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China Housing & Land Development Inc. Announces Fourth Quarter 2012 Financial Results

China Housing & Land Development Inc. Announces Fourth Quarter 2012 Financial
                                   Results

--Company Beats 4Q12 Financial Forecast--

PR Newswire

XI'AN, China, April 1, 2013

XI'AN, China, April 1, 2013 /PRNewswire/-- China Housing & Land Development,
Inc. ("China Housing" or the "Company;" Nasdaq: CHLN) today announced its
financial results for the quarter ended December 31, 2012.

Highlights for Q4 2012:

Total revenue in the fourth quarter of 2012 increased 112.8% to $61.5 million
from $28.9 million in the third quarter of 2012 and increased 28.5% from $47.9
million in the fourth quarter of 2011. Other revenue in the fourth quarter of
2012 increased to $21.3 million from $4.8 million in the third quarter of 2012
and increased from $3.0 million in the fourth quarter of 2011.

  oTotal gross floor area ("GFA") sales were 27,853 sq. meters during the
    fourth quarter of 2012, compared to 12,773 sq. meters in the third quarter
    of 2012 and 44,631 sq. meters in the fourth quarter of 2011.
  oAverage residential selling price ("ASP") in the fourth quarter of 2012
    was RMB 5,137, compared with RMB 6,359 in the third quarter of 2012, and
    RMB 6,301 in the fourth quarter of 2011.
  oGross profit increased 280.2% to $21.1 million from $5.6 million in the
    third quarter of 2012 and increased 206.6% from $6.9 million in the fourth
    quarter of 2011. Fourth quarter 2012 gross margin was 34.3% compared to
    19.2% in the third quarter of 2012 and 14.4% in the fourth quarter of
    2011.
  oSG&A expenses as a percentage of total revenue decreased to 9.3%, compared
    to 12.9% in the third quarter of 2012 and increased from 7.0% in the
    fourth quarter of 2011.
  oOperating income increased significantly to $14.8 million from $1.6
    million in the third quarter of 2012, and $2.4 million in the fourth
    quarter of 2011.
  oNet income attributable to the Company in the fourth quarter of 2012 was
    $11.5 million, or $0.33 per diluted share.

Mr. Pingji Lu, China Housing's Chairman, commented, "We are pleased to
announce very strong financial results for the fourth quarter of 2012, which
marks the fourth consecutive quarter in which we've exceeded our guidance
forecast. Our fourth quarter 2012 revenue increased significantly compared to
the prior quarter, which is reflective of the ongoing improvement in the Xi'an
housing market and the successful execution of our development projects. Puhua
Phase II, Puhua Phase I and JunJing III projects contributed to the majority
of our revenue in the fourth quarter, GFA sales more than doubled in the
fourth quarter compared to the last quarter and average selling prices
increased on a sequential basis at the majority of our projects, resulting in
much improved gross margin, operating income and net income results."

"As we look at 2013, transaction volume and housing prices in Xi'an were
stable during the first two months of the year and we expect housing prices in
our region to gradually increase in the months ahead. Two of our new projects,
Park Plaza and Puhua Phase III, are scheduled to commence presales in the
first quarter. The addition of these two projects brings our total number of
active development projects to eight. We continue to concentrate our efforts
on the development of high-quality housing projects for Xi'an's growing middle
class and believe we can capitalize on local market trends to enhance returns
for our shareholders and strengthen our prospects for growth in the coming
years."

Total revenue in the fourth quarter of 2012 increased 112.8% to $61.5 million
from $28.9 million in the third quarter of 2012 and increased 28.5% from $47.9
million in the fourth quarter of 2011. Other Income in the fourth quarter of
2012 increased to $21.3 million from $4.8 million in the third quarter of 2012
and increased from $3.0 million in the fourth quarter of 2011. The significant
year-over-year increase in other revenue was due to the commercial property
sales at the Company's JunJing II project, which totaled RMB 94 million ($15.1
million) in the fourth quarter, as well as revenue generated from the
Company's Ankang project, which was classified as 'other income' because of
the construction of social housing derived from this project in the fourth
quarter. Revenue from the Ankang project will be categorized as 'real estate
sales' in the first quarter of 2013 due to the development of more normalized,
non-social housing projects moving forward.

