first quarter of 2014.

Mr. Pingji Lu, China Housing's Chairman, commented, "The market environment for the 2015 first quarter remained challenging. While our contract sales exceeded our quarterly forecast primarily due to an increase in GFA sales, our profitability was impacted as we lowered prices. Based on first quarter 2015 data from E-house, GFA sales in Xi'an decreased 14% over the same period last year and inventory in the Xi'an residential market rose to 36 million square meters from 30 million square meters in the fourth quarter of 2014. It will take time for market conditions to improve particularly as we expect local market competition to remain intense until inventory levels decline. To accelerate cash collection, we launched more housing unit sales promotions and sold more car parking spaces during the quarter."

"On a macro level, the Chinese government has implemented policies to stabilize the housing sector and support property demand, including lowering the deposit reserve ratio by home buyers and lowering the down payment requirement for second home mortgages. We believe these initiatives will stabilize and instill greater confidence in the market. For the remainder of this year, we will concentrate on reducing our unit inventory at existing projects and driving pre-sales of new projects including Golden Bay, Park Plaza Phase II and Ankang Project Phase II projects, as market conditions improve."

Second Quarter 2015 Outlook

Total contract revenue for the second quarter in 2015 is expected to reach $28 million to $32 million, compared with $44.1 million in the second quarter of 2014. The Company is reporting revenues, which are subject to percentage of completion alterations.

XI'AN, China, April 24, 2015 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company") (Nasdaq: CHLN) today announced that it has filed a Certificate of Change pursuant to Nevada Revised Statutes ("NRS") Section 78.209 with the Secretary of State of Nevada to effect a reverse stock split of the Company's common stock, par value $0.001 per share (the "Common Stock"), and the proportional decrease of the Company's authorized shares of Common Stock at a ratio of one-for-five (1-for-5) (the "Reverse Split"). The Reverse Split was authorized by the Board of Directors of the Company pursuant to Section 78.207 of the NRS on April 3, 2015 and, pursuant to the Certificate of Change, became effective as of April 24, 2015. The Company's Common Stock will continue to trade under the symbol "CHLN" but under a new CUSIP number: 16939V202.

Following the Reverse Split, each stockholder's percentage ownership in the Company and the proportional voting power remains unchanged, with the exception of minor changes and adjustments resulting from rounding up of fractional interests. No fractional shares of the Company's Common Stock were issued in connection with the Reverse Split, and any stockholders entitled to receive a fractional post-split share received one (1) whole post-split share.

The Company implemented the Reverse Split to regain compliance with NASDAQ continued listing standards. Following the Reverse Split the Company has approximately seven (7) million shares of Common Stock issued and outstanding. In addition, the total number of authorized shares of Common Stock was proportionately reduced from 100 million to 20 million shares.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On April 22, 2015, China Housing & Land Development, Inc. (the “Company”) filed a Certificate of Change pursuant to Nevada Revised Statutes (“NRS”) Section 78.209 with the Secretary of State of Nevada to effect a reverse stock split of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and the proportional decrease of the Company’s authorized shares of Common Stock at a ratio of one-for-five (1-for-5) (the “Reverse Split”). The Reverse Split was authorized by the Board of Directors of the Company pursuant to Section 78.207 of the NRS on April 3, 2015 and, pursuant to the Certificate of Change, became effective as of April 24, 2015.

Following the Reverse Split, each stockholder’s percentage ownership in the Company and the proportional voting power will remain unchanged, with the exception of minor changes and adjustments resulting from rounding up of fractional interests. No fractional shares of the Company’s Common Stock were issued in connection with the Reverse Split, and any stockholders entitled to receive a fractional post-split share received one (1) whole post-split share. The description contained herein of the Reverse Split is qualified in its entirety by reference to the Certificate of Change, a copy of which is attached to this report as Exhibit 3.1 hereto and incorporated herein by reference.

Fourth Quarter 2014 Financial Results

Total revenue in the fourth quarter of 2014 was $44.9 million compared to $27.7 million in the third quarter of 2014 and $56.1 million in the fourth quarter of 2013.

• Net loss attributable to the Company in the fourth quarter of 2014 was $16.1 million, or $(0.46) per diluted share, compared to net income of $2.2 million, or $0.06 per diluted share, in the third quarter of 2014 and net income of $3.9 million, or $0.11 per diluted share, in the fourth quarter of 2013.

Mr. Pingji Lu, China Housing's Chairman, commented, "In the fourth quarter, local real estate market conditions in Xi'an, where we primarily operate, remain challenging. We are encouraged by recent government policies to stimulate the local housing market, however such efforts will take time to reduce inventory in our local market. According to a study by E-House, real estate inventory in Xi'an rose to 30 million square meters at the end of 2014, resulting in higher supply, increased competition and lower average selling prices. This impacted our performance as we increased our promotional activity to drive sales and cash-flow. While this strategy negatively impacted our gross margin, the increased volume and cash flow reduced overall financial risk to our business.

In 2015, we believe the government will initiate additional policies to stabilize and instill greater confidence in the real estate market. Our strategy is to continue to be flexible on pricing, drive sales growth, control our costs and maintain stable cash flows. Taking such action can reduce our inventory down to more normalized levels."

XI'AN, China, December 29, 2014 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company"; Nasdaq: CHLN) today announced that it received notice from the NASDAQ OMX GROUP ("Nasdaq") stating that the bid price of the Company's common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing by the continued listing requirements of NASDAQ listing rule 5450(a)(1).

In accordance with listing rule 5810(c)(3)(A), the Company has 180 calendar days, or until June 20, 2015, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of ten consecutive business days (or such longer period of time as the NASDAQ staff may require in some circumstances, but generally not more than 20 consecutive business days) before June 20, 2015. In the event the Company does not regain compliance within this compliance period, it may still be eligible for an additional period to regain compliance under certain circumstances.

The Company intends to actively monitor the closing bid price of its common stock between now and June 20, 2015 and will evaluate available options to resolve the deficiency and regain compliance with the minimum bid price rule.

XI'AN, China, December 20, 2014 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company"; Nasdaq: CHLN) today announced that that its Chief Financial Officer ("CFO"), Mr. Cangsang Huang, is resigning from his position at the Company due to personal reasons, effective December 17, 2014. On December 19, 2014, the Company's board has appointed Ms. Fang Nie, the Company's Director of Finance, to serve as the Company's new CFO.

Mr. Pingji Lu, Chairman of China Housing & Land Development said, " We welcome Ms. Nie to her new role as CFO. She has been a long-standing member of our finance department and brings the necessary experience and skills to guide the Company forward."

Ms. Nie has served in the role of Director of Finance of China Housing since January 2009. She previously served as accountant and later as the Senior Financial Manager of Xi'an Tsining Housing Development Co., Ltd., a China Housing subsidiary from 1993 through 2008.

• Total revenue in the third quarter of 2014 was $27.7 million compared to $44.1 million in the second quarter of 2014 and $24.8 million in the third quarter of 2013.
• Net income attributable to the Company in the third quarter of 2014 was $2.2 million, or $0.06 per diluted share, compared to net loss of $6.8 million, or $(0.20) per diluted share, in the second quarter of 2014 and net loss of $0.8 million, or $(0.02) per diluted share, in the third quarter of 2013.

