China Housing & Land Development Authorizes Stock Repurchases
XI'AN, China, Nov. 25, 2013
XI'AN, China, Nov. 25, 2013 /PRNewswire/ --China Housing & Land Development,
Inc., ("China Housing" or the "Company," NASDAQ: CHLN) today announced that
the Company's Board of Directors has approved the continuation of its original
share repurchase program starting from the end of November 2013. The Company's
original share repurchase program, announced on August 11, 2011, authorized
the repurchase of up to $5 million of the shares of the Company's common
stock. As of November 22, 2013, $0.4 million worth of shares have been
repurchasedunder the original share repurchase program.
Mr. Pingji Lu, China Housing's Chairman of the Board commented, "The Board of
Directors believes that the current share price does not reflect the Company's
true market value and has granted us approval to proceed with the continuation
of our share buyback program. We believe the repurchase program is a good
investment of available funds and underscores our commitment to enhancing
Starting from the end of November 2013, shares of the Company's common stock
will be repurchased from time to time in open market transactions or privately
negotiated transactions at the Company's discretion in accordance with
Securities and Exchange Commission and NASDAQ requirements, andsubject to
market conditions and other factors. There is no guarantee as to the exact
number of shares that will be repurchased by the Company and the Company may
discontinue purchases at any time that the Board of Directors determines
additional purchases are not warranted.
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
Safe Harbor Statement
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.
China Housing contacts
Mr. Cangsang Huang
Chief Financial Officer
+86-29-8258-2648 in Xi'an
Ms. Jing Lu
Chief Operating Officer, Board Secretary, and Investor Relations Officer
+86-29-8258-2639 in Xi'an
Ms. Qian Jin
+86-29-8258-2632 in Xi'an
Mr. Bill Zima, ICR
China Housing Investor Relations Department
SOURCE China Housing & Land Development, Inc.
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