BEIJING, June 3, 2011 /PRNewswire-Asia/ -- Xinyuan Real
Estate Co., Ltd. (NYSE: XIN), a residential real estate developer
with a focus on high growth, strategic Tier II & III cities
in China, today announced an update to its two most recent
real estate development projects, Jinan Splendid in Shandong province and Zhengzhou Yipinxiangshan
II in Henan province.
The Company's Jinan Splendid high rise development project
commenced pre-sales on May 18, 2011.
This project is located in a central area along the Xiao Qinghe
river in the Binhe New District in Jinan city. The total sellable gross floor
area (GFA) is estimated to be approximately 527,000 square meters.
As of the end of May 2011, the
Company sold 466 out of 527 residential units made available from
its first pre-sales permit, for a total recognizable contract sales
value of approximately RMB357 million
(US$54.5 million).
The Company's Zhengzhou Yipinxiangshan II development project of
multi-layered, sub-high-rise buildings commenced pre-sales in late
March, 2011. In April and May, the Company sold 391 out of 574
residential units, for a total recognizable contract sales value of
approximately RMB242 million
(US$37.0 million). The Zhengzhou
Yipinxiangshan II project is situated in the north part of
Zhengzhou city, a high-end
community with convenient transportation alternatives.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer commented, "We are pleased
with consumer demand for our most recent development projects,
Zhengzhou Yipinxiangshan II and Jinan Splendid. Each project
launched in a timely fashion and, thus far, has exceeded our
pre-sales expectations. Such trends indicate that home purchasers
appear to be, once again, adjusting to the latest round of
government property initiatives. We believe strong demand remains
for residential units in the tier-2 and tier-3 cities in which we
operate and we remain comfortable with our full year financial
forecast."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. Xinyuan focuses on
China's Tier II & III cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 44.7 million people in
seven strategically selected Tier II & III cities, comprising
Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. Xinyuan is the first real estate
developer from China to be listed
on the New York Stock Exchange. For more information, please visit
http://www.xyre.com.
Safe Harbor Statement
This press release contains 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 our beliefs, forecasts, estimates and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including,
but not limited to, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, and other risks outlined in our
public filings with the Securities and Exchange Commission,
including our annual report on Form 20-F for the year ended
December 31, 2010. All information
provided in this press release is as of June
3, 2011. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
For more information, please
contact:
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In China:
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Mr. Tom Gurnee
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Chief Financial
Officer
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Tel: +86 (10)
8588-9390
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Email: tom.gurnee@xyre.com
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Ms. Helen Zhang
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Director of Investor
Relations
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Tel: +86 (10)
8588-9255
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Email: yuan.z@xyre.com
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ICR, LLC
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In U.S.:
+1-646-308-1472
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In China: +86 10 6583
7511
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Email: William.zima@icrinc.com
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SOURCE Xinyuan Real Estate Co., Ltd.