Mr. Pingji Lu, China Housing's Chairman, commented, "We were pleased that our third quarter contract sales met our financial guidance projections and that we returned to profitability once again compared to the prior quarter. We were able to maintain respectable average selling prices for our units however local real estate market conditions in Xi'an and the surrounding region remain difficult as home buyers remain cautious with their purchase activity. There were five projects that contributed to the majority of our sales in the third quarter, led by our Park Plaza project."

"The Chinese government recently passed several important policies to improve national housing market conditions. While we believe such initiatives can help stabilize the market and increase home purchasing activity over time, we foresee ongoing uncertainty in the near future and expect market turbulence to continue in the fourth quarter. Supply and demand conditions in the local Xi'an housing market remain challenging as competition continues to be fierce. As a result, we intend to increase our promotional efforts to drive unit volume and enhance cash flow in the fourth quarter, which can help stabilize our operations. We will maintain our focus on boosting sales and minimizing costs as we wait for market conditions to improve," concluded Mr. Lu.

2014 Fourth Quarter Outlook guidance

Total contract sales for the 2014 fourth quarter are expected to reach $24.3 million to $29.2 million, compared with $23.3 million in the 2014 third quarter and $31.0 million in the fourth quarter of 2013. The Company is reporting revenues, which are subject to percentage of completion alterations.

BAODING, China, November 3, 2014 /PRNewswire/ -- Orient Paper, Inc. (NYSE MKT: ONP) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that Mr. Winston Yen, has resigned from his position as the Company's Chief Financial Officer for personal reasons, effective November 1, 2014. Mr. Yen will continue serving the Company as a consultant to assist in the transition to a new Chief Financial Officer. The Board of Directors has appointed Ms. Jing Hao, the Chief Financial Officer of the Company's operating entity, Hebei Baoding Orient Paper Milling Company Limited, as the Company's Chief Financial Officer.

Ms. Jing Hao previously served Orient Paper, Inc. as its Chief Financial Officer from November 2007 to April 2009. Ms. Hao has also served as Chief Financial Officer of the Company's operating entity Hebei Baoding Orient Paper Milling Company Limited since 2006, and as Manager of Finance from 2005 to 2006.

Orient Paper also announced that Mr. Drew Bernstein, one of the Company's independent directors and the chair of its Audit Committee, has resigned from his positions with the Company for personal reasons, effective November 1, 2014. The Board of Directors has appointed Mr. Marco Ku as Mr. Bernstein's replacement as an independent director and Audit Committee Chairman.

Mr. Marco Ku is the founder of Sensible Investment Company Limited, an investment consulting firm based in Hong Kong. Mr. Ku was previously Chief Financial Officer of China Marine Food Group Limited (OTC: CMFO) from July 2007 to October 2013. Prior to his tenure at CMFO, Mr. Ku was with KPMG from 1996 to 2000, where his last held position was Assistant Manager. From August 2000 to February 2003, he served as Manager of Corporate Services for Logistics Information Network Enterprise (HK) Limited, a subsidiary of Hutchison Port Holdings Ltd., where he later served as Manager of Management Accounting from March 2003 to September 2004. From October 2004 to September 2005, he worked as the Financial Controller for Hongkong.com Company Limited (a Hong Kong listed company within the China.com Group). From October 2005 to April 2007, he co-founded KISS Catering Group, a food and beverage business in Beijing. Mr. Ku received a bachelor's degree in Finance from the Hong Kong University of Science and Technology in 1996, and is currently a Fellow Member of the Hong Kong Institute of Certified Public Accountants.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper commented, "I want to thank both Winston and Drew for their significant contributions during their tenure at Orient Paper. I also look forward to continue working with Winston as he helps us in our transition to a new CFO. We wish them both the best in their future endeavors. Meanwhile, we are pleased to welcome Jing Hao back as CFO. We also welcome Mr. Marco Ku to the Board of Directors and Audit Committee."

XI'AN, China, August 25, 2014 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company," NASDAQ: CHLN), a leading developer of residential and commercial properties in northwest China, today announced that the board of directors of the Company ("Board"), by unanimous written consent dated as of August 19, 2014, authorized and approved a "going private" transaction (the "Transaction") designed to eliminate CHLN's status as a public company in the U.S.

The Transaction would include a reverse stock split shares of our common stock, whereby every 50,000 shares of our common stock issued and outstanding will be converted into one whole share of our common stock. In lieu of issuing any fractional shares to stockholders as a result of the Reverse Stock Split, the Company will make a cash payment equal to $1.75 per pre-reverse stock split share to such stockholders. The funds for the Transaction will come from the Company's cash on hand.

The Board has formed a special committee of independent directors (the "Special Committee") consisting of four independent and disinterested directors, Messrs. Suiyin Gao, Yusheng Lin, Mingduo Yang and Maosheng Luo, to review the Transaction. The Special Committee retained advisors to assist it in its work and has unanimously determined that the Transaction is in the best interest of all stockholders.

Second Quarter 2014 Financial Results

• Total revenue in the second quarter of 2014 was $44.1 million compared to $22.0 million in the first quarter of 2014 and $57.8 million in the second quarter of 2013.
• Net loss attributable to the Company in the second quarter of 2014 was $6.8 million, or $(0.20) per diluted share, compared to a net loss of $774 thousand, or $(0.02) per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "While our second quarter contract sales came within the high end of projections, our profitability was impacted by revenue and cost adjustments at three of our projects as well as an impairment charge. Five projects contributed to the majority of our sales in the second quarter, led by our Park Plaza project. We also began to recognize revenues from our Puhua Phase IV project."

"On a macro level, China's real estate market environment is slowing with both sales and ASP's on the decline. For the remainder of this year, we expect market conditions to remain challenging. In an effort to strengthen sales, we are implementing new incentives, including lowering down payment requirements for home buyers."

"As we look at the second half of the year, we will concentrate on reducing our unit inventory and driving pre-sales at our Golden Bay and Puhua Phase IV projects. We have also delayed the pre-sales start dates of our Park Plaza Phase II and Ankang Project Phase II projects from the third quarter of this year to 2015 in an effort to reduce expenses and conserve our balance sheet until market conditions improve. Finally, we repurchased 131,600 shares totaling $0.3 million in the second quarter."

Third Quarter 2014 Outlook

Total contract sales for the third quarter 2014 are expected to be in the range of $22.5 million to $25.7 million, compared with $18.6 million in the third quarter of 2013. The Company is reporting revenues, which are subject to percentage of completion alterations.

First Quarter 2014 Financial Results

• Total revenue in the first quarter of 2014 was $22.0 million compared to $56.1 million in the fourth quarter of 2013 and $51.4 million in the first quarter of 2013.
• Net loss attributable to the Company in the first quarter of 2014 was $774 thousand, or $(0.02) per diluted share, compared to net income of $3.9 million, or $0.11 per diluted share, in the fourth quarter of 2013 and $2.9 million, or $0.08 per diluted share, in the first quarter of 2013.

Mr. Pingji Lu, China Housing's Chairman, commented, "While the market environment was challenging in the first quarter, our revenue performance exceeded the mid-point of our revenue guidance by 38%. Four main projects contributed to the majority of our first quarter revenue along with $6.2 million in property management and construction revenue. We launched one new project in the first quarter, Puhua Phase Four."

"Overall market conditions remain uncertain. Sales of lower end units at our Ankang and Puhua Phase Four projects generally remain stable while sales at our higher end projects, such as Puhua Phase Two are not as strong as they could be as potential buyers in this category wait for greater clarity related to new government real estate policy before committing to new purchases. While Xi'an real estate market conditions remain soft, we believe in the long term strength of the housing market in and around the Xi'an region. Finally, we repurchased shares in the first quarter and intend to continue our share repurchase activity during the second quarter."