In the fourth quarter of 2012, the majority of the Company's real estate
revenue came from its Puhua Phase II project with additional revenue from its
Puhua Phase I and JunJing III projects. Fourth quarter 2012 contract sales
totaled $22.9 million compared to $12.8 million in the third quarter of 2012
and $44.6 million in the fourth quarter of 2011. Total gross floor area
("GFA") sales were 27,853 sq. meters during the fourth quarter of 2012,
compared to 12,773 sq. meters in the third quarter of 2012 and 44,631 sq.
meters in the fourth quarter of 2011. The Company's ASP in the fourth quarter
of 2012 decreased to RMB 5,137 compared to RMB 6,359 in the third quarter of
2012, and RMB 6,301 in the fourth quarter of 2011. During the fourth quarter,
the Company commenced presales at its Ankang project. Average selling prices
at Ankang are lower on average compared to the Company's other projects
resulting in lower overall ASP's, but given the low cost structure of this
project, management believes gross margin of 25% - 30% can be maintained at
Ankang, which is in-line with the Company's consolidated gross margin goal for
2013.Based on accounting requirements, the Company will start to recognize
revenue from Ankang in the first quarter of 2013.

Gross profit for the three months ended December 31, 2012 was $21.1
million,representing an increase of280.2% from $5.6 million in the third
quarter of 2012 and a 206.6% increase from $6.9 million in the same period of
2011. Gross profit margin for the three months ended December 31, 2012 was
34.3%, which is above the 14.4% in the same period of 2011 and the 19.2% in
the third quarter of 2012. The increase in gross profit and gross profit
margin was mainly due to increased sales revenue and commercial property sales
at the Company's JunJing II project. The Company expects quarterly gross
margin to be in the 25% to 30% range in 2013.

SG&A expense was $5.7 million in the fourth quarter of 2012, compared to $3.7
million in the third quarter of 2012 and $3.4 million in the fourth quarter of
2011. SG&A expense as a percentage of total revenue was 9.3%, compared to
12.9% in the third quarter of 2012 and 7.0% in the fourth quarter of 2011. The
year-over-year increase in SG&A expense was primarily associated with
increased sales revenue and higher administrative expenses from increased
employee salaries.

Operating income in the fourth quarter of 2012 increased to $14.8 million, or
24.1% of total revenue, up from $1.6 million, or 5.4% of total revenue, in the
third quarter of 2012, and an increase from $2.4 million, or 5.0% of total
revenue in the fourth quarter of 2011. The year-over-year increase was mainly
due to increased sales revenue and commercial property sales at the Company's
JunJing II project.

Net income attributable to China Housing in the fourth quarter of 2012 was
$11.5 million, or $0.33 per diluted share. This performance compares to net
income of $0.9 million, or $0.03 per diluted share, in the third quarter of
2012.

Sequential Quarterly Revenue Breakout Comparison

         Q4 2012                                           Q3 2012
Project  Recognized Contract   GFA    ASP    Unsold  POC   Recognized Contract   GFA    ASP
         Revenue    Sales      Sold          GFA           Revenue    Sales      Sold
         ($)        ($)        (m^2)  (RMB)  (m^2)         ($)        ($)        (m^2)  (RMB)
Projects Under Construction
Puhua
Phase    22,381,994 10,710,195 9,155  7,304  141,461 74.8% 15,421,851 9,544,391  10,476 5,785
Two
Ankang   -          6,650,461  11,103 3,739  236,887 N/A   -          -          -      -
Projects Completed
Puhua
Phase    6,744,760  6,212,359  3,934  9,859  8,471   100%  3,814,640  2,474,085  1,716  9,157
One
JunJing  8,459,601  3,385,879  1,782  11,862 957     100%  4,863,938  753,382    539    8,878
III
JunJing
II Phase -          -          -      -      817     100%  -          -          -      -
One
JunJing  2,608,229  2,608,229  1,879  8,666  4,699   100%  -          -          -      -
I
Other    -          -          -      -      -             18,897     18,897     42     2,888
Projects
Other    21,349,820 -          -                           4,798,239  -          -
Income
Total    61,544,404 22,916,662 27,853 5,137  393,292 -     28,917,565 12,790,755 12,773 6,359
Q-o-Q    112.8%     79.2%      96.3%  -19.2%
Change

