Leading Chinese developer of residential and commercial properties China Housing & Land Development, Inc. announced it has secured the land title for its Golden Bay project, which is located in the Baqiao District of Xi’an City in Shaanxi Province, China.

An RMB 55.92 million deposit was made for the Golden Bay project in July 2009, when the project was originally introduced. With the land title now secured, China Housing will develop two land parcels on a total site area of around 94,825 square meters. Financed by internally generated funds, the company will pay RMB 420.0 million (about US $68.8 million) for the land use rights for the land parcels. The company plans to develop the project in the fourth quarter of 2013 and begin presales in the first quarter of 2014. China Housing intends to develop both commercial property and residential apartments on this project, with an estimated total gross floor area (GFA) of around 252,000 square meters.

China Housing is pleased to have secured the land and to be shifting into the construction phase of the Golden Bay project, which is a high-end development project targeting upper income level customers. The Golden Bay project is anticipated to lead to higher average selling prices.

Xi’an’s housing market continues to grow, resulting in steady pricing and sales volume increases. The company will continue seeking new projects in the Xi’an region as confidence remains steady regarding the health of the local market.

For more information, visit the China Housing & Land Development website at www.chldinc.com

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