Today, China Housing & Land Development announced that its board of directors had authorized a new share repurchase program. In the program, the company will be able to repurchase up to $10 million shares of common stock.
China Housing & Land Development is the first and only Chinese real estate development company that is being traded on the NASDAQ. Located in Xi’an, the capital city of China’s Shaanxi province, the company focuses on the development of commercial and residential properties in northwest China. Since its founding in 1992, China Housing & Land Development has been involved in land acquisitions, development efforts, and property management, inclusive of commercial and residential property sales conducted through its wholly owned subsidiary.
Mr. Pingji Lu, China Housing’s Chairman of the Board commented, “We continue to believe that our current share price does not fully reflect the true market value of China Housing and are pleased that our Board has authorized a new share repurchase program. As of December 31, 2013, the Company has repurchased a total of 1,166,369 shares under the $5 million share repurchase program announced on August 11, 2011. We are pleased to implement another share repurchase program as we continue to believe the repurchase program is a good investment of available funds and underscores our commitment to enhancing shareholder value.”
In the program, the company’s common stock shares will be purchased at different times in open market transactions or in privately negotiated transactions at the company’s discretion, per SEC and NASDAQ requirements and subject to market conditions and other influences. China Housing & Land Development stipulated that there is no guarantee as to what the exact number of shares it repurchases will be, and that it may discontinue the sale should its board of directors find additional purchases unwarrantied.
More information about China Housing & Land Development and its plans for targeting key locations in western China can be found at: http://www.chldinc.com.
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