China Housing & Land Development Terminates "going Private" Transaction

(RTTNews) - China Housing & Land Development Inc. (CHLN), a developer of residential and commercial properties in northwest China, announced that the board of directors of the Company has resolved to terminate the "going private" transaction authorized and approved by the Board on August 19, 2014.

The company noted that the proposed Transaction was terminated as a result of changing financial, operational and business conditions. Given the ongoing trend in China's real estate market, the Board felt it was important for the Company to maintain a more conservative financial position and focus on supporting current and planned projects.

In August, China Housing & Land Development has said that its board authorized and approved a "going private" transaction, for eliminating CHLN's status as a public company in the U.S.

The transaction would include a reverse stock split shares of the company's common stock, whereby every 50,000 shares of the common stock issued and outstanding will be converted into one whole share of the company's common stock. The company said it would make a cash payment equal to $1.75 per pre-reverse stock split share to such stockholders.