Second Quarter 2014 Outlook

Total contract revenue for the second quarter 2014 is expected to reach $28 million to $32 million, compared with $59 million in the second quarter of 2013. The Company is reporting revenues, which are subject to percentage of completion alterations.

Fourth Quarter 2013 Financial Results:

• Total revenue in the fourth quarter of 2013 was $56.1 million compared to $24.8 million in the third quarter of 2013 and $61.5 million in the fourth quarter of 2012.
• Net income attributable to the Company in the fourth quarter of 2013 was $3.9 million, or $0.11 per diluted share, compared to net loss of $0.8 million, or $(0.11) per diluted share, in the third quarter of 2013 and $11.5 million, or $0.33 per diluted share, in the fourth quarter of 2012.

Mr. Pingji Lu, China Housing's Chairman, commented, "Our fourth financial performance was better than our original guidance forecast. The increase was due to a completion percentage that was higher than our expectation, resulting in greater recognized revenue in the fourth quarter. The majority of our fourth quarter revenue was generated by our Park Plaza, Puhua Phase Three and Ankang projects."

"We are making progress balancing our unit inventory more effectively so that we can offer a broader array of apartment units to prospective low, mid and high end buyers. Ensuring greater unit availability in each of these tiers is important as we face more challenging conditions as overall market demand appears to be softening. For our projects under planning, we're actively observing buyer patterns so we can accelerate the most relevant projects by unit category to adequately suit buyer demand. Despite an uncertain market environment, we believe our current broader category of inventory can better meet the market demand," concluded Chairman Lu.

2014 First Quarter Outlook guidance

Total recognized revenue for the 2014 first quarter is expected to reach $15 million to $17 million, compared with $54.4 million in the first quarter of 2013. The Company is reporting revenues, which are subject to percentage of completion alterations.

XI'AN, China, November 25, 2013 /PRNewswire/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," NASDAQ: CHLN) today announced that the Company's Board of Directors has approved the continuation of its original share repurchase program starting from the end of November 2013. The Company's original share repurchase program, announced on August 11, 2011, authorized the repurchase of up to $5 million of the shares of the Company's common stock. As of November 22, 2013, $0.4 million worth of shares have been repurchased under the original share repurchase program.

Mr. Pingji Lu, China Housing's Chairman of the Board commented, "The Board of Directors believes that the current share price does not reflect the Company's true market value and has granted us approval to proceed with the continuation of our share buyback program. We believe the repurchase program is a good investment of available funds and underscores our commitment to enhancing shareholder value."

Starting from the end of November 2013, shares of the Company's common stock will be repurchased from time to time in open market transactions or privately negotiated transactions at the Company's discretion in accordance with Securities and Exchange Commission and NASDAQ requirements, and subject to market conditions and other factors. There is no guarantee as to the exact number of shares that will be repurchased by the Company and the Company may discontinue purchases at any time that the Board of Directors determines additional purchases are not warranted.

Third Quarter 2013 Financial Results

• Total revenue in the third quarter of 2013 was $24.8 million compared to $57.8 million in the second quarter of 2013 and$28.7 million in the third quarter of 2012.
• Net loss attributable to the Company in the third quarter of 2013 was $0.8 million, or $0.02 per diluted share, compared to net income of $5.9 million, or $0.17 per diluted share, in the second quarter of 2013 and $1.6 million, or $0.04 per diluted share, in the third quarter of 2012.

Mr. Pingji Lu, China Housing's Chairman, commented, "We experienced a challenging period as our current saleable project inventory did not fully match consumer demand in the third quarter. We encountered higher levels of interest for low and high end apartment units this quarter whereas more of our saleable units were in the mid-tier category. Given the government's efforts over the last year to reduce pricing speculation in Xi'an's real estate market, consumers looking to upgrade to mid-level units were not as active this quarter as they were in past quarters. At our Puhua and Park Plaza projects, the limited amount of our entry-level unit inventory sold well during the quarter, however more of our remaining inventory is intended for customers looking to upgrade to larger, more expensive mid-level units. At the high end, of which sales remain steady, our Golden Bay project was delayed to the second quarter of 2014 due to government delays issuing the required permits to commence pre-sales activity."

"As we move forward, we are comfortable we'll have the appropriate levels of inventory to march customer demand. We are preparing to develop more low-end units early next year through our Puhua Phase 4 project. Our unit sales at the high end will benefit from our Golden Bay development once all permits are secured and pre-sales begins early next year. Consequently, we expect our performance in the fourth quarter to mirror that of the third, and that our sales trends in 2014 can grow once again as our development projects offer a broader array of low, mid and high-end units that can more adequately meet customer demand."

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'anCity 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 Bayproject 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."

XI'AN, China, October 19, 2013 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company"; Nasdaq: CHLN) today announced that, during the review of the 2011 annual report and subsequent filings of China Housing & Land Development, the staff of the U.S. Securities and Exchange Commission initiated discussions and comments with the Company about the Company's accounting treatment for the accretion cost concerning certain non-controlling interest based on an effective interest rate of 45% (the "Interest Rate"). Specifically, the SEC stated that there were certain improper estimates used by the Company to calculate the Interest Rate. As a result of the comment process, the Company revised the certain estimates, which are now deemed to reasonably support an effective interest rate of 5.85% (the "Revised Interest Rate").

On October 18, 2013, upon the recommendation of the Audit Committee of the Board of Directors (the "Board") of China Housing & Land Development, the Board determined that the Company should use the Revised Interest Rate rather than the Interest Rate and that the relevant calculations should be made using the Revised Interest Rate.

The use of the Interest Rate in preparing the Company's financial statements resulted in certain material changes in (i) the Company's audited consolidated financial statements for the years ended December 31, 2012, 2011 and 2010, (ii) the Company's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2013 and 2012 and (iii) the Company's unaudited interim condensed consolidated financial statements for the three months and six months ended June 30, 2013 and 2012. As such, the Board has determined that the financials (the "Prior Financials") provided in the Company's Form 10-K for the year ended December 31, 2012, the Company's Form 10-Q for the quarter ended March 31, 2013 and the Company's Form 10-Q for the quarter ended June 30, 2013(collectively, the "Filings") should not be relied upon.

The Company will file amendments to the Filings to restate the Prior Financials using the Revised Interest Rate.

The Company is working on the impact of restating the Prior Financials and would like to address the following information related to the restatement:

1. It is expected that the one-time charge to retained earnings and mandatory redeemable non-controlling interest in subsidiaries in 2010 will be increased by approximately $33 million. The charge to retained earnings is a capital transaction and it is expected that the charge will only impact other comprehensive income but not net income.
2. It is expected that 2010 earnings per share will be reduced significantly (and reflect a loss per share) and that there will be an increase to earnings per share in the 2011 and 2012 fiscal years, and the first and second fiscal quarters of 2013.
3. It is expected that the accretion interest capitalized in project costs will be reduced, which is expected to result in an overall reduction in cost of sales in future periods and should improve overall future net income and earnings per share.
4. As of December 31, 2012, the liability payable to Prax Capital, which is, in part, the subject of the restatement, had already been fully paid off.
5. The restatement is not expected to have an impact on net cash flow.

