XI'AN, China, Feb. 8 /PRNewswire-Asia/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company", Nasdaq: CHLN) today announced that it has been granted a RMB 150 million (US$22 million) loan from Xinhua Trust Investment Ltd. ("Xinhua Trust").
The RMB150 million (US$22 million) loan matures in February, 2012 and is secured by the Company's assets. The loan will be used for the Company's further expansion plans in 2010.
"We are pleased with the confidence in our future that the Xinhua Trust has shown in this two year loan," commented Mr. Pingji Lu, Chairman of China Housing and Land. "The completion of the loan represents a brand new channel for our domestic financing initiatives, which will greatly lower our capital cost, and is an important step in our expansion plans. Being able to obtain loans from diversified sources highlights our strong financing capabilities, confidence in our ability to execute and reduces our overall risk."
About China Housing & Land Development, Inc.
Based in Xi'an, the capital city of China's Shaanxi province, China Housing & Land Development, Inc., is a leading developer of residential and commercial properties in northwest China. China Housing has been engaged in land acquisition, development, and management, including the sales of residential and commercial real estate properties through its wholly-owned subsidiary in China, since 1992.
China Housing & Land Development is the first and only Chinese real estate development company traded on NASDAQ. The Company's news releases, project information, photographs, and more are available on the internet at http://www.chldinc.com .
Safe Harbor
This news release may contain forward-looking information about China Housing & Land Development, Inc. which is covered under the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of
forward-looking terminology such as believe, expect, may, will, should, project, plan, seek, intend, or anticipate or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and China Housing & Land Development's future performance, operations, and products.
Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Actual performance results may vary significantly from expectations and projections. Further information regarding this and other risk factors are contained in China Housing's public filings with the U.S. Securities and Exchange Commission.
All information provided in this news release and in any attachments are as of the date of the release, and the companies do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Mr. Cangsang Huang
Chief Financial Officer
Tel: +86-29-8258-2648 in Xi'an
Email: chuang@chldinc.com
Ms. Jing Lu
Chief Operating Officer, Board Secretary,
and Investor Relations Officer
Tel: +86-29-8258-2632 in Xi'an
Email: jinglu@chldinc.com / English and Chinese
Mr. Shuai Luo
Investor Relations
Tel: +86-29-8258-2632 in Xi'an
Email: laurentluo@chldinc.com
Mr. Bill Zima, ICR
Tel: +1-203-682-8200 in United States
Email: William.Zima@icrinc.com
Ms. Annie Chen, ICR
Tel: +86-10-6599-7966 in Beijing
Email: Annie.Chen@icrinc.com