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| Investment in a Residential Project in Xian |
| In December 2008, Prax Capital invested in a residential project in Xian, the capital city of Shaanxi province and a manufacturing and tourism hub in western China. Prax Capital formed a joint venture with China Housing & Land Development, Inc., (¡°China Housing¡±) (Nasdaq: CHLN)to develop a 640,000 square-meter residential complex within the Baqiao district of Xian. |
| In addition to providing capital, we contribute in-depth risk assessment skills and product positioning expertise to further improve the project. Prax introduced the architectural firm of Leo A Daly to provide international standard site planning and design for this 79-acre project. Prax and China Housing have jointly recruited an experienced senior executive as General Manager and Prax has appointed a Chief Financial Officer for the project.
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¡°This project opens a new phase for China Housing that should increase the company's size and presence in the greater Xi'an residential real estate market. Our ability to attract a world-class partner, such as Prax Capital, validates our strategy for joint ventures and co-developments and emphasizes our dedication to the highest standards of quality in all that we do.¡±
- Mr. Pingji Lu, Chairman of China Housing |
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