Mr. Cangsang Huang, China Housing's CFO, commented, "While we are disappointed to restate select historic financial results, we'd like to point out that this restatement is a non-cash adjustment that will not negatively impact our future net income or net cash flows nor does it impact our future operation and expansion plans. We will continue to discuss these matters with our auditors and plan to file amendments to our financial results for the aforementioned periods as soon as practicable."

"The state of the real estate environment in the region in which we operate remains favorable and overall real estate demand remains healthy. We remain highly encouraged by the opportunities associated with China's Housing's development projects and look forward to disclosing our upcoming 2013 Q3 results to investors in mid-Novembe

Second Quarter 2013 Financial Results

• Total revenue in the second quarter of 2013 was $59.7 million, a 9.9% increase from $54.4 million in the first quarter of 2013 and a 70.6% increase from $35.0 million in the second quarter of 2012. Second quarter recognized revenue significantly exceeded the Company's second quarter revenue outlook of $34 to $36 million.
• Gross profit for the three months ended June 30, 2013 was $18.3 million, representing an increase of 101.9% from $9.0 million in the first quarter of 2013 and a 125.3% increase from $8.1 million in the second quarter of 2012. 
• Net income attributable to the Company in the second quarter of 2013 was $6.4 million, or $0.18 per diluted share, compared to $0.06 per diluted share for the same quarter of 2012.

Mr. Pingji Lu, China Housing's Chairman, commented, "We are pleased to report another strong quarter as our second quarter top line results once again exceeded our guidance forecast. Our strong project development efforts combined with continued strength in the Xi'an residential housing market led to higher average selling prices compared to the last quarter and prior year periods. Four projects contributed the majority of our revenue during the second quarter of 2013, which include our Puhua Phase Two and Three, Park Plaza and Ankang projects."

"We experienced a notable increase in gross profit and a higher gross margin than both the previous quarter and the same period last year, as a result of a considerable increase in revenue and average selling prices while costs remained relatively flat. Furthermore, our Ankang project, which began pre-sales in the fourth quarter of 2012, began to contribute to our revenue during the second quarter."

"As we enter the second half of the year, our current four projects provide us with solid sales and profit opportunities. Additionally, we will initiate marketing for Golden Bay in the third quarter and adjust our sales strategy based on market feedback on the project. We anticipate that official pre-sales will start in the fourth quarter. We remain optimistic about our opportunities in the Xi'an real estate market and continue to focus on the execution of our development project plan. We believe our financial performance in the second half of the year will be strong and that our commitment to providing the highest quality residential properties will continue to drive our growth forward."

2013 Third Quarter Outlook

Total recognized revenue for the 2013 third quarter is expected to reach $34 million to $36 million, compared with$59.7 million in the 2013 second quarter and $28.9 million in the third quarter of 2012. The Company is reporting revenues, which are subject to percentage of completion alterations.

XI'AN, China, June 6, 2013 /PRNewswire/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company"; Nasdaq: CHLN) today announced that the Company has engaged MNP LLP as its independent auditor.

China Housing was informed by its independent registered public accounting firm, MSCM LLP, ("MSCM"), that it has combined certain of its practice with MNP LLP effective June 1, 2013. As a result, MNP LLP became the Company's independent registered public accounting firm. On June 3, 2013, the Company's Board of Directors approved the appointment of MNP as MSCM's successor to continue as the Company's independent registered public accountant for the fiscal year ending 2013.

Mr. Pingji Lu, China Housing's Chairman, commented, "Our change in auditors was purely driven by the merger between MNP and MSCM. We look forward to working with MNP and do not expect this merger to result in any delays to our quarterly and year-end reporting results for this year."

On May 14, 2013, the GeoTeam published due diligence and commentary on CHLN titled, "GeoInvesting Confirms China Housing and Land Development (CHLN) Operations".

On April 4, 2013 we alerted GeoInvesting members that we were taking a closer look at China Housing and Land Development Inc. (NASDAQ: CHLN) from a bullish point of view.

China Housing is a leading residential developer of apartments in the Peoples Republic of China.  The company focuses on fast growing Tier II and Tier III cities in western China, and primarily in Xi’an City, Shaanxi province and Ankang City, Shaanxi province. CHLN aims to capitalize on opportunities created by the demand from first-time home buyers and first-time up-graders in western China.  The majority of its apartments range in size from 70 square meters to 120 square meters; Demand for apartments of this size is considered to be more stable when compared to other residential real estate markets in western China.

Referencing SEC filings and confirmed by our investigators, the company has developed 11 projects since its establishment.  As of the 2012 fourth quarter the company claims that it has sold or is currently in the process of selling apartments from the following projects:

• Junjing I, II, and III
• Puhua Phase I, Phase II, and Phase III
• Park Plaza project
• Ankang project

Please see the rest of our report here.   http://blog.geoinvesting.com/?p=5989

To be among the first to receive alerts like this, subscribe to our premium service! 

First Quarter 2013 Financial Results

• Revenue in the first quarter of 2013 decreased 11.7% to $54.4 million from $61.5 million in the fourth quarter of 2012 and increased 131.4% from $23.5 million in the first quarter of 2012.
• Gross profit for the three months ended March 31, 2013 was $9.0 million, representing a decrease of 57.1% from $21.1 million in the fourth quarter of 2012 and a 28.7% increase from $7.0 million in the same period of 2012.
• Net income attributable to China Housing in the first quarter of 2013 was $3.1 million, or $0.09 per diluted share. This performance compares to net income of $11.5 million, or $0.33 per diluted share, in the fourth quarter of 2012 and net income of $2.2 million, or$0.06 per diluted share, in the first quarter of 2012.

Mr. Pingji Lu, China Housing's Chairman, commented, "We are very pleased to start off 2013 with a strong quarter as our top line significantly exceeded our first quarter guidance forecast. The fundamentals in the Xi'an housing market remained healthy in the first quarter and our residential sales were stable in terms of both average selling prices and transaction volume. We commenced pre-sales of two new projects in the first quarter, Park Plaza and Puhua Phase III, both of which experienced strong demand in their first weeks on the market."

"In the first quarter, we experienced a lower gross margin level which was due to an adjustment on the total estimated project cost at our Puhua Phase Two project and from lower gross profit associated with sales of low income residential units at our Ankang project. Additionally, we initiated a group purchase sale on our Puhua Phase Three project at a discounted selling price last quarter to improve our cash position which also impacted first quarter profit margins. We remain confident we can maintain our full year gross profit margin goal of 25% to 30%."

"As we implement effective cost control measures at each of our development projects, we expect SG&A expenses as a percent of total revenue to normalize at around 10% for the full year. As the market shows continued signs of stability, we anticipate sustained levels of ASP and unit demand at our major projects in the second quarter. For the remainder of 2013, we remain focused on the execution of our four core development projects as well as the launch of Golden Bay which we expect will commence pre-sales in the third quarter. We are encouraged with our opportunities in Xi'an's real estate market and believe 2013 can be a strong year for China Housing," concluded Mr. Lu.

2013 Second Quarter Outlook

Total recognized revenue for the 2013 second quarter is expected to reach $34 million to $36 million, compared to $54.4 million in the 2013 first quarter and $35.0 million in the second quarter of 2012. The Company is reporting revenues, which are subject to percentage of completion alterations.

 On April 4, 2013 we alerted GeoInvesting members that we were taking a closer look at China Housing and Land Development Inc. (NASDAQ: CHLN) from a bullish point of view.

