| UNITED STATES |
|---------------|

| SECURITIES AND EXCHANGE COMMISSION |
|------------------------------------|

| Washington, D.C. 20549 |
|------------------------|

| FORM 10-Q |
|-----------|

| (Mark One) |
|------------|

| x  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|------------------------------------------------------------------------------------------------|

| For the quarterly period ended March 31, 2011 |
|----------------------------------------------------|

| o  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|------------------------------------------------------------------------------|

| For the transition period from ________________ to _______________ |
|--------------------------------------------------------------------|

| 000-51429 |
|-----------|

| (Commission file number) |
|--------------------------|

| CHINA HOUSING & LAND DEVELOPMENT, INC. |
|--------------------------------------------|

| (Exact name of registrant as specified in its charter) |
|--------------------------------------------------------|

|   |
|--------|

| Nevada                                                        | 20-1334845                       |
|---------------------------------------------------------------|----------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (IRS Employer IdentificationNo.) |

| 6 Youyi Dong Lu, Han Yuan 4 Lou |
|---------------------------------|

| Xi'An, Shaanxi Province |
|-------------------------|

| China 710054 |
|--------------|

| (Address of principal executive offices) |
|------------------------------------------|

| 86-029-8258-2632 |
|------------------|

| (Issuer's telephone number) |
|-----------------------------|

| N/A |
|-----|

| (Former name, former address and former fiscal year, if changed since last report) |
|------------------------------------------------------------------------------------|

| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Yes x No o |
|-----------------|

| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |
|--------|

| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o(Do not check if a smallerreporting company) | Smaller reporting companyx |
|--------------------------------|--------------------------|--------------------------------------------------------------------------|----------------------------|

| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x |
|----------------------------------------------------------------------------------------------------------------------------------|

| The number of shares of Common Stock outstanding on May 15, 2011 was 35,078,639 shares. |
|-----------------------------------------------------------------------------------------|

----

| CHINA HOUSING & LAND DEVELOPMENT, INC. |
|--------------------------------------------|

| Index |
|-------|

| .          |   |                                                                                                                                 |   | PageNumber |
|------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|------------|
|       |   |                                                                                                                                 |   |       |
| PART I     |   | FINANCIAL INFORMATION                                                                                                                |   | 1          |
|       |   |                                                                                                                                 |   |       |
| Item 1.    |   | Financial Statements                                                                                                                 |   | 1          |
|       |   |                                                                                                                                 |   |       |
|       |   | Interim Condensed Consolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010                                 |   | 1          |
|       |   | Interim Condensed Consolidated Statements of Income for the three months ended March 31, 2011 and 2010 (unaudited)                   |   | 2          |
|       |   | Interim Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2011 and 2010 (unaudited)     |   | 3          |
|       |   | Interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (unaudited)               |   | 4          |
|       |   | Interim Condensed Consolidated Statements of Shareholders’ Equity  As at March 31, 2011 (unaudited) and December 31, 2010 |   | 5          |
|       |   |                                                                                                                                 |   |       |
|       |   | Notes to Interim Condensed Consolidated Financial Statements (unaudited)                                                             |   | 6          |
|       |   |                                                                                                                                 |   |       |
| Item 2.    |   | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                |   | 16         |
|       |   |                                                                                                                                 |   |       |
| Item 3.    |   | Quantitative and Qualitative Disclosures About Market Risk                                                                           |   | 34         |
|       |   |                                                                                                                                 |   |       |
| Item 4.    |   | Controls and Procedures                                                                                                              |   | 34         |
|       |   |                                                                                                                                 |   |       |
| PART II.   |   | OTHER INFORMATION                                                                                                                    |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 1.    |   | Legal Proceedings                                                                                                                    |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 1A.   |   | Risk Factors                                                                                                                         |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 2.    |   | Unregistered Sales of Equity Securities and Use of Proceeds                                                                          |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 3.    |   | Defaults Upon Senior Securities                                                                                                      |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 4.    |   | (Removed and reserved)                                                                                                               |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 5.    |   | Other Information                                                                                                                    |   | 35         |
|       |   |                                                                                                                                 |   |       |
| Item 6.    |   | Exhibits                                                                                                                             |   | 35         |
|       |   |                                                                                                                                 |   |       |
| SIGNATURES |   |                                                                                                                                 |
|       |   |                                                                                                                                 |   |       |
| EX-31.1    |   | (Certifications required under Section 302 of the Sarbanes-Oxley Act of 2002)                                                        |   |       |
|       |   |                                                                                                                                 |   |       |
| EX-31.2    |   | (Certifications required under Section 302 of the Sarbanes-Oxley Act of 2002)                                                        |   |       |
|       |   |                                                                                                                                 |   |       |
| EX-32.1    |   | (Certifications required under Section 906 of the Sarbanes-Oxley Act of 2002)                                                        |   |       |
|       |   |                                                                                                                                 |   |       |
| EX-32.2    |   | (Certifications required under Section 906 of the Sarbanes-Oxley Act of 2002)                                                        |   |       |

----

|                                                                                                                       |   | March 31, |        |   | December 31, |    |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|---------|
|                                                                                                                       |   | 2011           |        |   | 2010              |    |
|  ASSETS                                                                                                               |   |           |        |   |              |    |
| Cash and cash equivalents                                                                                                  |   | $              | 81,642,228  |   |              | $       | 46,904,161 |   |
| Cash - restricted                                                                                                          |   |           | 39,642,680  |   |              |    | 34,756,450 |   |
| Accounts receivable, net of allowance for doubtful     accounts of $268,597 and $266,493, respectively |   |           | 9,292,362   |   |              |    | 9,297,505 |   |
| Other receivables, prepaid expenses and other assets, net                                                                  |   |           | 5,621,241   |   |              |    | 7,653,925 |   |
| Real estate held for development or sale                                                                                   |   |           | 121,698,776 |   |              |    | 104,586,550 |   |
| Property and equipment, net                                                                                                |   |           | 30,139,315  |   |              |    | 29,735,836 |   |
| Advance to suppliers                                                                                                       |   |           | 1,398,778   |   |              |    | 1,223,366 |   |
| Deposits on land use rights                                                                                                |   |           | 68,652,286  |   |              |    | 74,938,729 |   |
| Intangible assets, net                                                                                                     |   |           | 52,203,130  |   |              |    | 51,846,410 |   |
| Goodwill                                                                                                                   |   |           | 1,821,170   |   |              |    | 1,806,905 |   |
| Deferred financing costs                                                                                                   |   |           | 364,370     |   |              |    | 401,703 |   |
| Total assets                                                                                                               |   | $         | 412,476,336 |   |              | $  | 363,151,540 |   |
|                                                                                                                       |   |           |        |   |              |    |   |   |
| LIABILITIES                                                                                                                |   |           |        |   |              |    |   |   |
| Accounts payable                                                                                                           |   | $              | 22,355,291  |   |              | $       | 22,542,083 |   |
| Advances from customers                                                                                                    |   |           | 65,773,679  |   |              |    | 52,229,189 |   |
| Accrued expenses                                                                                                           |   |           | 2,474,094   |   |              |    | 2,507,638 |   |
| Payables for acquisition of businesses                                                                                     |   |           | 91,374      |   |              |    | 2,363,385 |   |
| Income and other taxes payable                                                                                             |   |           | 16,325,122  |   |              |    | 15,429,752 |   |
| Other payables                                                                                                             |   |           | 7,234,976   |   |              |    | 5,663,222 |   |
| Loans from employees                                                                                                       |   |           | 8,796,176   |   |              |    | 8,787,879 |   |
| Loans payable                                                                                                              |   |           | 112,862,458 |   |              |    | 82,971,074 |   |
| Deferred tax liability                                                                                                     |   |           | 14,420,790  |   |              |    | 14,344,712 |   |
| Warrants liability                                                                                                         |   |           | 291,572     |   |              |    | 2,766,382 |   |
| Fair value of embedded derivatives                                                                                         |   |           | 974,972     |   |              |    | 2,027,726 |   |
| Convertible debt                                                                                                           |   |           | 8,515,319   |   |              |    | 16,251,840 |   |
| Mandatorily redeemable noncontrolling interests in Subsidiaries                                                            |   |           | 37,100,199  |   |              |    | 33,535,969 |   |
| Total liabilities                                                                                                          |   |           | 297,216,022 |   |              |    | 261,420,851 |   |
|                                                                                                                       |   |           |        |   |              |    |   |   |
| SHAREHOLDERS' EQUITY                                                                                                       |   |           |        |   |              |    |   |   |
| Common stock: $.001 par value, authorized 100,000,000 shares                                                               |   |           |        |   |              |    |   |   |
| issued and outstanding 35,078,639 and 32,685,331, respectively                                                             |   |           | 35,079      |   |              |    | 32,685 |   |
| Additional paid in capital                                                                                                 |   |           | 48,750,961  |   |              |    | 38,996,078 |   |
| Common stock subscribed                                                                                                    |   |           | -           |   |              |    | 59,606 |   |
| Statutory reserves                                                                                                         |   |           | 6,654,715   |   |              |    | 6,654,715 |   |
| Retained earnings                                                                                                          |   |           | 43,997,990  |   |              |    | 41,528,907 |   |
| Accumulated other comprehensive income                                                                                     |   |           | 15,821,569  |   |              |    | 14,458,698 |   |
| Total shareholders’ equity                                                                                           |   |           | 115,260,314 |   |              |    | 101,730,689 |   |
|                                                                                                                       |   |           |        |   |              |    |   |   |
| Total liabilities and shareholders' equity                                                                                 |   | $              | 412,476,336 |   |              | $       | 363,151,540 |   |

