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China Housing & Land Development, Inc. Receives Formal Approval from the Xi'an Baqiao District Government to Begin Baqiao Development

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2007-08-14 14:57:05     
China Housing & Land Development, Inc.

China Housing & Land Development, Inc., "China Housing" (OTC Bulletin Board: CHLN), a leading developer of residential and commercial properties in the city of Xi'an announced today the Company has secured final approval from the Baqiao District Government to begin development of the first 115 acres of the Company's Baqiao project.

With this approval, China Housing will begin the necessary capital expenditures on the first 115 acres, including installation and maintenance of water, electricity, gas supply and sewer system which is expected to be completed within the next three months and prior to the Company engaging in the first portion of raw land sales in the fourth quarter of 2007. Based on prior investments by New Land and the acquisition of a construction company associated with the initial purchase, China Housing anticipates recording revenue and net income for both the related construction and reimbursement of prior capital expenditures by the Government in the third quarter of this year. Additionally, as part of the agreement, China Housing will be given preferential tax treatment by the local government regarding future Baqiao land sales and capital expenditures and as a result the Company will receive a 21 percent refund on its stated 5.6 percent Business Tax, which is deducted before reported revenues and will also be entitled to a 6 percent refund on the Company's 33 percent corporate income tax rate.

"We are pleased to sign this formal agreement with the local government which clears the way for the Company to begin selling this highly desirable land in different phases beginning in the fourth quarter of this year," commented Mr. Pinji Lu, CEO & Chairman of China Housing. "This agreement covers the development of the first 115 acres of which we anticipate selling a minority portion this year and a significantly larger stake in 2008. We expect to receive approval by the local government to begin development of another 122 acres in the first half of 2008 and at this point we do not foresee any potential complications that would cause a delay versus our timeline. Additionally, the granting of the preferential tax treatment will enable the Company to generate very favorable net margins on subsequent land sales."

On March 12, 2007 China Housing & Land Development announced the acquisition of Xi'an New Land Development "New Land" which gave the Company the exclusive land sale rights to 487 acres of highly coveted property in the Baqiao Hi-Tech Industrial Zone. This site is approximately two miles from the center of the city, is linked by three highways and is located at the origination of a planned cross town subway. Baqiao, which encompasses 2,224 acres in total is being established as a new satellite city within Xi'an and includes residential housing, retail and light commercial space in addition to an aerospace research and logistical center. The local government expects to invest over $7 billion USD during the next ten years for overall infrastructure development to accommodate approximately 600,000 new citizens.

"Over the past couple months several high profile international developers have made significant investments near our Baqiao property at considerably higher acquisition prices than our cost basis. This will provide us with an extremely favorable comparison as we look to complete our first sale in 2007 while further solidifying the value of the entire property."

About China Housing & Land Development, Inc.

Based in Xi'an, the capital city of the Shaanxi province in China, China Housing & Land Development, Inc. is the largest Private developer of residential and commercial properties. China Housing has been an independent business since 1992 and became a US publicly listed company in 2006.

Cautionary Statement Regarding Forward Looking Information

This Press Release may contain forward-looking information about China Housing & Land Development, which are 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. Actual performance results may vary significantly from expectations and projections. This and other "Risk Factors" contained in China Housing & Land Development, Inc.'s public filings with the SEC

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