Total debt outstanding as of December 31, 2012 was $202.6 million compared
with $192.4 million on December 31, 2011. Net debt outstanding (total debt
less cash and restricted cash) as of December 31, 2012 was $85.9 million
compared with $64.0 million on December 31, 2011. The Company's net debt as a
percentage of total capital (net debt plus shareholders' equity) was 36.6
percent on December 31, 2012 and 33.1 percent on December 31, 2011.

                           Q4 2012
                                     First
                           Unsold
Projects in Planning                 Pre-sales
                           GFA
                                     Scheduled
                           (m^2)
Puhua Phase Three          129,300   Q1 2013
Park Plaza                 141,822   Q1 2013
Golden Bay                 252,540   Q3 2013
Puhua Phase Four           263,833   Q3 2014
Textile City               630,000   Q3 2014
Total projects in planning 1,417,495

2013 First Quarter Outlook

Total recognized revenue for the 2013 first quarter is expected to reach $28
million to $30 million, compared to $60.1 million in the 2012 fourth quarter
and $23.5 million in the first quarter of 2012. The Company is reporting
revenues, which are subject to percentage of completion alterations.

Conference Call Information

Management will host a conference call at 8:00 am ET on April 1^st, 2013.
Listeners may access the call by dialing #1-816-581-1736. To listen to the
live webcast of the event, please go to http://www.viavid.net. Listeners may
access the call replay, which will be available through April 8^th, 2013, by
dialing #1-858-384-5517; passcode: 1009245.

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 Chinese real estate development
company traded on NASDAQ. The Company's news releases, project information,
photographs, and more are available on the internet at 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 is 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
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
+86 29.8258.2639 in Xi'an
jinglu@chldinc.com / English and Chinese

Mr. Shuai Luo, CFA
Investor Relations
+86 29.8258.2632 in Xi'an
Laurentluo@chldinc.com / English and Chinese

Mr. Bill Zima, ICR
+86 10 6583 7511
William.Zima@icrinc.com

China Housing Investor Relations Department
+1 646.308.1285

CHINA HOUSING & LAND DEVELOPMENT INC. AND SUBSIDIARIES
Unaudited Interim Condensed Consolidated Balance Sheets
As of December 31, 2012 and December 31, 2011
                                                  December 31,   December 31,
                                                  2012           2011
ASSETS
 Cash & cash equivalents                          $ 6,121,448    $ 22,014,953
 Cash - restricted                                  110,576,248    105,720,400
 Accounts receivable, net of allowance for
 doubtful
       accounts of $577,713 and $571,857,           26,897,958     20,253,706
       respectively
 Construction in excess of billing                  1,484,626      -
 Other receivables, prepaid expenses and other      6,854,325      1,483,758
 assets, net
 Real estate held for development or sale           238,111,545    163,482,316
 Property and equipment, net                        33,837,346     33,018,990
 Advances to suppliers                              1,363,817      889,965
 Deposits on land use rights                        42,748,017     65,286,137
 Intangible asset, net                              54,482,252     54,148,953
 Goodwill                                           1,914,186      1,894,782
 Deferred tax asset                                 -              308,248
 Deferred financing costs                           194,162        253,569
           Total assets                             524,585,930    468,755,777
LIABILITIES
 Accounts payable                                 $ 55,142,928   $ 44,275,965
 Advances from customers                            48,829,289     57,541,251
 Accrued expenses                                   22,229,514     8,380,041
 Income and other taxes payable                     20,929,485     14,386,133
 Other payables                                     11,228,553     7,474,035
 Loans from employees                               27,868,785     14,887,431
 Loans payable                                      174,749,368    148,402,690
 Deferred tax liability                             14,521,613     14,861,462
 Warrants liability                                 -              4,162
 Fair value of embedded derivatives                 -              330,629
 Convertible debt                                   -              9,165,591
 Mandatory redeemable noncontrolling interest in    -              19,935,482
 Subsidiaries
       Total liabilities                            375,499,535    339,644,872
SHAREHOLDERS' EQUITY
 Common stock: $.001 par value, authorized
 100,000,000 shares
       Issued 35,438,079 and 35,078,639,            35,438         35,079
       respectively
 Additional paid in capital                         49,972,174     48,961,658
 Treasury Stock                                     (434,240)      (420,098)
 Statutory reserves                                 9,903,457      7,857,612
 Retained earnings                                  65,057,333     50,555,460
 Accumulated other comprehensive income             24,552,233     22,121,194
       Total shareholders' equity                   149,086,395    129,110,905
           Total liabilities and shareholders'    $ 524,585,930  $ 468,755,777
           equity