----

|                                                                         |   | 3 Months      |        |   | 3 Months      |                |
|------------------------------------------------------------------------------|--------|---------------|-------------|--------|---------------|---------------------|
|                                                                         |   | March 31,2011 |        |   | March 31,2010 |                |
| REVENUES                                                                     |   |          |        |   |          |                |
| Real Estate sales                                                            |   | $             | 19,656,817  |   |          | $                   | 32,391,061 |   |
| Other revenue                                                                |   |          | 2,900,879   |   |          |                | 1,181,853 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Total revenues                                                               |   |          | 22,557,696  |   |          |                | 33,572,914 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| COST OF REVENUES                                                             |   |          |        |   |          |                |   |   |
|     Cost of real estate sales                            |   |          | 14,638,574  |   |          |                | 26,561,887 |   |
|     Cost of other revenue                                |   |          | 2,196,569   |   |          |                | 536,773 |   |
|  Total cost of revenues                                                 |   |          | 16,835,143  |   |          |                | 27,098,660 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Gross margin                                                                 |   |          | 5,722,553   |   |          |                | 6,474,254 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| OPERATING EXPENSES                                                           |   |          |        |   |          |                |   |   |
| Selling, general, and administrative expenses                                |   |          | 3,432,716   |   |          |                | 2,537,884 |   |
| Other expenses                                                               |   |          | 41,577      |   |          |                | 122,651 |   |
| Interest expense                                                             |   |          | 597,148     |   |          |                | 507,025 |   |
| Accretion expense on convertible debt                                        |   |          | 336,991     |   |          |                | 329,182 |   |
| Total operating expenses                                                     |   |          | 4,408,432   |   |          |                | 3,496,742 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| NET INCOME FROM BUSINESS OPERATIONS                                          |   |          | 1,314,121   |   |          |                | 2,977,512 |   |
|                                                                         |   |          |        |   |          |                |   |   |
|  CHANGE IN FAIR VALUE OF DERIVATIVES                                    |   |          |        |   |          |                |   |   |
| Change in fair value of embedded derivatives                                 |   |          | (1,052,754) |   |          |                | (566,206) |   |
| Change in fair value of warrants                                             |   |          | (850,651)   |   |          |                | (554,601) |   |
|  Total change in fair value of derivatives                              |   |          | (1,903,405) |   |          |                | (1,120,807) |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Income before provision for income taxes and noncontrolling interest         |   |          | 3,217,526   |   |          |                | 4,098,319 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Provision for income taxes                                                   |   |          | 786,489     |   |          |                | 1,009,531 |   |
| Recovery of deferred income taxes                                            |   |          | (38,046)    |   |          |                | (29,146) |   |
| NET INCOME                                                                   |   |          | 2,469,083   |   |          |                | 3,117,934 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Charge to noncontrolling interest                                            |   |          | -           |   |          |                | (14,229,043) |   |
| Net income (loss) attributable to China Housing & Land Development, Inc. |   |  $       | 2,469,083   |   |          | $    | (11,111,109) |   |
|                                                                         |   |          |        |   |          |                |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING                                          |   |          |        |   |          |                |   |   |
| Basic                                                                        |   |          | 33,886,568  |   |          |                | 32,580,769 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Diluted                                                                      |   |          | 35,502,277  |   |          |                | 32,580,769 |   |
|                                                                         |   |          |        |   |          |                |   |   |
| NET INCOME (LOSS) PER SHARE                                             |   |          |        |   |          |                |   |   |
| Basic                                                                        |   |          | 0.07        |   |          |                | (0.34) |   |
|                                                                         |   |          |        |   |          |                |   |   |
| Diluted                                                                      |   |          | 0.05        |   |          |                | (0.34) |   |

----

|                                                                                              |   | 3 Months  |      |   | 3 Months  |   |
|---------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|-----------|--------|
|                                                                                              |   | March 31, |      |   | March 31, |   |
|                                                                                              |   | 2011      |      |   | 2010      |   |
|                                                                                              |   |      |      |   |      |   |
| NET INCOME                                                                                        |   | $         | 2,469,083 |   |      | $      | 3,117,934 |   |
|                                                                                              |   |      |      |   |      |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS)                                                                 |   |      |      |   |      |   |   |   |
| Gain (loss) in foreign exchange                                                                   |   |      | 1,362,871 |   |      |   | (27,684 | ) |
|                                                                                              |   |      |      |   |      |   |   |   |
| COMPREHENSIVE INCOME                                                                              |   |      | 3,831,954 |   |      |   | 3,090,250 |   |
|                                                                                              |   |      |      |   |      |   |   |   |
| Less: Comprehensive charge (loss) attributable to noncontrolling interest               |   |      | -         |   |      |   | (14,229,043 | ) |
|                                                                                              |   |      |      |   |      |   |   |   |
| Comprehensive income (loss) attributable to China Housing & Land Development, Inc.  |   | $         | 3,831,954 |   |      | $      | (11,138,793 | ) |

----

|                                                                                    |   | March 31, |         |   | March 31, |    |
|-----------------------------------------------------------------------------------------|--------|-----------|--------------|--------|-----------|---------|
|                                                                                    |   | 2011      |         |   | 2010      |    |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                   |   |      |         |   |      |    |
| Net income                                                                              |   | $         | 2,469,083    |   |      | $       | 3,117,934 |   |
| Adjustments to reconcile net income to cash provided by (used in) operating activities: |   |      |         |   |      |    |   |   |
| Bad debt recovery                                                                       |   |      | (39,010)     |   |      |    | - |   |
| Depreciation                                                                            |   |      | 482,584      |   |      |    | 293,134 |   |
| Gain on disposal of fixed assets                                                        |   |      | (8,152)      |   |      |    | - |   |
| Amortization of deferred financing costs                                                |   |      | 38,482       |   |      |    | 38,482 |   |
| Amortization of intangible assets                                                       |   |      | 52,372       |   |      |    | - |   |
| Recovery of future income taxes                                                         |   |      | (38,046)     |   |      |    | (29,146) |   |
| Change in fair value of embedded derivatives                                            |   |      | (1,052,754)  |   |      |    | (566,206) |   |
| Change in fair value of warrants                                                        |   |      | (850,651)    |   |      |    | (554,601) |   |
| Accretion expense on convertible debt                                                   |   |      | 336,991      |   |      |    | 329,182 |   |
| (Increase) decrease in assets:                                                          |   |      |         |   |      |    |   |   |
| Accounts receivable                                                                     |   |      | 78,182       |   |      |    | (3,177,943) |   |
| Other receivable and prepaid expense                                                    |   |      | 1,681,598    |   |      |    | (2,211,864) |   |
| Real estate held for development or sale                                                |   |      | (16,210,498) |   |      |    | 7,485,899 |   |
| Advances to suppliers                                                                   |   |      | (165,241)    |   |      |    | 9,492,722 |   |
| Deposit (Refund) on land use rights                                                     |   |      | 6,846,002    |   |      |    | (22,849,777) |   |
| Increase (decrease) in liabilities:                                                     |   |      |         |   |      |    |   |   |
| Accounts payable                                                                        |   |      | (363,064)    |   |      |    | (2,578,136) |   |
| Advance from customers                                                                  |   |      | 13,070,852   |   |      |    | 9,149,087 |   |
| Accrued expense                                                                         |   |      | 3,235,978    |   |      |    | 858,829 |   |
| Other payables                                                                          |   |      | 1,519,947    |   |      |    | 82,578 |   |
| Income and other taxes payable                                                          |   |      | 1,209,682    |   |      |    | 1,283,577 |   |
| Net cash provided by operating activities                                     |   |  $   | 12,294,337   |   |      |  $ | 163,751 |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                   |   |      |         |   |      |    |   |   |
| Change in restricted cash                                                               |   |      | (4,590,301)  |   |      |    | (231) |   |
| Purchase of property and equipment                                                      |   |      | (660,593)    |   |      |    | (701,004) |   |
| Cash acquired from acquisition                                                          |   |      | -            |   |      |    | 2,179 |   |
| Proceed from sale of property and equipment                                             |   |      | 18,240       |   |      |    | - |   |
| Net cash used in investing activities                                              |   |  $   | (5,232,654)  |   |      |  $ | (699,056) |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                   |   |      |         |   |      |    |   |   |
| Loans from banks                                                                        |   |      | 30,399,757   |   |      |    | 31,491,680 |   |
| Payments of loans payable                                                               |   |      | (1,063,991)  |   |      |    | (3,222,404) |   |
| Loans from or repayment to employees, net                                               |   |      | (60,800)     |   |      |    | 1,850,685 |   |
| Repayments of payables for acquisition of businesses                                    |   |      | (2,279,982)  |   |      |    | (117,334) |   |
| Net cash provided by financing activities                                               |   |  $   | 26,994,984   |   |      |  $ | 30,002,627 |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                   |   |      | 34,056,667   |   |      |    | 29,467,322 |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| Effects of foreign currency exchange                                                    |   |      | 681,400      |   |      |    | (7,138) |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                          |   |      | 46,904,161   |   |      |    | 36,863,216 |   |
|                                                                                    |   |      |         |   |      |    |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                |   | $         | 81,642,228   |   |      | $       | 66,323,400 |   |