Referencing SEC filings and confirmed by our investigators, the company has developed 11 projects since its establishment.  As of the 2012 fourth quarter the company claims that it has sold or is currently in the process of selling apartments from the following projects:

• Junjing I, II, and III
• Puhua Phase I, Phase II, and Phase III
• Park Plaza project
• Ankang project

The company also claims that the following residential projects are in planning stages for which construction will begin between the second quarter of 2013 and third quarter of 2018.

• Puhua Phase IV
• Golden Bay
• Textile City

Please see the remainder of our CHLN due diligence and commentary first viewed by our Premium Members here.

To be among the first to receive alerts like this, subscribe to our premium service!

Alert sent to members on 4/4/2013

We have begun to perform due diligence on China Housing & Land (NASDAQ:CHLN).

Yesterday we mentioned that we initiated a long position in CHLN.  On April 1, 2013 CHLN reported strong 2012 Q4 earnings.  It looks like volume is coming into the stock following the recent surge in China Hgs Real Estate (NASDAQ:HGSH). CHLN and HGSH are both real-estate developers.

CHLN and HGSH are located in the same area, Shaanxi province, and are around 150 miles apart from one another. CHLN is located in Xi’an city which has a population of 8.5 million.  HGSH is located in Hanzhong City which has a population of 3.4 million.

While there is much more due diligence to perform, we have so far confirmed CHLN’s claimed real estate projects and sale schedule.  There will be more details to follow as they become available.

Alert sent to members on 5/6/2013

After further due diligence we were able to verify there appear to be no problems in the Company's corporate structure.  We will continue our due diligence process for CHLN.

 To be among the first to receive alerts like this, subscribe to our premium service!

Fourth Quarter 2012 Results

• Total revenue in the fourth quarter of 2012 increased 112.8% to $61.5 million from $28.9 million in the third quarter of 2012 and increased 28.5% from $47.9 million in the fourth quarter of 2011.
• Net income attributable to the Company in the fourth quarter of 2012 was $11.5 million, or $0.33 per diluted share vs $0.08 per share in prior year.

Mr. Pingji Lu, China Housing's Chairman, commented, "We are pleased to announce very strong financial results for the fourth quarter of 2012, which marks the fourth consecutive quarter in which we've exceeded our guidance forecast. Our fourth quarter 2012 revenue increased significantly compared to the prior quarter, which is reflective of the ongoing improvement in the Xi'an housing market and the successful execution of our development projects. Puhua Phase II, Puhua Phase I and JunJing III projects contributed to the majority of our revenue in the fourth quarter, GFA sales more than doubled in the fourth quarter compared to the last quarter and average selling prices increased on a sequential basis at the majority of our projects, resulting in much improved gross margin, operating income and net income results."

"As we look at 2013, transaction volume and housing prices in Xi'an were stable during the first two months of the year and we expect housing prices in our region to gradually increase in the months ahead. Two of our new projects, Park Plaza and Puhua Phase III, are scheduled to commence presales in the first quarter. The addition of these two projects brings our total number of active development projects to eight. We continue to concentrate our efforts on the development of high-quality housing projects for Xi'an's growing middle class and believe we can capitalize on local market trends to enhance returns for our shareholders and strengthen our prospects for growth in the coming years."

2013 First Quarter Outlook

Total recognized revenue for the 2013 first quarter is expected to reach $28 million to $30 million, compared to $60.1 million in the 2012 fourth quarter and $23.5 million in the first quarter of 2012.

Highlights for Q3 2012:

• Total revenue in the third quarter of 2012 decreased 17.4% to $28.9 million from $35.0 million in the second quarter of 2012 and decreased 9.0% from $32.1 million in the third quarter of 2011.
• Gross profit decreased 31.5% to $5.6 million from $8.1 million in the second quarter of 2012 and decreased 41.7% from $9.5 million in the third quarter of 2011. Third quarter 2012 gross margin was 19.2% compared to 23.2% in the second quarter of 2012 and 29.7% in the third quarter of 2011.
• Operating income decreased 52.9% to $1.4 million from $3.1 million in the second quarter of 2012, and decreased 76.3% from $6.1 million in the second quarter of 2011.
• Net income attributable to the Company in the third quarter of 2012 was $0.9 million, or $0.03 per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "Our stronger-than-expected top line financial results and healthy average selling price trends were indicative of continued improvement in Xi'an's real estate market. GFA sales were down sequentially largely because one core project, Puhua Phase II, was responsible for most of the revenue generation compared to past quarters when multiple projects contributed to our revenue stream. Average selling prices at our projects increased 11% to RMB 6,359 compared with RMB 5,705 in the second quarter of 2012 and each of our three projects in the third quarter showed ASP improvement."

"As we evaluate the opportunities in our business in the coming months and quarters ahead, we expected continued improvement to our performance. In our fourth quarter, we expect our revenue performance to be better than the first three quarters of 2012 as we have two more projects scheduled to come online in a stabilized pricing environment. Looking out to 2013, we have an additional four projects under planning that are expected to commence pre-sales in the next twelve months in addition to our two new projects in the last quarter of this year. Together, these six new projects under planning represent a total of nearly 1.7 million square meters of unsold GFA. We believe the pricing environment will remain stable providing us with greater opportunities to increase our revenue and contract sales."

2012 Fourth Quarter Outlook

Total recognized revenue for the 2012 fourth quarter is expected to reach $25.0 million to $27.0 million, compared to$28.9 million in the 2012 third quarter and $47.9 million in the same period of 2011. The Company is reporting revenues, which are subject to percentage of completion alterations.

Highlights for Q2 2012:

• Total revenue in the second quarter of 2012 increased 49.0% to $35.0 million from $23.5 million in the first quarter of 2012 and increased 72.9% from $20.3 million in the second quarter of 2011.
• Total gross floor area ("GFA") sales were 25,908 sq. meters during the second quarter of 2012, compared to 20,366 sq. meters in the first quarter of 2012 and 12,769 sq. meters in the second quarter of 2011.
• Average residential selling price ("ASP") in the second quarter of 2012 was RMB 5,705, compared with RMB 6,215 in the first quarter of 2012, and RMB 6,551 in the second quarter of 2011.
• Gross profit increased 15.3% to $8.1 million from $7.0 million in the first quarter of 2012 and increased 58.6% from $5.1 million in the second quarter of 2011. Second quarter 2012 gross margin was 23.2% compared to 29.9% in the first quarter of 2012 and 25.3% in the second quarter of 2011.
• SG&A expenses as a percentage of total revenue decreased to 11.3%, compared to 12.9% in the first quarter of 2012 and decreased from 16.4% in the second quarter of 2011.
• Operating income decreased 10.4% to $3.1 million from $3.4 million in the first quarter of 2012, and increased 258.8% from $0.9 million in the second quarter of 2011.
• Net income attributable to the Company in the second quarter of 2012 was $1.9 million, or $0.05 per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "We were pleased that our financial results for the second quarter were stronger than our original forecast. This performance was fueled by increased sales at our Puhua Phase I and II projects. Our three active projects, Puhua Phase I, Puhua Phase II and JunJing III generated the majority of our revenue with GFA sales of approximately 26 thousand square meters and a total average selling price of RMB 5,705 per square meter. While overall GFA sales were high at two of our three main projects this quarter, our gross profit margin was lower than expected. This was due to a change in estimated revenue and cost of sales at our JunJing III project as well as decreased ASP at our Puhua Phase II project to enhance sales. We aim to keep our gross margin in the 25% to 28% range and believe this will be achievable in the remaining half of the year."

