China Housing Breaks Ground on Puhua Project
Development, Inc., (“China Housing”, Nasdaq: CHLN) today announced that the
Company has commenced construction of its Puhua project, a large mid-upper
income residential community development project in
The Puhua project, a joint venture between China Housing and Prax Capital
China Real Estate Fund I, Ltd., is China Housing’s 79 acre joint venture
located within the larger 468.6 acre Baqiao project zone. The gross floor
area of Puhua on this 79-acre site will be about 640,000 square meters (about
6.6 million square feet). The Company believes that pre-sales agreements will
start in
completed in four phases, with the final buildings in the 79-acre complex
expected to be finished in 2014. Residences will total about 98.5% of that
gross floor area, with commercial space being about 1.5%.
Puhua Project Development Timeline:
Type of Estimated Residential Commercial
Project Construction Period GFA GFA in sq
in sq meter meter
Phase I Multi-Family 2Q 2009 - 3Q 2011 112,160 5,000
Phase II Residential 3Q 2010 - 3Q 2012 189,000 0
Phase III & 3Q 2011 - 3Q 2013 166,840 5,000
Phase IV Commercial 3Q 2012 - 3Q 2014 162,000 0
Mr.
break ground on Puhua, which is the first development site within our Baqiao
housing project. Our sales center for this development project opened on
28th
profile developers are investing heavily in this area on large scale
infrastructure and city development projects, which could bode well for real
estate demand in the central
looks rather positive since March this year. In May particularly, the sales
volume was 910,000 sq meters in
year-over-year. Average selling prices have also held steady since March. As
the market shows signs of stabilization, we are pleased to begin work on this
large scale project, which we believe can contribute to our revenue stream in
the coming years. Our site planning and architectural designs have been
completed and we have begun the excavation of the building foundations. We
have selected a highly qualified marketing and sales firm that will serve as
our exclusive sales agent for the project and believe that pre-sales will
commence in September of this year.”
The
resettlement zone where the city expects approximately 900,000 middle to upper
income residents to settle in the coming years. The
is committed to investing
infrastructure projects in the Baqiao New Development Zone, including a
vehicle expressway, passenger subway line that conveniently connects Baqiao to
downtown
Other private developers are also investing heavily in large scale building
projects in the nearby Chanba district, which is based within one kilometer of
China Housing’s Puhua project. Such projects include office buildings, an
international financial service center, and shopping, entertainment and
recreation centers.
Additional information related to the Company’s Puhua project can be found
on its corporate website (http://www.chldinc.com ) as well as in its most
recent 10-Q filing with the SEC
About China Housing’s Baqiao joint venture project
This first development site is the prime location within China Housing’s
Baqiao housing project, located about six miles east of
Located on the western bank of the 500 meter-wide Ba River, the 79-acre
site is across the river from western
covers 3,300 acres. This wetland park will host the 2011 International
Horticultural Exposition that will draw nature enthusiasts from around the
world. In addition, the Chanba commercial and financial centers are being
constructed nearby.
Of the 79 acres in the joint venture project, about 49 acres will be
devoted to housing, with the remaining 30 acres dedicated to riverfront walks,
green land and sport parks, and infrastructure, including streets and
sidewalks, which have already been funded by
government.
Transportation access for the site will include expressways and public
transportation. Two high-speed expressways already connect the Baqiao project
to central
on the new subway-and-rail system being constructed that will connect the
Baqiao project with central
and the world-famous Terracotta Army located 25 kilometers to the east of the
Baqiao project. One expressway already connects the Terracotta Army, Baqiao,
and the
In
and engineering firm of Leo A Daly, headquartered in
provide the detailed site planning and design for this 79-acre property.
Construction on the 79-acre parcel started on
customers beginning to sign pre-sales agreements starting in
The construction will be completed in four phases, with the final buildings
and units in the 79-acre complex expected to be finished in 2014.
The gross floor area on this 79-acre site will be about 640,000 square
meters (about 6.6 million square feet). Residences will total about 98.5% of
that gross floor area, with commercial space being about 1.5%.
About China Housing & Land Development, Inc.
Based in
Housing & Land Development, Inc., is a leading developer of residential and
commercial properties in northwest
land acquisition, development, and management, including the sales of
residential and commercial real estate properties through its wholly-owned
subsidiary in
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
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.
China Housing contacts:
Mr. Cangsang Huang
Acting Chief Financial Officer
Tel: +86-29-8258-2640 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.