----

|                                              |   | Common Stock |       |   | Common stock |   |   | Additional paid |   |   | Statutory  |   |   | Retained |       |   | Accumulated Comprehensive |   |      |   |   |
|--------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|--------|-----------------|--------|--------|------------|--------|--------|----------|------------|--------|---------------------------|--------|-----------|--------|--------|
|                                                   |   | Shares       |       |   | Par Value    |   |   | subscribed      |   |   | in capital |   |   | reserves |       |   | earnings                  |   |      | income |   |   | Totals |   |
|                                                   |   |         |       |   |         |   |   |            |   |   |       |   |   |     |       |   |                      |   |      |   |   |   |   |   |
| BALANCE, December 31, 2010                             |   |         | 32,685,331 |   |         | $      | 32,685 |            |   | $      | 59,606     |   |   | $        | 38,996,078 |   |                      | $      | 6,654,715 |   |   | $ | 41,528,907 |   |   | $ | 14,458,698 |   |   | $ | 101,730,689 |   |
| Common stock issued for stock based compensation       |   |         | 20,625     |   |         |   | 21     |            |   |   | (59,606)   |   |   |     | 59,585     |   |                      |   | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Common stock issued for warrant exercise               |   |         | 619,905    |   |         |   | 620    |            |   |   | -          |   |   |     | 1,623,539  |   |                      |   | -         |   |   |   | - |   |   |   | - |   |   |   | 1,624,159 |   |
| Common stock issued for conversion of convertible debt |   |         | 1,752,778  |   |         |   | 1,753  |            |   |   | -          |   |   |     | 8,071,759  |   |                      |   | -         |   |   |   | - |   |   |   | - |   |   |   | 8,073,512 |   |
| Net income                                             |   |         | -          |   |         |   | -      |            |   |   | -          |   |   |     | -          |   |                      |   | -         |   |   |   | 2,469,083 |   |   |   | - |   |   |   | 2,469,083 |   |
| Foreign currency translation                           |   |         | -          |   |         |   | -      |            |   |   | -          |   |   |     | -          |   |                      |   | -         |   |   |   | - |   |   |   | 1,362,871 |   |   |   | 1,362,871 |   |
| BALANCE, March 31, 2011                                |   |         | 35,078,639 |   |         | $      | 35,079 |            |   | $      | -          |   |   | $        | 48,750,961 |   |                      | $      | 6,654,715 |   |   | $ | 43,997,990 |   |   | $ | 15,821,569 |   |   | $ | 115,260,314 |   |

----

----

|                                          |   | March 31, 2011 |   |   | December 31, 2010 |   |   | March 31, 2010 |   |
|-----------------------------------------------|--------|---------------------|--------|--------|------------------------|--------|--------|---------------------|--------|
| Period end RMB/U.S. Dollar exchange rate |   | 6.5483              |   |   | 6.6000                 |   |   | 6.8258              |   |
| Average RMB/U.S. Dollar exchange rate         |   | 6.5790              |   |   | 6.7690                 |   |   | 6.8272              |   |

|                                                                                          |   | Mandatory Redeemable Noncontrolling Interests in Subsidiaries |       |
|-----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|
| Mandatory redeemable noncontrolling interests in subsidiaries at December 31, 2010       |   | $                                                                  | 33,535,969 |   |
| Capitalized accretion cost on mandatorily redeemable noncontrolling interests in subsidiaries |   |                                                               | 3,279,369  |   |
| Difference in foreign exchange translation                                                    |   |                                                               | 284,861    |   |
| Mandatorily redeemable noncontrolling interests in subsidiaries at March 31, 2011        |   |                                                               | 37,100,199 |   |

| Date              |   |   |       |
|-------------------|--------|--------|------------|
| December 31, 2011 |   |   | 30,542,278 |   |
| December 25, 2012 |   |   | 26,877,205 |   |
| Total             |   | $      | 57,419,483 |   |

| (1) | The Company issued 619,905 of common stock for warrants exercised. The warrants were valued at $1,624,159 at the time of exercise. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Company issued 1,752,778 of common stock for conversion of convertible debt. The convertible debt was valued at $8,073,512 at the time of conversion. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   | March 31,2011 |      |   | December 31,2010 |   |
|----------------------------------------|--------|---------------|-----------|--------|------------------|--------|
|                                   |   |          |      |   |             |   |
| Other receivable                       |   | $             | 1,662,409 |   |             | $      | 3,223,089 |   |
| Allowance for bad debts                |   |          | (139,600) |   |             |   | (177,392) |   |
| Prepaid expenses                       |   |          | 388,604   |   |             |   | 194,389 |   |
| Prepaid other tax expenses             |   |          | 3,709,828 |   |             |   | 4,413,839 |   |
| Other receivables and prepaid expenses |   | $             | 5,621,241 |   |             | $      | 7,653,925 |   |

|                                             |   March 31,2011 |   |        | December 31,2010 |   |
|--------------------------------------------------|----------------------|--------|-------------|------------------|--------|
| Real estate projects completed and held for sale |                 |   |        |             |   |   |
| Junjing I project                                |                 | $      | 4,041,309   |             |   | $ | 4,012,179 |   |
| JunJing II project phase one                     |                 |   | 2,085,968   |             |   |   | 3,389,501 |   |
| Tsining 24G project                              |                 |   | 43,165      |             |   |   | 621,238 |   |
| Gangwan project                                  |                 |   | 60,628      |             |   |   | 96,245 |   |
| Tsining Home IN project                          |                 |   | 57,981      |             |   |   | 57,527 |   |
| Real estate completed and held for sale          |                 | $      | 6,289,051   |             |   | $ | 8,176,690 |   |
|                                             |                 |   |        |             |   |   |   |   |
| Real estate projects held for development        |                 |   |        |             |   |   |   |   |
| Puhua project                                    |                 |   | 87,838,964  |             |   |   | 85,107,643 |   |
| Tangdu project                                   |                 |   | 4,527,730   |             |   |   | 4,495,490 |   |
| Junjing III project                              |                 |   | 15,148,220  |             |   |   | 2,569,084 |   |
| Park Plaza project                               |                 |   | 2,401,462   |             |   |   | 2,013,116 |   |
| JunJing II project phase two                     |                 |   | 323,852     |             |   |   | 847,697 |   |
| Golden Bay project                               |                 |   | 4,481,285   |             |   |   | 826,948 |   |
| Other projects                                   |                 |   | 390,595     |             |   |   | 415,152 |   |
| Construction materials                           |                 |   | 297,617     |             |   |   | 134,730 |   |
| Real estate held for development                 |                 |   | 115,409,725 |             |   |   | 96,409,860 |   |
|                                             |                 |   |        |             |   |   |   |   |
| Total real estate held for development or sale   |                 | $      | 121,698,776 |             |   | $ | 104,586,550 |   |

