China Housing & Land Development (CHLN) Announces Acquisition of New Land Parcel in Ankang, China for $12.9M
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China Housing & Land Development, Inc., (NASDAQ: CHLN) today announced that the Company has signed an agreement with the local government to acquire a new land parcel in Ankang, China.
Located approximately 200 kilometers south of Xi'an in China's Shanxi Province, Ankang is considered a Tier 4 city with a population exceeding three million people. China Housing paid a total of RMB82.4 million (approximately US$12.9 million), which was financed by internally generated funds, for the land use rights for the Ankang land parcel. The land parcel offers a total site area of approximately 74,819 square meters. The Company intends to develop middle income residential units on the site with an estimated gross floor area ("GFA") of 261,867 square meters. The development period of the project is expected to begin in the first quarter of 2012 and is estimated to last approximately three years. The Company plans to start presales in the third quarter of 2012 and anticipates that this new development project will generate revenue of approximately RMB1.1 billion (US$171.9 million) over the life of the project.
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Located approximately 200 kilometers south of Xi'an in China's Shanxi Province, Ankang is considered a Tier 4 city with a population exceeding three million people. China Housing paid a total of RMB82.4 million (approximately US$12.9 million), which was financed by internally generated funds, for the land use rights for the Ankang land parcel. The land parcel offers a total site area of approximately 74,819 square meters. The Company intends to develop middle income residential units on the site with an estimated gross floor area ("GFA") of 261,867 square meters. The development period of the project is expected to begin in the first quarter of 2012 and is estimated to last approximately three years. The Company plans to start presales in the third quarter of 2012 and anticipates that this new development project will generate revenue of approximately RMB1.1 billion (US$171.9 million) over the life of the project.
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