CHINA HOUSING & LAND DEVELOPMENT INC. AND SUBSIDIARIES
Interim Consolidated Statements of Income
For The Years Ended December 31, 2012, 2011 and 2010
                                                                                                  3 Months
                                                    December 31,   December 31,   December 31,    December 31,
                                                    2012           2011           2010            2012
REVENUES
 Real estate sales                               $ 114,817,802  $ 106,811,754  $ 131,472,461   $ 40,194,584
 Other revenue                                     34,161,458     15,992,471     8,796,323       21,349,820
Total revenues                                        148,979,260    122,804,225    140,268,784     61,544,404
COST OF REVENUES
 Cost of real estate sales                         83,015,375     85,013,637     98,280,358      26,434,666
 Cost of other revenue                             24,168,489     10,543,645     6,102,184       14,002,175
Total cost of revenues                                107,183,864    95,557,282     104,382,542     40,436,841
Gross margin                                          41,795,396     27,246,944     35,886,242      21,107,563
OPERATING EXPENSES
 Selling, general and administrative expenses      16,414,630     13,036,109     12,909,946      5,717,453
 Stock based compensation                          1,010,875      210,696        59,606          101,441
 Other expenses                                    122,651        1,380,517      937,568         80,266
 Financing expense                                557,336        1,218,464      1,834,322       162,624
 Accretion expense on convertible debt             954,979        987,263        1,416,871       226,805
Total operating expenses                              19,060,471     16,833,049     17,158,313      6,288,589
CHANGE IN FAIR VALUE OF DERIVATIVES
 Change in fair value of embedded derivatives and warrants                        2,180,492
frommodification
 Change in fair value of embedded derivatives       (330,628)      (1,697,097)    (3,882,873)     -
 Change in fair value of warrants                   (4,162)        (1,138,061)    (2,527,423)     -
Total change in fair value of derivatives             (334,790)      (2,835,158)    (4,229,804)     -
Income before provision for income taxes              23,069,715     13,249,052     22,957,733      14,818,974
Provision for income taxes                            7,000,110      3,205,013      5,513,517       3,682,953
Recovery of deferred income taxes                     (478,114)      (185,412)      (151,022)       (381,904)
NET INCOME                                          $ 16,547,718   $ 10,229,450   $ 17,595,238    $ 11,517,924
Charge to noncontrolling interest                                                   (14,229,043)
Netincome(loss)attributabletoChinaHousing&     16,547,718     10,229,450     3,366,195       11,517,924
Land Development, Inc.
WEIGHTED AVERAGE SHARES OUTSTANDING
 Basic                                             34,954,909     34,741,511     32,854,429      34,954,909
 Diluted                                           34,954,909     36,357,220     35,579,398      34,954,909
NET INCOME PER SHARE
 Basic                                           $ 0.47         $ 0.29         $ 0.10          $ 0.33
 Diluted                                         $ 0.47         $ 0.26         $ 0.02          $ 0.33

SOURCE China Housing & Land Development, Inc.

Website: http://www.chldinc.com
Website: http://www.viavid.net