----

|                                         |   | March 31,2011 |        |   | December 31,2010 |    |
|----------------------------------------------|--------|---------------|-------------|--------|------------------|---------|
| Income producing properties and improvements |   |  $       | 28,417,648  |   |             |  $ | 28,000,452 |   |
| Buildings and improvements                   |   |          | 5,422,397   |   |             |    | 4,945,393 |   |
| Electronic equipment                         |   |          | 460,798     |   |             |    | 445,578 |   |
| Vehicles                                     |   |          | 469,845     |   |             |    | 466,165 |   |
| Computer software                            |   |          | 180,734     |   |             |    | 179,318 |   |
| Office furniture                             |   |          | 144,270     |   |             |    | 141,655 |   |
| Total                                        |   |          | 35,095,692  |   |             |    | 34,178,561 |   |
| Accumulated depreciation                     |   |          | (4,956,377) |   |             |    | (4,442,725) |   |
| Property and equipment, net                  |   | $             | 30,139,315  |   |             | $       | 29,735,836 |   |

|                              |   | March 31,2011 |        |   | December 31,2010 |   |
|-----------------------------------|--------|---------------|-------------|--------|------------------|--------|
| Development right acquired (a)    |   | $             | 49,316,395  |   |             | $      | 48,930,082 |   |
| Land use right acquired (b)       |   |          | 8,208,290   |   |             |   | 8,143,992 |   |
| Construction license acquired (c) |   |          | 1,149,637   |   |             |   | 1,140,632 |   |
|                              |   |          | 58,674,322  |   |             |   | 58,214,706 |   |
| Accumulated amortization          |   |          | (6,471,192) |   |             |   | (6,368,296) |   |
| Intangible assets, net            |   | $             | 52,203,130  |   |             | $      | 51,846,410 |   |

| (a)    | The development right for 487 acres of land in Baqiao Park was obtained from the acquisition of New Land in fiscal 2007. The intangible asset has a finite life. The development right was originally to expire on June 30, 2011. The Company was able to extend the right to June 30, 2016 on November 25, 2010. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | The land use right was acquired through acquisition of Suodi. The land use right certificate will expire in November, 2048. The Company amortizes the land use right over 39 years. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)    | The construction license was acquired through acquisition of Xinxing Construction. The construction license, which is subject to be renewed every 5 years, is not amortized and has an indefinite estimated useful life because management believes the Company is able to continuously renew the license in the future. The license was subject to renewal on March 10, 2011. The Company has already submitted the application for renewal and management believes the Company can successfully renew the license. In the event that the Company cannot renew the license, management will reassess the recoverability of intangible asset. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                      |   | March 31,2011 |      |   | December 31,2010 |   |
|---------------------------|--------|---------------|-----------|--------|------------------|--------|
| Accrued expenses          |   | $             | 1,559,570 |   |             | $      | 2,265,650 |   |
| Accrued interest on loans |   |          | 914,524   |   |             |   | 241,988 |   |
| Total                     |   | $             | 2,474,094 |   |             | $      | 2,507,638 |   |

|                                                         |   | March 31,2011 |   |   | December 31,2010 |   |
|--------------------------------------------------------------|--------|---------------|--------|--------|------------------|--------|
| Payable to original shareholders of Xinxing Construction (i) |   | $             | -      |   |             | $      | 2,272,727 |   |
| Payable to original shareholders of Suodi (ii)               |   |          | 91,374 |   |             |   | 90,658 |   |
| Total                                                        |   | $             | 91,374 |   |             | $      | 2,363,385 |   |

| (i)   | The Company has fully repaid the purchase price of Xinxing Construction during the current period. |
|-----------------|----------------------------------------------------------------------------------------------------|

| (ii)   | The payable to original shareholders of Suodi represents the remaining balance due to the original shareholders of Suodi assumed by the Company when acquiring Suodi.  |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    |   | March 31,2011 |      |   | December 31,2010 |   |
|-------------------------|--------|---------------|-----------|--------|------------------|--------|
| Chairman                |   | $             | 763,556   |   |             | $      | 757,576 |   |
| Chief executive officer |   |          | 305,423   |   |             |   | 303,030 |   |
| Chief financial officer |   |          | 229,067   |   |             |   | 227,273 |   |
|                    |   | $             | 1,298,046 |   |             | $      | 1,287,879 |   |

----

|                                                                                                                                                                                                                       |   | March 31,2011 |        |   | December 31,2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|--------|------------------|--------|
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Xi’an Rural Credit Union Zao Yuan Rd. Branch                                                                                                                                                                         |   |          |        |   |             |   |   |   |
| Due July 2, 2011, annual interest is at 8.496 percent,secured by the Company’s Jun Jing Yuan I, Han Yuan and XinXing Tower projects                                                                                  |   |          | 2,748,805   |   |             |   | 2,727,273 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Xinhua Trust Investments Ltd.                                                                                                                                                                                              |   |          |        |   |             |   |   |   |
| Due February 10, 2012, annual interest is at 10 percent, secured by the 24G project                                                                                                                                        |   |          | 22,906,709  |   |             |   | 22,727,273 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Commercial Bank Weilai Branch                                                                                                                                                                                              |   |          |        |   |             |   |   |   |
| Annual interest is at 7.29 percent, secured by the Company’s Jun Jing Yuan Iand XinXing Tower projects and guaranteed by Tsining.$1,527,114 is payable on June 20, 2011 and $1,527,113 is payable on August 29, 2011 |   |          | 3,054,227   |   |             |   | 4,090,909 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Bank of Beijing, Xi’an Branch                                                                                                                                                                                        |   |          |        |   |             |   |   |   |
| Due December 10, 2012, annual interest is at the prime rate of People’s Bank of China(5.85%) secured by the PuHua project with a minimum repayment of $7.6 million required by December 31, 2011.               |   |          | 22,906,709  |   |             |   | 22,727,273 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Xi’an Duqu Trust Bank                                                                                                                                                                                                |   |          |        |   |             |   |   |   |
| Due June 11, 2011, annual interest is at 9.18 percent,secured by the Company’s Junjing Yuan I properties                                                                                                             |   |          | 687,201     |   |             |   | 681,817 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| JP Morgan International Bank Limited Brussels Branch                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Due December 14, 2011, annual interest is at 1.2 percent,secured by a $34,207,352 restricted cash                                                                                                                          |   |          | 30,016,529  |   |             |   | 30,016,529 |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Tianjin Cube Equity Investment Fund Partnership                                                                                                                                                                            |   |          |        |   |             |   |   |   |
| Due December 10, 2012, annual interest is 9.6 percent,secured by JunJing Yuan II Commercial Units                                                                                                                          |   |          | 30,542,278  |   |             |   | - |   |
|                                                                                                                                                                                                                       |   |          |        |   |             |   |   |   |
| Total                                                                                                                                                                                                                      |   | $             | 112,862,458 |   |             | $      | 82,971,074 |   |

----

| Fair Value Measurements Using      |   | Assets/Liabilities |   |
|------------------------------------|--------|--------------------|--------|
|                               |   | Level 1            |   |   | Level 2 |   |   | Level 3 |   |   | At Fair Value |   |
| Warrants liability                 |   |  $            | -      |   |   | $ | 291,572 |   |   |  $ | - |   |   | $ | 291,572 |   |
| Fair value of embedded derivatives |   |               | -      |   |   |   | 974,972 |   |   |   | - |   |   |   | 974,972 |   |
| Total                              |   |  $            | -      |   |   | $ | 1,266,544 |   |   |  $ | - |   |   | $ | 1,266,544 |   |

| Fair Value Measurements Using      |   | Assets/Liabilities |   |
|------------------------------------|--------|--------------------|--------|
|                               |   | Level 1            |   |   | Level 2 |   |   | Level 3 |   |   | At Fair Value |   |
| Warrants liability                 |   | $                  | -      |   |   | $ | 2,766,382 |   |   | $ | - |   |   | $ | 2,766,382 |   |
| Fair value of embedded derivatives |   |               | -      |   |   |   | 2,027,726 |   |   |   | - |   |   |   | 2,027,726 |   |
| Total                              |   | $             | -      |   |   | $ | 4,794,108 |   |   |   | - |   |   | $ | 4,794,108 |   |

|                    |   | March 31, 2011          |         |   | December 31, 2010 |   |
|-------------------------|--------|-------------------------|--------------|--------|-------------------|--------|
| Expected life           |   | 1.83 – 1.92 years |         |   | 0.16 - 2.16 years |   |
| Expected volatility     |   |                    | 80% - 85     | %      |              |   | 95% - 100 | % |
| Risk-free interest rate |   |                    | 0.72% - 0.76 | %      |              |   | 0.11 - 0.68 | % |
| Dividend yield          |   |                    | 0            | %      |              |   | 0 | % |

