Xinyuan Real Estate Subsidiary Begins Pre-Sale of Third Development Project
18 January 2008 - 8:51PM
PR Newswire (US)
ZHENGZHOU, China, Jan. 18 /Xinhua-PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ('Xinyuan') (NYSE:XIN), a fast-growing residential
real estate developer with a focus on a strategically selected
group of China's Tier II cities, which are larger, more developed
cities with above average GDP and urban population growth rates,
today announced that the company's Shandong subsidiary started the
pre-sale of the first phase of its third project, International
City Garden, on December 22, 2007. The first phase of International
City Garden consists of 1,678 units, of which, 1,123 units are
available for sale. Within the first nine days of the pre-sale,
customers signed purchase contracts or placed orders for 740 units.
'The successful initiation of pre-sales for the first phase of our
Shandong subsidiary's third project is a reflection of Xinyuan's
growing presence in key markets,' said Mr. Yong Zhang, Xinyuan's
chairman and chief executive officer. 'As demand for high quality
and affordable homes continues to grow throughout China, our
regional subsidiaries will play an essential role in further
establishing the Xinyuan brand in China's Tier II cities.'
International City Garden is Xinyuan Shandong's third project. The
subsidiary's first project, City Family, was completed in November
2007 and has sold 99.5% of units as of December 31, 2007. Jinan
Elegant Scenery, its second project, is expected to deliver the
completed first phase of units in April 2008. The project has
already sold 85.8% of its units. About Xinyuan Real Estate Co.,
Ltd. Xinyuan Real Estate Co., Ltd. ('Xinyuan') (NYSE:XIN) is a
fast-growing developer of large scale, quality residential real
estate projects aimed at providing middle-income consumers in
China's Tier II cities with a comfortable and convenient community
life. Ranked #1 among all property developers in Zhengzhou in terms
of contracted sales of residential units for the years 2004, 2005
and 2006, Xinyuan has expanded its network to cover a total
population of 34 million people in 5 strategically selected Tier II
cities, including Chengdu, Hefei, Jinan, Suzhou and Zhengzhou.
Xinyuan has completed 13 projects with a total gross floor area
('GFA') of 0.9 million square meters within the past 10 years and
as of September 30, 2007, Xinyuan had 7 projects under construction
with a total GFA of 0.8 million square meters and 7 additional
projects under planning with total GFA of 1.3 million square
meters. With a focus on high asset turnover, efficient working
capital management and strict cost control, Xinyuan is dedicated to
bringing high quality, affordable homes to China's middle income
buyers. For more information, please visit http://www.xyre.com/ .
Safe Harbor Statement This announcement may contain forward-looking
statements. These statements are made under the 'safe harbor'
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as 'will,' 'expects,' 'anticipates,' 'future,'
'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and
similar statements. Statements that are not historical facts,
including statements concerning Xinyuan's beliefs, forecasts,
estimates and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Information regarding these risks and uncertainties
is included in our public filings with the Securities and Exchange
Commission, including our registration statement on Form F-1, as
amended. All information provided in this press release is as of
January 18, 2008, and Xinyuan undertakes no duty to update such
information, except as required under applicable law. For investor
and media inquiries, please contact: In China: Mr. Alex Gong
Director of Investor Relations Tel: +86-371-6565-1611 Email: Mr.
Derek Mitchell Ogilvy Public Relations Worldwide (Beijing) Tel:
+86-10-8520-6284 Email: In the United States: Mr. Jeremy Bridgman
Ogilvy Public Relations Worldwide (New York) Tel: +1-212-880-5363
Email: DATASOURCE: Xinyuan Real Estate Co., Ltd. CONTACT: In China,
Mr. Alex Gong, Director of Investor Relations of Xinyuan,
+86-371-6565-1611, ; or Mr. Derek Mitchell of Ogilvy Public
Relations Worldwide (Beijing), +86-10-8520-6284, or , or in the
United States, Mr. Jeremy Bridgman of Ogilvy Public Relations
Worldwide (New York), +1-212-880-5363, or , both for XIN Web Site:
http://www.xyre.com/
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