China Housing & Land Development Announces Successful Pre-Sales Results for Puhua Phase One Project

XI'AN, China, Oct. 29 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," Nasdaq: CHLN) today announced that the Company successfully completed its first round of presales for the Company's Puhua Phase One project.

The Company officially began accepting pre-sales contracts for units in the Puhua Phase One project on October 24th, and during that weekend, the Company sold 133 out of 192 residential units made available in the first round for a total gross floor area ("GFA") sold of approximately 16,388 sq. meters. The contract amount of the units sold totaled RMB71.9 million. The units sold included residential space within one high-rise building, one mid- rise building and three garden houses. Pre-sales are customary in China and enable developers to have visibility into sell-through rates, while providing access to capital to complete projects which can augment overall internal rates of return. Pre-sales contract sales for Puhua Phase One are reported under the percentage of completion accounting method for revenue recognition and may not be fully recognized in the 2009 fourth quarter.

Construction began on Puhua Phase One in June 2009 and is expected to be completed by the third quarter of 2011. The first phase is expected to total 117,160 sq. meters of GFA. The Puhua project is a 79 acre development within the Company's 487 acre Baqiao New Development Zone. Puhua Phase One is the first, and smallest based on GFA, of four projects planned by the Company within the 79 acre development zone.

Mr. Pingji Lu, Chairman of China Housing commented, "We are off to a solid start at our Puhua development and are pleased that initial presales results exceeded our expectations. The Puhua project is extremely attractive to prospective homeowners due to the innovative design and quality construction of its housing units, easily commutable location, and serene, natural environment located within Xi'an's city limits. We are making excellent progress thus far in the first phase of this project and are pleased to see continued stability in Xi'an's residential housing market, which can help enhance demand for Puhua unit sales in the coming years. Our successful pre- sales results thus far for Puhua Phase One strengthen our confidence in this project and for our greater Baqiao development project opportunities."

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:

     China Housing contacts
     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

     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

SOURCE China Housing & Land Development, Inc.