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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