"As we look ahead to the second half of the year, we believe market conditions will continue to improve and consumers will continue to resume their buying activity. We have one main project Puhua Phase II, that will drive sales in the second half of the year. We also have several new projects under construction that are expected to commence pre-sales in the latter half of the year. Recently, we have improved our debt position and believe we have sufficient levels of capital for our business expansion in the coming quarters ahead. We see a number of unique opportunities to drive demand for our residential and commercial properties in the Xi'anmarket and look forward to capitalizing on our growth to build China Housing into a larger, more profitable business."

Highlights for Q1 2012:

• Total revenue in the first quarter of 2012 decreased 50.9% to $23.5 million from $47.9 million in the fourth quarter of 2011 and increased 4.2% from $22.6 million in the first quarter of 2011.
• Total gross floor area ("GFA") sales were 17,090 sq. meters during the first quarter of 2012, compared to 44,631 sq. meters in the fourth quarter of 2011 and 28,438 sq. meters in the first quarter of 2011.
• Average residential selling price ("ASP") in the first quarter of 2012 was RMB 7,407, compared with RMB 6,301 in the fourth quarter of 2011, and RMB 6,115 in the first quarter of 2011.
• Gross profit increased 2.1% to $7.0 million from $6.9 million in the fourth quarter of 2011 and increased 22.8% from $5.7 million in the first quarter of 2011. First quarter 2012 gross margin was 29.9% compared to 14.4% in the fourth quarter of 2011 and 25.4% in the first quarter of 2011.
• SG&A expenses as a percentage of total revenue increased to 12.9%, compared to 7.0% in the fourth quarter of 2011 and decreased from 15.2% in the first quarter of 2011.
• Operating income increased 58.8% to $3.4 million from $2.2 million in the fourth quarter of 2011, and increased 159.8% from $1.3 million in the first quarter of 2011.
• Net income attributable to the Company in the first quarter of 2012 was $2.2 million, or $0.06 per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "Despite the expected slowdown in real estate market, our financial results for the first quarter were stronger than expected in a seasonally slower quarter for China Housing. We adjusted our product supply at our Puhua projects in the first quarter making a larger number of lower cost units with lower average GFA available to drive sales. Our three active projects in the first quarter, JunJing III, Puhua Phase I and Puhua Phase II, continued to generate the majority of total revenue. Average selling prices at JunJing III were higher than our prior quarter resulting in gross profit margin above 30%. Our three active projects resulted in GFA sales of 14,994 square meters and average selling price ofRMB 7,074. According to E-House (China) Real Estate Research Institute, total GFA sales inXi'an were 1.8 million sq. meters from 2.5 million sq. meters in the fourth quarter 2011 and the average residential sale price in Xi'an was RMB 7,703 per square meter from RMB 7,903 in the fourth quarter 2011."

"We continue to monitor the property market environment in Xi'an and to adjust our product supply to meet consumer demand. We are currently focusing more of our marketing efforts on first time home buyers who are more consistent buyers during times of market uncertainly and a greater portion of our existing and upcoming development projects are geared toward this group."

"Our projects are progressing as planned and the consumer lending environment is improving. We have four new projects currently scheduled to commence pre-sales in 2012 along with two other projects scheduled for construction in 2013. Although we do not anticipate additional action by the government to reduce speculation in the local market for the remainder of this year, our growth outlook remains uncertain at this point in time. We are hopeful we'll see a gradual improvement in demand in Xi'an as the market environment stabilizes. As this happens, we expect to experience a corresponding level of revenue growth."

2012 Outlook

Total recognized revenue for the 2012 second quarter is expected to reach $20 to $22 million, compared to $20.3 million in the same period of 2011. The Company is reporting contract sales estimates compared to revenue as they are not subject to percentage of completion alterations.

Fourth Quarter 2011 Results

• Total revenue in the fourth quarter of 2011 increased 49.2% to $47.9 million from $32.1 million in the third quarter of 2011 and increased 32.8% from $36.1 million in the fourth quarter of 2010.
• Total gross floor area ("GFA") sales were 44,631 sq. meters during the fourth quarter of 2011, compared to 24,793 sq. meters in the third quarter of 2011 and 30,680 sq. meters in the fourth quarter of 2010.
• Average residential selling price ("ASP") in the fourth quarter of 2011 was RMB 6,301, compared with RMB 5,574 in the third quarter of 2011, and RMB 6,661 in the fourth quarter of 2010.
• Gross profit decreased 27.7% to $6.9 million from $9.5 million in the third quarter of 2011 and decreased 15.8% from $8.2 million in the fourth quarter of 2010. Fourth quarter 2011 gross margin was 14.4% compared to 29.7% in the third quarter of 2011 and 22.7% in the fourth quarter of 2010.
• SG&A expenses as a percentage of total revenue decreased to 7.0%, compared to 9.1% in the third quarter of 2011 and decreased from 10.4% in the fourth quarter of 2010.
• Operating income decreased 64.7% to $2.2 million from $6.1 million in the third quarter of 2011, and decreased from $3.0 million in the fourth quarter of 2010.
• Net income attributable to the Company in the fourth quarter of 2011 was $2.8 million, or $0.08 per diluted share. Excluding the $0.3 million gain associated with the revaluation of derivatives and warrants, net income was $2.5 million.

Mr. Pingji Lu, China Housing's Chairman, commented, "While we were pleased to see sequential improvements both in GFA sales and ASP's , our business continued to experience the impact of restrictive government policies on the real estate market that have impacted home purchases in Xi'an. We had three active projects in the fourth quarter, including JunJing III, Puhua Phase I and Puhua Phase II. Total GFA sales reached 44,631 square meters and average selling prices were RMB 6,301, both of which were sequential improvements. According to data from E-House (China) and the Xi'an Bureau of Statistics, during the fourth quarter of 2011, housing sales volume in Xi'an decreased 12.8% to 2.5 million square meters from 2.8 million square meters in the third quarter 2011 and average selling prices increased 6.6% to RMB 7,903 per sq. meter compared to RMB 7,412 in the third quarter of 2011."

"We added one new development project to our pipeline in the fourth quarter. The Ankang project, located approximately 200 kilometers south of Xi'an is now our largest project outside of Xi'an. We intend to develop middle income residential units on the site with an estimated gross floor area ("GFA") of 243,000 square meters. The development period of the project is currently expected to begin in the second quarter of 2012 and is estimated to last approximately three years. We plan to start presales in the third quarter of 2012 and anticipate that this new development project will generate revenue of approximately RMB1.1 billion (US$171.9 million) over the life of the project."

"If there is no easing of the aforementioned restrictive government policies, we expect contract sales to remain slow this year. However, labor costs and construction costs continue to rise which together can result in higher apartment sales prices. We have the ability to modify the timeline of our development projects based on market conditions and will monitor the latest trends to control the roll out of our construction projects. We have an active pipeline of projects and look forward to expanding our position as market conditions improve."

2012 Outlook

Total contract sales for the 2012 first quarter are expected to reach $16.5 to $17.5 million, a 37.6% - 33.8 % decrease compared to $26.4 million in the same quarter of 2011. Total recognized revenue for the 2012 first quarter is expected to reach $16.5 to $17.5 million, compared to $22.6 million in 2011. The Company is reporting contract sales estimates compared to revenue as they are not subject to percentage of completion alterations.

