SOURCE: China Housing and Land Development

September 19, 2006 08:00 ET

New York Global Securities, Inc. Completes US$2 Million Financing for China Housing and Land Development, Inc.

NEW YORK, NY -- (MARKET WIRE) -- September 19, 2006 -- Wall Street firm New York Global Securities, Inc. ("NYGS"), a wholly owned subsidiary of New York Global Group, Inc. (www.nyggroup.com), announced that NYGS has completed $2 million in equity financing through its institutional clients for China-based China Housing and Land Development, Inc. (OTCBB: CHLN). NYGS acted as the sole placement agent for CHLN. The placement was completed at $3.25 per share plus certain warrant coverage.

China Housing and Land Development, Inc. ("China Housing") is one of the largest privately owned developers of residential housing in Xi'an, Shaanxi Province in the Peoples' Republic of China (PRC).

CHLN has demonstrated significant earnings growth since it became a public company. The company reported fully diluted earnings per share of $0.39 for the six months ended June 30, 2006.

Advised by NYGG, CHLN filed SB-2 registration with the SEC covering the investors' shares. The SEC declared such a registration effective within 3 weeks from the date of its initial filing.

Mr. Pingji Lu, CEO of China Housing, stated: "We are pleased to have worked with New York Global Securities in this financing and we are appreciative of their professional guidance. This financing will enable China Housing to support project developments throughout the Xi'an area."

China Housing & Land Development, Inc. joins other successful public companies including Bodisen Biotech, Inc. (AMEX: BBC) (AIM: BODI) and China Natural Gas, Inc. (OTCBB: CHNG) that are all from the Xi'an region. The city of Xi'An, population over 8 million, has one of China's fastest growing urban populations. CHLN has played a key role in making Xi'an a leader in China's real estate prosperity.

About New York Global Securities, Inc.

New York Global Securities is a leading investment banking and securities firm that provides a wide range of services to institutional investors, corporations and private investors. NYGS' expertise and main focus is on research and investment in small and medium-sized enterprises in China and the tech value chain throughout Asia and the U.S. NYGS is headquartered in New York and is the subsidiary of New York Global Group.

About New York Global Group

New York Global Group (NYGG) is a full-service global investment banking and strategic consulting firm with almost a decade of experience and expertise in bridging the cultural and regulatory gaps between the U.S. and Chinese markets. In China, NYGG provides investment banking, research, due diligence and market entry related services through its Beijing subsidiary New York Global Capital Investment Consulting, Ltd. (NYGC China), which has one of the largest due diligence staff among all U.S. firms doing business in China. NYGS, a subsidiary of NYGG, provides investment banking and institutional equity research services in the U.S. In 2006, New York Global Group was named the "best foreign investment banking firm in China serving China's middle markets" by the China Securities Daily during China's 2nd Annual Securities Industry Conference. Visit NYGG at: www.nyggroup.com

Contact Information

  • Contact:
    Todd Rowley
    New York Global Securities, Inc.
    212-791-2920

    Melissa Dixon
    New York Global Group, Inc.
    212-566-0499