CHLN This PR which basically went unnoticed because China had just announced it was tightening up on the loans....but smart money see's it's plain as black and white they are going to report great earnings....
Press Release Source: China Housing & Land Development, Inc. On Tuesday January 19, 2010, 9:00 am EST
XI'AN, China, Jan. 19 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing" or the "Company," Nasdaq: CHLN) today reported preliminary results for the fourth fiscal quarter and annual results ended December 31, 2009, significantly exceeding previous guidance.
During the fourth quarter of 2009, contract sales totaled RMB 280.5 million (US$41.1 million) of residential and commercial unit sales from the JunJing II Phase One, Phase Two, Tsining 24-G and Puhua Phase One Projects, representing a total of 58,672 square meters. Previous guidance was US$32 to 34 million in contract sales, and 46,000 to 48,000 square meters Gross Floor Area ("GFA"). The Company's average selling price per square meter in the fourth quarter 2009 was RMB 4,780.
The Company's whole year contract sales totaled RMB 709.9 million (US$103.9 million), representing a total of 146,973 square meters, exceeding previous guidance of US$86 million to US$88 million in contract sales and 130,000 to 132,000 square meters.
Puhua Phase One, the Company's first project in the Baqiao Development Region, started to contribute contract sales in the fourth quarter 2009. Puhua Phase One and JunJing II Phase Two are currently the Company's major development projects and generated the majority of contract sales in the fourth quarter of 2009.
Sales contracts are reported under the percentage of completion accounting method for revenue recognition and may not be fully recognized in the fourth quarter.
According to data from E-house (China) and the Xi'an Bureau of Statistics, which track sales statistics in China's real estate market, Xi'an residential sales in the fourth quarter 2009 totaled 5.13 million square meters for an average selling price of RMB 5,000 per square meter, a 66% increase in volume and 0.8% increase in prices compared to third quarter of 2009 results of 3.09 million square meters in sales for an average selling price of RMB 4,962 per square meters.
During 2009, the average selling price of residential units in Xi'an increased 11.2% from RMB 4,349 in January to RMB 4,835 per square meter in December, while volume increased significantly from 0.32 million square meters in January to 2.35 million square meters in December. Total sales volume in 2009 was 12.7 million square meters.
Mr. Xiaohong Feng, Chief Executive Officer of China Housing & Land Development said, "We are pleased with our fourth quarter sales results, and glad to see strong sales coming from the Puhua project. We are also encouraged by the increasingly strong sales momentum seen throughout the fourth quarter."
Commenting on a series of national policies imposed on the Chinese real estate market, Mr. Feng said, "We believe the impact of Policy changes might be limited on China Housing." Mr. Pingji Lu, Chairman of China Housing and Land Development added, "Most of these policies target to reduce speculation and limit unreasonable housing price increases, especially in the tier-1 cities, in order to enable more people to buy their own properties. As China Housing and Land Development mainly targets middle-income, first-time home buyers or customers upgrading self-owned properties in Tier 2-3 cities, we see limited impact from such policies, which are further validated by our results and low housing vacancy rates for our projects, or in other words, low speculation levels."
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