LYCOS RETRIEVER 
Housing
built 225 days ago
As part of the private placement, on January 28, China Housing and Land Development, Inc. issued five-year senior secured convertible notes with an aggregate principal amount of $20 million that pays cash interest of 5 percent per annum. $9 million of the notes are convertible into common stocks and carry an initial conversion price of $5.57 per share, which can be increased if certain stock price thresholds are met. Additionally, forced conversion can ... occur at the Company's discretion if certain stock price thresholds are met. The notes are secured by certain real estate assets and additionally through a pledge of common shares owned by Mr. Pingji Lu, the Company's Chairman and CEO. Additionally, investors in the private placement were granted 1,437,467 five-year warrants with a strike price of $6.07 per common share, which are callable if certain stock price thresholds are met. Approximately 215,620 of the warrants are available as a management incentive if certain milestones are met.
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As part of the agreement, management of China Housing will work closely with PB on 487 acres of urban planning and 80 acres of land development planning which is expected to take place in 2008. China Housing is currently in negotiations with the Xi'an local Government regarding an infrastructure construction contract where the Company would be compensated to build a 5-km river park, three dams and two roads. The total contract amount is estimated at approximately $70 million USD and would be completed during the next three years. Management of China Housing believes this additional infrastructure work will further enhance the land value of its 487 acres and will serve to facilitate future land and housing sales at attractive prices.
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HousingLink's mission is to connect people and communities to information that supports the resolution of their affordable housing issues. HousingLink would like to see that everyone has the information needed to obtain and keep safe, affordable housing.
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It's been a rough ride for two of the three companies that took student housing to the public markets. American Campus, knocking it out of the park in performance, is just about at break-even over a two-year period; Education Realty Trust and GMH Communities are both down more than 25% over that same time period.
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With the initial purchase, Prime announced plans to build a substantial portfolio of Student Housing properties on major University campuses throughout the country. "A growing student population coupled with a shortage of quality student housing has created an opportunity for significant appreciation in the student housing niche," said Zaransky.
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"Los Angeles needs housing developers who will bring innovation and entrepreneurship to address our housing crisis," said Los Angeles City Council President Eric Garcetti. "Im excited about the road that PATH Ventures is going to take us down."
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