Third Quarter 2011 Results

• Total revenue in the third quarter of 2011 increased 58.5% to $32.1 million from $20.3 million in the second quarter of 2011 and decreased 5.7% from $34.0 million in the third quarter of 2010.
• Net income attributable to the Company in the third quarter of 2011 was $4.4 million, or $0.13 per basic share and $0.12 per diluted share. Excluding the $1.8 thousand gain associated with the revaluation of derivatives and warrants, net income was $4.3 million.

First Quarter Results:

• Total revenue in the first quarter of 2011 decreased 37.4% to $22.6 million from $36.1 million in the fourth quarter of 2010 and decreased 32.8% from $33.6 million in the first quarter of 2010.
• Total gross floor area ("GFA") sales were 28,438 sq. meters during the first quarter of 2011, compared to 30,680 sq. meters in the fourth quarter of 2010 and 61,666 sq. meters in the first quarter of 2010.
• Average residential selling price ("ASP") in the first quarter of 2011 was RMB 6,115, compared with RMB 6,661 in the fourth quarter of 2010, and RMB 5,027 in the first quarter of 2010.
• Gross profit decreased 30.0% to $5.7 million from $8.2 million in the fourth quarter of 2010 and decreased 11.6% from$6.5 million in the first quarter of 2010. First quarter 2011 gross margin was 25.4% compared to 22.7% in the fourth quarter of 2010 and 19.3% in the first quarter of 2010.
• SG&A expenses as a percentage of total revenue increased to 15.2%, compared to 10.4% in the fourth quarter of 2010 and 7.6% in the first quarter of 2010.
• Operating income decreased 56.7% to $1.3 million from $3.0 million in the fourth quarter of 2010, and decreased from$3.0 million in the first quarter of 2010.
• Net income attributable to the Company in the first quarter of 2011 was $2.5 million, or $0.07 per basic share and $0.05per diluted share.  Excluding the $1.9 million or $ 0.06 gain on basic EPS associated with the revaluation of derivatives and warrants, net income was $0.6 million or $0.02 per basic share.

Mr. Pingji Lu, China Housing's Chairman, commented, "The first quarter was challenging for our business as sales fell short of expectations due to the impact of additional mortgage and purchase restrictions imposed by the local Xi'an government in the first quarter. Potential buyers waited for the new guidelines to determine whether they could meet new mortgage requirements as well as see if prices would soften.  The Xi'an government has also extended the number of days required to secure the necessary construction permits which has delayed the timing of our new development projects. According to data from E-House (China) and the Xi’an Bureau of Statistics, during the first quarter of 2011, housing sales volume in Xi’an decreased 31.4% sequentially to 3.0 million sq. meters, but average selling prices held steady increasing 7.7% to RMB 7,220 per sq. meter compared to RMB 6,704 in the fourth quarter of 2010."

Total contract sales in 2011 are expected to reach $250 to $290 million, a 140%-179% increase compared to $148 million in 2010.  Total recognized revenue in 2011 is expected to reach $200 to $220 million, a 43%-57% increase compared to $140 million in 2010. Gross margin in 2011 is expected to reach 30%-35%. The Company is reporting contract sales estimates compared to revenue as it is not subject to percentage of completion alterations.

Highlights for Q4 2010:

• Total revenue in the fourth quarter of 2010 increased 5.9% to $36.1 million from $34.0 million in the third quarter of 2010 and increased 37.0% from $26.3 million in the fourth quarter of 2009.
• Total gross floor area ("GFA") sales were 30,680 sq. meters during the fourth quarter of 2010, compared to 39,833 sq. meters in the third quarter of 2010 and 61,786 sq. meters in the fourth quarter of 2009.
• Average residential selling price ("ASP") in the fourth quarter of 2010 was RMB 6,661, compared with RMB 5,694 in the third quarter of 2010, and represents a 42.5% increase from RMB 4,675 in the fourth quarter of 2009.
• Gross profit decreased 25.0% to $8.2 million from $10.9 million in the third quarter of 2010 but increased 74.6% from $4.7 million in the fourth quarter of 2009. Fourth quarter 2010 gross margin was 22.7% compared to 32.0% in the third quarter of 2010 and 17.8% in the fourth quarter of 2009.
• SG&A expenses as a percentage of total revenue increased to 10.4%, compared to 8.4% in the third quarter of 2010 and 12.6% in the fourth quarter of 2009.
• Operating income decreased 56.7% to $3.0 million from $7.0 million in the third quarter of 2010, and increased from $(0.17 million) in the fourth quarter of 2009.
• Net income attributable to the Company in the fourth quarter of 2010 was $2.4 million, or $0.07 per basic share and $0.15 per diluted share.  Excluding the $0.4 million or $0.01 impact on basic EPS associated with the revaluation of derivatives and warrants, net income was $2.1 million, or $0.06 per basic share.

Mr. Pingji Lu, China Housing's Chairman, commented, "We are pleased to have met our full year revenue forecast.  Once again, JunJing II Phase Two and Puhua Phase One were the primary revenue contributors in our business during the fourth quarter. Xian's residential sales in the fourth quarter of 2010 totaled 4.4 million square meters with an average selling price of RMB 6,704, a 49.3% increase in sales volume and 5.1% increase in sales price compared to the third quarter of 2010. Our fourth quarter results were consistent with the general growth trends in Xi'an. Demand for our development projects remained healthy as all three of our current projects under construction achieved sizeable ASP improvements over the prior quarter.  

We believe 2011 could be a very productive year for our business. Much of our growth will be achieved from further sales of our current projects under construction as well as from our three development projects scheduled for pre-sales in 2011.  Further, we plan to expand our development projects into surrounding areas near Xi'an. We recently announced our acquisition of a development project in nearby Hu county and plan to expand into at least one additional surrounding city this year. We also aim to concentrate on developing properties that can generate rental income and provide more stable cash flows for our business going forward. We intend to further establish China Housing as a leading developer in Xi'an and its surrounding area and are optimistic that 2011 can be a record year of growth for our company."

2011 Outlook

• Total contract sales in 2011 are expected to reach $250 to $290 million, a 140%-179% increase compared to $148 million in 2010.  
• Total recognized revenue in 2011 is expected to reach $200 to $220 million, a 43%-57% increase compared to $140 million in 2010. Gross margin in 2011 is expected to reach 30%-35%.

The Company is reporting contract sales estimates compared to revenue as it is not subject to percentage of completion alterations.

Highlights for 3Q10:

• Total revenue in the third quarter of 2010 decreased 7.1% to $34.0 million from $36.6 million in the second quarter of 2010 but increased 42.3% from $23.9 million in the third quarter of 2009.
  
• Total gross floor area ("GFA") sales were 39,833 sq. meters, compared to 46,459 sq. meters in the 2010 second quarter period and 32,436 sq. meters in the 2009 third quarter period.
  
• Average residential selling price ("ASP") in the third quarter was RMB 5,694, compared with RMB 5,641 in the second quarter of 2010, and represents a 13.9% increase from RMB 5,001 in the third quarter of 2009.
  
• Gross profit increased 5.8% to $10.9 million from $10.3 million in the second quarter of 2010 and 47.3% from $7.4 million in the third quarter of 2009. Third quarter 2010 gross margin was 32.0% compared to 28.2% in the second quarter of 2010 and 31.0% in the third quarter of 2009.
  
