China Housing Announces $75M Land Use Rights Acquisition

China Housing & Land Development, Inc. CHLN today announced that the Company has signed an agreement detailing investment plans with the Xi'an's Baqiao district government to acquire land use rights to a 107 acre tract of land within its 487 acre Baqiao development project for the development of a new real estate housing project. With this newly added project, China Housing will have three residential projects underway in Xi'an's Baqiao District, totaling 1.65 million square meters of gross floor area. Upon signing an extended agreement with the Baqiao Government, the Company will still have 282 acres of undeveloped land in Baqiao District. China Housing has agreed in its investment plans with the district government to pay approximately RMB500 million (US$75 million) in installments from 2011 to 2012 to acquire the land use rights to the 107 acre parcel of land.