June 15, 2010 (FinancialWire) — China Housing & Land Development, Inc., (NASDAQ: CHLN) said it has reached agreements with investors to retire around $10 million of non convertible portion of the $20 million 5% senior secured convertible notes that were issued to the investors in January 2008.

According to China Housing, the investors also agreed to exercise all their outstanding warrants associated with the notes.

Upon the completion of the transaction, China Housing said it will retire up to $10 million non convertible notes through the issuance of around 1.73 million common shares at $5.57 per share. The share price of China Housing was $2.31 per share on June 11.

In connection with the 5% convertible financing dated January 28, 2008, investors were granted 1,437,467 five-year warrants with a strike price of $6.07 per share. In accordance with the agreement, the investors will exercise all of their remaining 1.2 million outstanding warrants, with every two warrants to be converted to one common share.

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

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