----

| 1.     | As at December 31, 2010, the Company has accrued $59,606 of stock-based compensation to the independent directors as common stock subscribed. A total of 20,625 common stock was issued during the period. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.     | The Company issued 619,905 of common stock for warrants exercised. The warrants were valued at $1,624,159 at the time of exercise. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------|

| 3.     | The Company issued 1,752,778 of common stock for conversion of convertible debt. The convertible debt was valued at $8,073,512 at the time of exercise. |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    |   | March 31, 2011 |   |   | December 31, 2009 |   |
|-------------------------|--------|----------------|--------|--------|-------------------|--------|
| Expected life           |   | 1.11 years     |   |   | 1.36 years        |   |
| Expected volatility     |   |           | 65     | %      |              |   | 70 | % |
| Risk-free interest rate |   |           | 0.35   | %      |              |   | 0.40 | % |
| Dividend yield          |   |           | 0      | %      |              |   | 0 | % |

|              |   | Number ofWarrantsOutstanding |        |   | Weighted AverageExercisePrice |   |
|-------------------|--------|-----------------------------------|-------------|--------|------------------------------------|--------|
|              |   |                              |        |   |                               |   |
| December 31, 2010 |   |                              | 3,940,947   |   |                               | $      | 5.06 |   |
| Exercised         |   |                              | (1,239,816) |   |                               |   | 6.07 |   |
| Expired           |   |                              | -           |   |                               |   | - |   |
| March 31, 2011    |   |                              | 2,701,131   |   |                               | $      | 4.59 |   |

|          |   | Outstanding Warrants |
|---------------|--------|---------------------------|
| ExercisePrice |   | Number                    |   | Average RemainingContractual Life |
|          |   |                      |   |   |
| $             | 4.50   |                      | 2,539,416 |   | 1.11 years |
| $             | 6.07   |                      | 161,715 |   | 1.92 years |
| $             | 5.06   |                      | 2,701,131 |   | 1.16 years |

----

|                                           |   | For the three months ended |      |
|------------------------------------------------|--------|----------------------------|-----------|
|                                           |   | March 31,2011              |      |   | March 31,2010 |   |
| Interest income                                |   | $                          | 38,826    |   |   | $ | 116,546 |   |
| Rental income, net                             |   |                       | 587,276   |   |   |   | 310,910 |   |
| Income from property management services       |   |                       | 831,201   |   |   |   | 754,407 |   |
| Miscellaneous construction contracts           |   |                       | 1,435,424 |   |   |   | - |   |
| Gain on disposal of fixed assets and inventory |   |                       | 8,152     |   |   |   | - |   |
| Total                                          |   | $                          | 2,900,879 |   |   | $ | 1,181,853 |   |

|                                                                                                                    |   | March 31, |       |   | March 31, |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|
|                                                                                                                    |   | 2011      |       |   | 2010      |   |
| Numerator                                                                                                               |   |      |       |   |      |   |
|     Net (loss) income attributable to China Housing & Land Development, Inc. – basic |   | $         | 2,469,083  |   |      | $      | (11,111,109 | ) |
| Effect of dilutive securities                                                                                           |   |      |       |   |      |   |   |   |
| Convertible Debt                                                                                                        |   |      | 828,048    |   |      |   | - |   |
| Income attributable to China Housing & Land Development, Inc. – diluted                                       |   | $         | 1,641,035  |   |      | $      | (11,111,109 | ) |
| Denominator                                                                                                             |   |      |       |   |      |   |   |   |
| Weighted average shares outstanding – basic                                                                       |   |      | 33,886,568 |   |      |   | 32,580,769 |   |
|     Effect of dilutive securities                                                                   |   |      |       |   |      |   |   |   |
|   Convertible Debt                                                                                            |   |      | 1,615,709  |   |      |   | - |   |
| Weighted average shares outstanding – diluted                                                                     |   |      | 35,502,277 |   |      |   | 32,580,769 |   |
| Earnings per share                                                                                                      |   |      |       |   |      |   |   |   |
|     Basic earnings per share                                                                        |   | $         | 0.07       |   |      | $      | (0.34 | ) |
|     Diluted earnings per share                                                                      |   | $         | 0.05       |   |      | $      | (0.34 | ) |

----

|                          | Payment due by period |   |
|-------------------------------|-----------------------|--------|
| Commitments and Contingencies | Total                 |   | Less than1 year |   | 1-2 years |   |   | 2-3 years |   |   | 3-4 years |   |   | 4-5 years |   |   | After5 years |   |
|                          |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating leases              |                  | $      | 3,057,801 |   |   | $ | 211,113 |   |   | $ | 141,834 |   |   | $ | 141,834 |   |   | $ | 144,934 |   |   | $ | 144,934 |   |   | $ | 2,273,152 |   |
| Acquisition (note 19)         |                  |   | 9,422,293 |   |   |   | 9,422,293 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Land use rights               |                  |   | 21,966,592 |   |   |   | 21,966,592 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                         |                  | $      | 34,446,686 |   |   | $ | 31,599,998 |   |   | $ | 141,834 |   |   | $ | 141,834 |   |   | $ | 144,934 |   |   | $ | 144,934 |   |   | $ | 2,273,152 |   |

----

----

|                               |   | March 31,2011 |    |   | December 31,2010 |   |
|------------------------------------|--------|---------------|---------|--------|------------------|--------|
|                               |   |          |    |   |             |   |
| Fair value of warrants liability   |   | $             | 291,572 |   |             | $      | 2,766,382 |   |
| Fair value of embedded derivatives |   | $             | 974,972 |   |             | $      | 2,027,726 |   |

| Investor Warrants:                            |   | 3/31/2011 |    |   | 12/31/2010 |   |
|-----------------------------------------------|--------|-----------|---------|--------|------------|--------|
| Strike price                                  |   |      | 6.07    |   |       |   | 6.07 |   |
| Market price                                  |   |      | 1.96    |   |       |   | 2.74 |   |
| Valuation date                                |   | 3/31/2011 |    |   | 12/31/2010 |   |
| Expiry date                                   |   | 2/28/2013 |    |   | 2/28/2013  |   |
| Volatility                                    |   |      | 85.00   | %      |       |   | 100.00 | % |
| Risk free rate                                |   |      | 0.76    | %      |       |   | 0.68 | % |
| Option value                                  |   |      | 0.33083 |   |       |   | 0.97788 |   |
|                                          |   |      |    |   |       |   |   |   |
| # of warrants                                 |   |      | 161,715 |   |       |   | 1,401,531 |   |
|                                          |   |      |    |   |       |   |   |   |
| CRR Binomial Lattice Model Value              |   |      | 53,500  |   |       |   | 1,370,529 |   |
|                                          |   |      |    |   |       |   |   |   |
| Alternative Model                             |   |      |    |   |       |   |   |   |
| # of shares if warrants converted two for one |   |      | N/A     |   |       |   | 700,765 |   |
| Alternative value                             |   |      | N/A     |   |       |   | 1,920,097 |   |
|                                          |   |      |    |   |       |   |   |   |
| Warrants Value                                |   |      | 53,500  |   |       |   | 1,920,097 |   |

