February 11, 2010 (FinancialWire) — China Housing & Land Development, Inc., (NASDAQ: CHLN) said it has acquired an 11-acre tract of land in Xi’an, China for the company’s Park Plaza development project.

The project was originally reported in July 2009. Under the terms of the agreement, China Housing paid RMB 160 million, \or around $23.5 million, to acquire 44,250 sq. meters of land located in Xi’an’s city center. The company plans to develop a large mid-upper income residential and commercial development project on the site with an estimated gross floor area of 172,000 sq. meters. China Housing said the four-year construction of Park Plaza is scheduled to begin in the second quarter 2010.

The company said it anticipates accepting pre-sale purchase agreements in the third quarter of 2010, and revenues from pre-sale agreements will be begin to be recognized when all revenue recognition criteria have been met.

China Housing estimates that the total revenue from Park Plaza will be $180 million.

China-based China Housing & Land Development is a developer of residential and commercial properties in northwest China.

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