• SG&A expenses as a percentage of total revenue decreased to 8.4%, compared to 10.3% in the 2010 second quarter and 10.5% in the 2009 third quarter period
  
• Operating income increased 22.8% to $7.0 million from $5.7 million in the second quarter of 2010, and increased 118.8% from $3.2 million in the third quarter of 2009.
  
• Net income attributable to the Company in the third quarter of 2010 was $6.5 million, or $0.20 per basic share and $0.15 per diluted share.  

• Excluding the $1.4 million or $0.04 impact on basic EPS associated with the revaluation of derivatives and warrants, net income was $5.1 million, or $0.15 per basic share.

Mr. Pingji Lu, China Housing's Chairman, commented, "We were generally pleased with our performance in the third quarter.  JunJing II Phase Two and Puhua Phase One were the primary contributors to our performance.  Sales would have been even higher in the third quarter were it not for government approval delays related to JunJing III that required us to delay recognizing revenue related to this project until the fourth quarter.  We believe that overall demand for housing, average selling prices and transaction volume trends in the Xi'an market continue to improve.  According to data from E-House (China) and the Xi'an Bureau of Statistics, Xian's residential sales in the third quarter of 2010 totaled 3.1 million square meters with an average selling price of RMB 6,560, a 2% increase in sales volume and 12% increase in sales price compared to the second quarter of 2010. In the third quarter of 2009, residential sales totaled 3.3 million square meters with an average sales price of RMB 5,280 per square meter. When compared to the 2009 third quarter, total residential sales volume in Xi'an decreased 7%, while sales prices increased 24%."

We are focused on layering on additional ASP and gross margin improvement. These trends can continue to trend higher in the coming quarters as we develop and sell more mid-to-high level apartment units at our current projects under development.  We are also evaluating the opportunity to design and create move-in ready apartments for specific high-end projects under development such as Park Plaza."

2010 Outlook

• Total contract sales in 2010 are expected to reach US$168 to $205 million, a 62%-97% increase compared to $103.9 million in 2009.  

• Total recognized revenue in 2010 is expected to reach US$135 to $165 million, a 56%-91% increase compared to $86.6 million in 2009. The Company is reporting contract sales estimates compared to revenue as it is not subject to percentage of completion alterations.

"We believe that we'll enter 2011 positioned for even greater financial success. Provided that current conditions remain stable, we believe we have an opportunity to increase our revenue and contract sales growth by an average of 30% each year for the next several years. We remain encouraged with the overall progress in our business and believe our portfolio of current and future development projects can position China Housing and Land as a leading developer in the western China region," concluded Mr. Lu.

China Housing & Land Development, Inc. announced that it has filed a Form S-3 shelf registration statement with the Securities and Exchange Commission to register 1,974,866 shares of common stock. This announcement relates to the Company's June 2010 8-k debt restructuring filing in which it was expected to retire approximately US$11 million of non convertible portion of the US$20 million 5% Senior Secured Convertible Notes, which were issued to certain investors in January 2008.

China Housing will retire up to US$11 million Non Convertible Notes through the issuance of 1,974,866 common shares at US$5.57 per share upon the investors' request within five business days after the Form S-3 is effective. China Housing's stock is trading at US$2.26 as of October 15, 2010.

Highlights for 2nd Q 2010:

• Total revenues increased 9.0% to $36.6 million compared to $33.6 million in the first quarter of 2010, and increased 61.1% from $22.7 million in the second quarter of 2009.
  
• Contract sales decreased 15.4% to $38.4 million compared to $45.4 million in the first quarter of 2010 and increased 90.1% from $20.2 million in the second quarter of 2009.
  
• Operating income increased 91.7% to $5.7 million from $3.0 million in the first quarter of 2010, and increased 51.6% from $3.8 million in the second quarter of 2009.
  
• Net income attributable to the Company in the second quarter of 2010n was $5.6 million, or $0.17 per basic share and $0.13 per diluted share.  Excluding a $1.4 million, or $0.04 gain associated with the revaluation of derivatives and warrants, net income was $4.2 million, or $0.13 per basic share and $0.13 per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "Our second quarter results were respectable given the challenging market environment. JunJing II Phase Two and Puhua Project continued to serve as the main revenue drivers in our business. Our average selling price trends were favorable in the second quarter increasing 12.2% sequentially and 27.3% from our prior year second quarter largely due to an improved product mix associated with our Puhua Project. Our project sales direction is trending more toward slightly higher end projects such as Puhua which can result in ongoing ASP and gross margin improvements in the coming quarters."

"We are also encouraged with several important initiatives that can benefit our business performance moving forward. This includes a central government program that offers lower interest rates to first time apartment buyers and upgraders. We also hope to benefit from our establishment of a road show marketing team that travels to nearby provinces to target high income working professionals to purchase our apartments in Xi'an. Industry research shows that average selling prices and transaction volume in the Xi'an market continued to remain stable."

2010 Outlook

"Our original full year guidance projection included construction expansion into surrounding provinces. However, central government policies have led to more hesitation in the broader real estate market which has diminished our plans to expand into other nearby provinces at present. This pullback directly resulted in a reduction of our annual revenue growth expectations for this year. We continue to view other real estate projects outside of Xi'an as compelling investment opportunities and will evaluate further expansion initiatives outside of Xi'an as overall real estate market sentiment continues to improve.

2010 total contract sales are expected to reach US$168 to $205 million, a 62%-97% increase compared to $103.9 million in 2009. Total recognized revenue in 2010 is expected to reach US$135 to $165 million, a 56%-91% increase compared to $86.6 million in 2009. The Company is reporting contract sales estimates compared to revenue as it is not subject to percentage of completion alterations.

Mr. Pingji Lu, China Housing's Chairman, commented, "We posted strong first quarter results in what is traditionally one of our seasonally slower quarters. The overall real estate market condition in Xi'an has improved since the beginning of 2010 and through the first quarter, which is demonstrated in the pre-sales results of our current projects under construction.

Since government policies raised purchase hesitation in the Xi'an real estate market, the sales for the coming months have become less visible. That said, we are still confident with our project pipeline and market positioning and maintain our previous financial outlook for 2010. The Company will keep monitoring the market condition and adjust our business strategy if necessary.

China Housing & Land Development reported 2009 second quarter financial results. The Company exceeded estimates on a non-GAAP basis.  Non-GAAP earnings per share were $0.10 vs. an $0.08 estimate.  The company also beat revenue estimates. The stock is down and may offer a trading opportunity.

China Housing & Land Develop issued preliminary sales data for its 2009 second quarter. 

Preliminary Second Quarter sales contract data

• Junjing II Phase One, Phase Two and other existing projects- $23.9 million
• Non-Junjing II projects- $4.0 million
• The average price per square meter has increased from the first quarter.

This is encouraging news and may imply that the company can exceed analyst second quarter estimates:

• Revenues Estimate-  $14.2 million
• Earnings Per Share Estimate- $0.04

Per some of the press release verbiage, there is a caveat preventing The GeoTeam® from definitively assuming that China Housing & Land Develop will exceed estimates:

"Generated sales contracts for the 2009 second quarter are reported under the percentage of completion accounting method for revenue recognition and may not be fully recognized in the second quarter."

Historical Information is still needed on the relationship between contract sales data and actual reported sales data.

Source: PR Newswire