----

| Investor Warrants: 5-7-2007 |   | 3/31/2011 |      |   | 12/31/2010 |   |
|---------------------------------------|--------|-----------|-----------|--------|------------|--------|
| Strike price                          |   |      | 4.50      |   |       |   | 4.50 |   |
| Market price                          |   |      | 1.96      |   |       |   | 2.74 |   |
| Valuation date                        |   | 3/31/2011 |      |   | 12/31/2010 |   |
| Expiry date                           |   | 5/9/2012  |      |   | 5/9/2012   |   |
| Volatility                            |   |      | 65.00     | %      |       |   | 70.00 | % |
| Risk free rate                        |   |      | 0.35      | %      |       |   | 0.40 | % |
|                                  |   |      |      |   |       |   |   |   |
| Option value                          |   |      | 0.09375   |   |       |   | 0.33322 |   |
|                                  |   |      |      |   |       |   |   |   |
| # of warrants                         |   |      | 2,539,416 |   |       |   | 2,539,416 |   |
|                                  |   |      |      |   |       |   |   |   |
| Value                                 |   |      | 238,072   |   |       |   | 846,285 |   |

| Conversion Option Valuation: |   | 3/31/2011 |      |    | 12/31/2010          |   |
|-----------------------------------|--------|-----------|-----------|---------|---------------------|--------|
| Strike price                      |   |      | 5.57      |    |                |   | 5.57 |   |
| Market price                      |   |      | 1.96      |    |                |   | 2.74 |   |
| Valuation date                    |   | 3/31/2011 |      |    | 12/31/2010          |   |
| Expiry date                       |   | 1/28/2013 |      |    | 2/28/2011-1/28/2013 |   |
| Volatility                        |   |      | 80.00     | %       |                |   | 95.00 | % |
| Risk free rate                    |   |      | 0.72      | %  |                |   | 0.11 | % |
| Option value                      |   |      | 0.60343   |    |                |   | 0.92349-0.01800 |   |
|                              |   |      |      |    |                |   |   |   |
| Host Value – principal      |   |      | 8,999,500 |    |                |   | 20,000,000 |   |
| Host Value – interest       |   |      | 0         |    |                |   | 0 |   |
|                              |   |      |      |    |                |   |   |   |
| Shares issuable on conversion     |   |      | 1,615,709 |    |                |   | 3,590,664 |   |
|                              |   |      |      |    |                |   |   |   |
| Option value – principal    |   |      | 974,972   |    |                |   | 2,027,726 |   |

----

|                                             |   March 31,2011 |   |        | December 31,2010 |   |
|--------------------------------------------------|----------------------|--------|-------------|------------------|--------|
| Real estate projects completed and held for sale |                 |   |        |             |   |   |
| Junjing I project                                |                 | $      | 4,041,309   |             |   | $ | 4,012,179 |   |
| JunJing II project phase one                     |                 |   | 2,085,968   |             |   |   | 3,389,501 |   |
| Tsining 24G project                              |                 |   | 43,165      |             |   |   | 621,238 |   |
| Gangwan project                                  |                 |   | 60,628      |             |   |   | 96,245 |   |
| Tsining Home IN project                          |                 |   | 57,981      |             |   |   | 57,527 |   |
| Real estate completed and held for sale          |                 | $      | 6,289,051   |             |   | $ | 8,176,690 |   |
|                                             |                 |   |        |             |   |   |   |   |
| Real estate projects held for development        |                 |   |        |             |   |   |   |   |
| Puhua project                                    |                 |   | 87,838,964  |             |   |   | 85,107,643 |   |
| Tangdu project                                   |                 |   | 4,527,730   |             |   |   | 4,495,490 |   |
| Junjing III project                              |                 |   | 15,148,220  |             |   |   | 2,569,084 |   |
| Park Plaza project                               |                 |   | 2,401,462   |             |   |   | 2,013,116 |   |
| JunJing II project phase two                     |                 |   | 323,852     |             |   |   | 847,697 |   |
| Golden Bay project                               |                 |   | 4,481,285   |             |   |   | 826,948 |   |
| Other projects                                   |                 |   | 390,595     |             |   |   | 415,152 |   |
| Construction materials                           |                 |   | 297,617     |             |   |   | 134,730 |   |
| Real estate held for development                 |                 |   | 115,409,725 |             |   |   | 96,409,860 |   |
|                                             |                 |   |        |             |   |   |   |   |
| Total real estate held for development or sale   |                 | $      | 121,698,776 |             |   | $ | 104,586,550 |   |

|                          |   | March 31,2011 |        |   | December 31,2010 |   |
|-------------------------------|--------|---------------|-------------|--------|------------------|--------|
| Development right acquired    |   | $             | 49,316,395  |   |             | $      | 48,930,082 |   |
| Land use right acquired       |   |          | 8,208,290   |   |             |   | 8,143,992 |   |
| Construction license acquired |   |          | 1,149,637   |   |             |   | 1,140,632 |   |
|                          |   |          | 58,674,322  |   |             |   | 58,214,706 |   |
| Accumulated amortization      |   |          | (6,471,192) |   |             |   | (6,368,296) |   |
| Intangible assets, net        |   | $             | 52,203,130  |   |             | $      | 51,846,410 |   |

----

|                        |   | March 31, 2010 |       |   | December 31, 2010 |   |
|-----------------------------|--------|----------------|------------|--------|-------------------|--------|
|                        |   |           |       |   |              |   |
| Deposits on land use rights |   |           | 68,652,286 |   |              |   | 74,938,729 |   |

----

----

| ·      | High-rise apartment buildings, typically 19 to 33 stories, usually constructed of steel-reinforced concrete, that are completed within approximately 24 months of securing all required permits. |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Mid-rise apartment buildings, typically 7 to 18 stories, usually constructed of steel-reinforced concrete, that are completed within 12 to 18 months of securing all required permits. |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Low-rise apartment buildings and villas, typically 2 to 6 stories, often constructed of steel-reinforced concrete, that are completed within approximately 12 months of securing all required permits. |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Projects in planning, which include projects for which  we have purchased the development and or land use rights for parcels of land as part of our project development pipeline. The completion of projects on these sites is subject to adequate financing, approval of permits, receipt of licenses and certain market conditions; |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Projects in process, which include developments where we have typically secured the development and land use rights, and where the site planning, architecture, engineering and infrastructure work is in progress; |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Projects under construction, where the building construction has started but has not yet been completed; and |
|---------------------------------|--------------------------------------------------------------------------------------------------------------|

| ·      | Completed projects with units available for sale, where the construction has been finished and most of the units in the buildings have been sold or leased. |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ProjectName          |   | Type ofProjects                      |   | Actual orEstimatedConstructionPeriod |   | Actual orEstimated Pre-saleCommencementDate |   | Total SiteArea(m2) |   | TotalGrossFloor Area(m2) |   | Sold GFA by March 31, 2011(m2) |
|----------------------|--------|-------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------|--------|-------------------------------|--------|-----------------------------------------------|
| JunJing II phase two |   | Multi-Family residential & Commercial |   | Q2/ 2009- Q2/2011                    |   | Q3/2009                                               |   | 29,800                  |   | 121,953                       |   | 121,366                                       |
|                 |   |                                      |   |                                      |   |                                                  |   |                    |   |                          |   |                                          |
| Puhua Phase One      |   | Multi-Family residential & Commercial |   | Q2/2009- Q3/2011                     |   | Q4/2009                                               |   | 47,600                  |   | 139,103                       |   | 93,198                                        |
|                 |   |                                      |   |                                      |   |                                                  |   |                    |   |                          |   |                                          |
| Puhua Phase Two      |   | Multi-Family residential & Commercial |   | Q2/2010- Q3/2012                     |   | Q2/2010                                               |   | 47,300                  |   | 262,519                       |   | 49,126                                        |

| Projectname          |   | TotalNumber ofUnits |   | Number ofUnits sold byMarch 31, 2011 |   | EstimatedRevenue($million) |   | ContractedRevenue byMarch 31, 2011($million) |   | RecognizedRevenue byMarch 31, 2011($million) |
|----------------------|--------|--------------------------|--------|----------------------------------------------------------|--------|----------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------------------------------|
| JunJing II phase two |   | 1,015                    |   | 1,012                                                    |   | 97.6                       |   | 97.0                                                        |   | 92.2                                                        |
|                 |   |                     |   |                                                     |   |                       |   |                                                        |   |                                                        |
| Puhua Phase One      |   | 840                      |   | 684                                                 |   | 124.1                      |   | 76.2                                                        |   | 47.5                                                        |
|                 |   |                     |   |                                                     |   |                       |   |                                                        |   |                                                        |
| Puhua Phase Two      |   | 1,284                    |   | 412                                                      |   | 252.1                      |   | 39.8                                                        |   | 15.8                                                        |

