BEIJING, Dec. 6, 2011 /PRNewswire-Asia/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a focus on high growth,
strategic Tier II cities in China,
today announced that it has acquired an additional parcel of land
in eastern Zhengzhou, the capital
city of central China's
Henan Province.
Xinyuan paid a total of RMB555
million (approximately US$88
million) for the unencumbered land use rights for the
parcel, which is located in the Zhengzhou East Development Area and
offers a total site area of approximately 61,000 square meters. The
Company intends to develop high rise residential apartments for a
total estimated gross floor area ("GFA") of approximately 214,000
square meters. The apartment unit size will range between 70-140
square meters.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer said, "This newly acquired
land parcel, which is adjacent to Zhengzhou Central East A and
Zhengzhou Central East B, marks Xinyuan's sixteenth development in
Zhengzhou since 1998. Zhengzhou is ideally positioned as an
important transportation hub in China, which has contributed to accelerated
urbanization of the area. Zhengzhou East Development area is a
high-end community that has enjoyed above-average sales price and
volume growth compared to Zhengzhou overall. We expect to commence
construction of this new project in July
2012. Given the attractive location of this property and the
favorable demand trends in Zhengzhou in particular, we believe this
development will enhance our land bank, optimize our project
portfolio, and further strengthen our presence in Zhengzhou where our projects have generated
excellent returns and contributed favorably to Xinyuan's growth and
profitability."
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 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 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 December 6, 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.