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CPDV News China Properties Developments, Inc. Reports Results for Second Quarter 2006

XI'AN, China--(BUSINESS WIRE)--China Properties Developments, Inc. (OTCBB:CPDV) through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi’an, the capital of Shaanxi Province in the People’s Republic of China, recently announced results for the quarter ended September 30, 2006.

Revenues were $356,000 and $2,632,000 for the three and nine months ended September 30, 2006, compared to no revenues for the three and nine months ended September 30, 2005. The revenues were due to sales of condominium units and office space in the Yangming building for which there were no comparable revenue items in 2005. We also achieved rental income of $63,000 and $170,000 for the three and nine months ended September 30, 2006, compared to rental income of $56,000 and $166,000 for the three and nine months ended September 30, 2005.

We achieved net income of $49,000 for the three months ended September 30, 2006 compared to net loss of $84,000 for the three months ended September 30, 2005. For the nine months ended September 30, 2006, we had a net income of $358,000 compared to a net loss of $271,000 for the nine months ended September 30, 2005. This change is primarily due to revenues been achieved in the three and nine months ended September 30, 2006 compared to no revenues in the first nine months of 2005, and operating expenses having decreased $51,000 for the three months ended September 30, 2006 compared to the three months ended September 30, 2005 and having decreased $72,000 for the nine months ended September 30, 2006 compared to the nine months ended September 30, 2005.

For the three months ended September 30, 2006, we had earnings per share of $0.00 compared to a net loss of $0.02 per share for the three months ended September 30, 2005, and for the nine months ended September 30, 2006, we had earnings per share of $0.02 compared to a net loss of $0.02 per share for the nine months ended September 30, 2005.

Ping'an Wu, Chairman, President and CEO of China Properties Developments, Inc. said, "We are pleased to announce our financial results for quarter-ended September 30, 2006. We have had many other positive events occur during the 3^rd quarter, including the addition on two very respected professionals as Independent Directors to our Board of Directors."

Steven Lou, Director, Executive VP and CFO of China Properties Developments, Inc., stated, "We are very pleased to have engaged Sandler O'Neill, one of the largest investment banking firms serving the real estate industry, as China Properties' Introducing Broker during the 3^rd quarter and we have been working closing with them and expect to report positive results in the very near future.

About The Company

China Properties Developments, Inc. through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi’an, the capital of Shaanxi Province in the People’s Republic of China, One of China's most ancient cities, Xi’an is a thriving cultural, historical and intellectual center, whose population of more than 6 million. The Company has completed development of the Jiahui Office Building, Oufengyuan Office Building, Jixiang Garden Residential Project, and Yangming International Tower. Currently there are three specific projects that are in various stages of negotiations and planning, they are: Garden Villa, Bali Village and the Great Tang Hibiscus Garden. The total assets of the Company are over US$25 million. The Company recently entered into an agreement to acquire Shaanxi Xinyuan Real Estate Co., developer of the Yan-Ta Shopping Mall. The Company recently engaged Sandler O'Neill Mortgage Finance L.P., LLC as Introducing Broker to introduce the Company to one or more banks to facilitate one or more loans to the Company for the express purpose of financing the Yan-Ta Shopping Mall. For more information go to www.chinapropertiesdevelopments.com.

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.