----

| Project Name                |     | Type of Projects                          |     | Estimated Construction Period |     | Estimated Pre-sale Commencement |     | Total Site Area (m2) |     | Total GFA (m2) |     | Total Number of Units |
|-----------------------------|----------|-------------------------------------------|----------|-------------------------------|----------|---------------------------------|----------|----------------------|----------|---------------------|----------|----------------------------|
| Baqiao New Development Zone |   | Land                                      |   | 2009-                         |   | N/A                             |   | N/A                  |   | N/A                 |   | N/A                        |
| Development                 | 2020     |
| JunJing III                 |   | Multi-Family residential & Commercial |   | Q4/2010                       |   | Q2/2011                         |   | 8,094                |   | 49,636              |   | 570                        |
| - Q1/2012              |
| Park Plaza                  |   | Multi-Family residential & Commercial |   | Q2/2011                       |   | Q3/2011                         |   | 44,250               |   | 141,822             |   | 2,000                      |
| - Q4/2014              |
| Golden Bay                  |   | Multi-Family residential & Commercial |   | Q2/2011                       |   | Q3/2011                         |   | 146,099              |   | 252,540             |   | N/A                        |
| - Q4/2014              |
| Textile City                |   | Multi-Family residential & Commercial |   | Q3/2012                       |   | Q3/2012                         |   | 433,014              |   | 630,000             |   | N/A                        |
| - O3/2018                   |

| Through our New Land subsidiary, we sold 18.4 acres to another developer in 2007 and generated about $24.41 million in revenue. In 2008, we established a joint venture with Prax Capital Real Estate Holdings Limited (“Prax Capital”) to develop 79 acres within the Baqiao project, which will be the first phase of the Baqiao project’s development. Prax Capital invested $29.3 million cash in the joint venture. The project is further described in the Puhua section below.In December 2010, we signed a preliminary contract with the local government with the intention to acquire a 107 acre tract of land for development of a new real estate housing project. The new project is expected to begin in the third quarter of 2011, with an estimated total GFA of 630,000 square meters.After selling 18.4 acres, placing 79 acres in the joint venture, setting aside approximately 42 acres for the Golden Bay Project, about 348 acres remains available for the Company to develop in the Baqiao project. JunJing III: JunJing III is located near our JunJing II project and the city expressway. It has an expected total GFA of about 49,636 square meters. The project will consist of 3 high rise buildings, each 28 to 30 stories high. The project is targeting middle to high income customers who require a high quality living environment and convenient transportation to the city center. We started construction during the fourth quarter of 2010 and expect to begin recognizing revenue during the second quarter of 2011. The total estimated revenue from this project is about $46 million. |    |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--|

----

| Project name    |   | Type ofProjects                      |   | CompletionDate |   | Total SiteArea(m2) |   | Total GFA(m2) |   | TotalNumber ofUnits |   | Number ofUnits sold byMarch 31, 2011 |
|----------------------|--------|-------------------------------------------|--------|----------------|--------|-------------------------|--------|--------------------|--------|--------------------------|--------|----------------------------------------------------------|
| JunJing II Phase One |   | Multi-Family residential & Commercial |   | Q4/2009        |   | 39,524                  |   | 134,070            |   | 1,191                    |   | 1,186                                                    |
| JunJing I            |   | Multi-Family residential & Commercial |   | Q3/2006        |   | 55,588                  |   | 167,931            |   | 1,671                    |   | 1,655                                                    |

----

|                                 |   | Three months        |       |   | Three months        |   |
|--------------------------------------|--------|--------------------------|------------|--------|--------------------------|--------|
|                                 |   | ended                    |       |   | ended                    |   |
| Revenues by project:       |   | March 31, 2011 |       |   | March 31, 2010 |   |
| US dollars                           |   |                     |       |   |                     |   |
| Project Under Construction           |   |                     |       |   |                     |   |
| Tsining JunJing II Phase Two         |   | $                        | 4,174,516  |   |                     | $      | 15,161,722 |   |
| Puhua Phase One                      |   |                     | 5,219,729  |   |                     |   | 11,454,564 |   |
| Puhua Phase Two                      |   |                     | 8,428,480  |   |                     |   | - |   |
|                                 |   |                     |       |   |                     |   |   |   |
| Projects Completed                   |   |                     |       |   |                     |   |   |   |
| Tsining JunJing II Phase One         |   |                     | 1,080,635  |   |                     |   | 4,095,525 |   |
| Tsining JunJing I                    |   |                     | -          |   |                     |   | 1,296,725 |   |
| Tsining-24G                          |   |                     | 695,439    |   |                     |   | 15,684 |   |
| Tsining Gang Wan                     |   |                     | 58,018     |   |                     |   | - |   |
| Tsining In Home                      |   |                     | -          |   |                     |   | 366,841 |   |
| Revenues from the sale of properties |   | $                        | 19,656,817 |   |                     | $      | 32,391,061 |   |

|                                            |   | 3 Months Ended |       |   | 3 Months Ended |    |
|-------------------------------------------------|--------|--------------------------|------------|--------|--------------------------|---------|
| Revenues by project:                  |   | 31-Mar-11                |       |   | 31-Mar-10                |    |
| US$                                             |   |                     |       |   |                     |    |
| Project Under Construction                      |   |                     |       |   |                     |    |   |
| Puhua Phase One contract sales                  |   | $                        | 5,150,567  |   |                     |  $ | 17,880,123 |   |
| Revenue                                         |   |                     | 5,219,729  |   |                     |    | 11,454,564 |   |
| Total gross floor area (GFA) available for sale |   |                     | 139,103    |   |                     |    | 640,000 |   |
| GFA sold during the period                      |   |                     | 3,665      |   |                     |    | 25,741 |   |
| Remaining GFA available for sale                |   |                     | 27,219     |   |                     |    | 590,130 |   |
| Percentage of completion                        |   |                     | 59.21      | %      |                     |    | 31.1 | % |
| Percentage GFA sold during the period      |   |                     | 2.6        | %      |                     |    | 4.0 | % |
| Percentage GFA sold to date                     |   |                     | 80.4       | %      |                     |    | 7.8 | % |
| Average sales price per GFA                     |   | $                        | 1,405      |   |                     |  $ | 695 |   |
|                                            |   |                     |       |   |                     |    |   |   |
| Puhua Phase Two contract sales                  |   |                     | 18,767,261 |   |                     |    | - |   |
| Revenue                                         |   | $                        | 8,428,480  |   |                     |  $ | - |   |
| Total gross floor area (GFA) available for sale |   |                     | 262,519    |   |                     |    | - |   |
| GFA sold during the period                      |   |                     | 21,984     |   |                     |    | - |   |
| Remaining GFA available for sale                |   |                     | 213,393    |   |                     |    | - |   |
| Percentage of completion                        |   |                     | 33.87      | %      |                     |    | - |   |
| Percentage GFA sold during the period           |   |                     | 8.4        | %      |                     |    | - |   |
| Percentage GFA sold to date                     |   |                     | 18.7       | %      |                     |    | - |   |
| Average sales price per GFA                     |   | $                        | 854        |   |                     |  $ | - |   |
|                                            |   |                     |       |   |                     |    |   |   |

| Tsining JunJing II Phase Two contract sales     |   |  $ | 680,484     |   |   |  $ | 20,003.787 |   |
|-------------------------------------------------|--------|---------|-------------|--------|--------|---------|------------|--------|
| Revenue                                         |   |    | 4,174,516   |   |   |    | 15,161,722 |   |
| Total gross floor area (GFA) available for sale |   |    | 121,953     |   |   |    | 122,136    |   |
| GFA sold during the period                      |   |    | 697         |   |   |    | 26,415     |   |
| Remaining GFA available for sale                |   |    | 391         |   |   |    | 30,808     |   |
| Percentage of completion                        |   |    |  99.2% |   |   |    | 66.2       | %      |
| Percentage GFA sold during the period           |   |    |  0.6%  |   |   |    | 23.5       | %      |
| Percentage GFA sold to date                     |   |    |  99.7% |   |   |    | 72.6       | %      |
| Average sales price per GFA                     |   | $       | 976         |   |   |  $ | 757        |   |

