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China Housing & Land Development, Inc. (NASDAQ: CHLN | Quote | Chart | News | PowerRating) Monday July 7, 7:30 am ET
XI'AN, China-China Housing & Land Development, Inc. (NASDAQ: CHLN), recently announced that it has signed a strategic partnership agreement with the China Construction Bank Shaanxi Branch that establishes a 1 billion renminbi credit line for construction loans to support the construction work of China Housing and its subsidiaries. The new strategic partnership is the first and only one of its kind for both China Housing & Land Development and China Construction Bank Shaanxi Branch. The agreement also establishes China Housing as a VIP client for the bank.
In addition, the agreement gives China Housing's clients a priority status with the China Construction Bank Shaanxi Branch so they can receive new mortgage loans with favorable timing and terms.
Mr. William Xin, Chief Financial Officer of China Housing & Land Development, said, 'Our new agreement with the China Construction Bank Shaanxi Branch will enable our clients to get prompt mortgage loans with good terms and will provide our company with the construction financing needed to help support our rapid growth in the next several years. This new agreement benefits our company and clients for both our 487 acre Baqiao project and our other projects. With the global financial market continuing to be tight, this new bank agreement permits both our clients and our company to move forward with greater ease and assurance.'
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.
By leveraging its strong relationships with China's local state authorities, China Housing & Land Development has been able to capitalize on the supply of available land and develop residential and commercial properties, further increase China Housing's brand recognition, and outperform its competitors in medium size residential and commercial real estate developments in greater Xi'an.
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