----

| Tsining JunJing II Phase two Buildings |   | Percentage of Completion |   |
|-----------------------------------------------------------------|--------|------------------------------------|--------|
| 10#                                                             |   | 100                                | %      |
| 11#                                                             |   | 100                                | %      |
| 12#                                                             |   | 100                                | %      |
| 13#                                                             |   | 100                                | %      |
| 16#                                                             |   | 100                                | %      |
| 17#                                                             |   | 100                                | %      |
| 18#                                                             |   | 100                                | %      |
| 19#                                                             |   | 100                                | %      |
| 22#                                                             |   | 100                                | %      |
| 23#                                                             |   | 100                                | %      |
| 24#                                                             |   | 100                                | %      |
| 25#                                                             |   | 96.24                              | %      |

| Puhua Phase one |   | Percentage of Completion |   |
|---------------------------|--------|------------------------------------|--------|
| 1#                        |   | 75.34                              | %      |
| 2#                        |   | 90.19                              | %      |
| 3#                        |   | 37.35                              | %      |
| 4#                        |   | 81.55                              | %      |
| 5#                        |   | 41.49                              | %      |
| 6#                        |   | 74.52                              | %      |
| 7#                        |   | 39.35                              | %      |
| 8#                        |   | 69.48                              | %      |
| 9#                        |   | 68.11                              | %      |
| 10#                       |   | 65.38                              | %      |
| 11#                       |   | 37.39                              | %      |
| 12#                       |   | 58.30                              | %      |
| 13#                       |   | 59.56                              | %      |

----

| Puhua Phase Two |   | Percentage of Completion |   |
|---------------------------|--------|------------------------------------|--------|
| 14#                       |   | 34.29                              | %      |
| 15#                       |   | 31.97                              | %      |
| 16#                       |   | 45.81                              | %      |
| 17#                       |   | 55.00                              | %      |
| 18#                       |   | 30.27                              | %      |
| 19#                       |   | 33.88                              | %      |
| 20#                       |   | 36.70                              | %      |
| 21#                       |   | 32.58                              | %      |
| 22#                       |   | 27.58                              | %      |
| 23#                       |   | 36.53                              | %      |
| 24#                       |   | 26.49                              | %      |

|                                           |   | For the three months ended |      |
|------------------------------------------------|--------|------------------------------------------------|-----------|
|                                           |   | March 31,                                 |      |   | March 31, |   |
|                                           |   | 2011                                           |      |   | 2010 |   |
| Interest income                                |   | $                                              | 38,826    |   |   | $ | 116,546 |   |
| Rental income, net                             |   |                                           | 587,276   |   |   |   | 310,910 |   |
| Income from property management services       |   |                                           | 831,201   |   |   |   | 754,407 |   |
| Miscellaneous construction contracts           |   |                                           | 1,435,424 |   |   |   | - |   |
| Gain on disposal of fixed assets and inventory |   |                                           | 8,152     |   |   |   | - |   |
| Total                                          |   | $                                              | 2,900,879 |   |   | $ | 1,181,853 |   |

----

----

----

|                          | Payment due by period |   |
|-------------------------------|-----------------------|--------|
| Commitments and Contingencies | Total                 |   | Less than1 year |   | 1-2 years |   |   | 2-3 years |   |   | 3-4 years |   |   | 4-5 years |   |   | After5 years |   |
|                          |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating leases              |                  | $      | 3,057,801 |   |   | $ | 211,113 |   |   | $ | 141,834 |   |   | $ | 141,834 |   |   | $ | 144,934 |   |   | $ | 144,934 |   |   | $ | 2,273,152 |   |
| Acquisition                   |                  |   | 9,422,293 |   |   |   | 9,422,293 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Land use rights               |                  |   | 21,966,592 |   |   |   | 21,966,592 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                         |                  | $      | 34,446,686 |   |   | $ | 31,599,998 |   |   | $ | 141,834 |   |   | $ | 141,834 |   |   | $ | 144,934 |   |   | $ | 144,934 |   |   | $ | 2,273,152 |   |

----

|                                                                                                                                                                                                             |   | March 31,2011 |        |   | December 31,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|--------|------------------|--------|
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Xi' an Rural Credit Union Zao Yuan Rd. Branch                                                                                                                                                                    |   |          |        |   |             |   |   |   |
| Due July 2, 2011, annual interest is at 8.496%,secured by the Company’s Jun Jing Yuan I, Han Yuan and Xin Xing Tower projects                                                                              |   |          | 2,748,805   |   |             |   | 2,727,273 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Xinhua Trust Investments Ltd.                                                                                                                                                                                    |   |          |        |   |             |   |   |   |
| Due February 10, 2012, annual interest is at 10%, secured by the 24G project                                                                                                                                     |   |          | 22,906,709  |   |             |   | 22,727,273 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Commercial Bank Weilai Branch                                                                                                                                                                                    |   |          |        |   |             |   |   |   |
| Annual interest is at 7.29 percent, secured by the Company's JunJing I and XinXing Tower projects and guaranteed by Tsining. $1,221,690 is payable on June 20, 2011 and $1,832,537 is payable on August 29, 2011 |   |          | 3,054,227   |   |             |   | 4,090,909 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Bank of Beijing, Xi’an Branch                                                                                                                                                                              |   |          |        |   |             |   |   |   |
| Due December 10, 2012, annual interest is at theprime rate of People’s Bank of China(5.85%) secured by the PuHua project with a minimum repayment of $7.6 millionrequired by December 31, 2011.            |   |          | 22,906,709  |   |             |   | 22,727,273 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Xi’an Duqu Trust Bank                                                                                                                                                                                      |   |          |        |   |             |   |   |   |
| Due June 11, 2011, annual interest is at 9.18%, secured by the Company’s Junjing I properties                                                                                                              |   |          | 687,201     |   |             |   | 681,817 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| JP Morgan International Bank Limited Brussels Branch                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Due December 14, 2011, annual interest is at 1.2%, secured by a $34,207,352 restricted cash                                                                                                                      |   |          | 30,016,529  |   |             |   | 30,016,529 |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Tianjin Cube Equity Investment Fund Partnership                                                                                                                                                                  |   |          |        |   |             |   |   |   |
| Due December 10, 2012, annual interest is 9.6%, secured by JunJing Yuan II Commercial Units                                                                                                                      |   |          | 30,542,278  |   |             |   | - |   |
|                                                                                                                                                                                                             |   |          |        |   |             |   |   |   |
| Total                                                                                                                                                                                                            |   | $             | 112,862,458 |   |             | $      | 82,971,074 |   |

----

----

----

| Exhibit |                                                                                                                                                                            |                   |   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|
| Number  |                                                                                                                                                                            | Description of Exhibit |   |
|    |                                                                                                                                                                            |                   |   |
| 10.1    | Equity Pledge Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 4, 2011).        |
|    |                                                                                                                                                                            |
| 10.2    | Guarantee Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on February 4, 2011).            |
|    |                                                                                                                                                                            |
| 10.3    | Share Charge Deed, dated January 31, 2011 (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on February 4, 2011).              |
|    |                                                                                                                                                                            |
| 10.4    | Financial Consultant Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed on February 4, 2011). |
|    |                                                                                                                                                                            |
| 10.5    | Entrustment Loan Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed on February 4, 2011).     |
|    |                                                                                                                                                                            |
| 10.6    | Entrustment Loan Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed on February 4, 2011).     |
|    |                                                                                                                                                                            |
| 10.7    | Entrustment Loan Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed on February 4, 2011).     |
|    |                                                                                                                                                                            |
| 10.8    | Entrustment Loan Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K filed on February 4, 2011).     |
|    |                                                                                                                                                                            |
| 10.9    | Project Financing Agreement, dated January 31, 2011 (incorporated by reference to Exhibit 10.9 of the Company’s Current Report on Form 8-K filed on February 4, 2011).    |
|    |                                                                                                                                                                            |                   |
| 31.1    | Certification of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended                  |                   |
|    |                                                                                                                                                                            |                   |
| 31.2    | Certification of Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d 14(a), promulgated under the Securities and Exchange Act of 1934, as amended                  |                   |
|    |                                                                                                                                                                            |                   |
| 32.1    | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)                                |                   |
|    |                                                                                                                                                                            |                   |
| 32.2    | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)                                |                   |

----

|         | China Housing & Land Development, Inc. |                                         |
|--------------|--------------------------------------------|----------------------------------------------|
|         |                                       |                                         |   |
| May 16, 2011 | By:                                        | /s/ Xiaohong Feng                            |   |
|         |                                       | Xiaohong Feng                                |   |
|         |                                       | Chief Executive Officer                      |   |
|         |                                       | (Principal Executive Officer)                |   |
|         |                                       |                                         |   |
|         |                                       |                                         |   |
| May 16, 2011 | By:                                        | /s/ Cangsang Huang                           |   |
|         |                                       | Cangsang Huang                               |   |
|         |                                       | Chief Financial Officer                      |   |
|         |                                       | (Principal Financial and Accounting Officer) |   |

----