BEIJING, April 24, 2014 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a focus on high growth
cities in China, today announced
that it has acquired a parcel of land in Shanghai by purchasing 100% equity interest of
a local project development company.
This land parcel is located 17 kilometers west of Shanghai's Hongqiao Airport in the scenic
Qingpu District. A subway line passing through the area is under
construction and is projected to open in early 2017. The land
parcel offers a site area of approximately 28,600 square meters.
Xinyuan paid a total of RMB914
million (approximately US$146.5
million) for the land use rights. The Company plans to
develop high rise residential apartments on this land. The project
will also include sub-high rise apartments, condos, and commercial
space for a total estimated gross floor area of approximately
62,900 square meters with an average estimated floor price of
approximately RMB14,526 per square
meter.
Mr. Yong Zhang, Chairman of
Xinyuan, commented, "We are excited to acquire our first
development in the Shanghai Municipality. The project is located in
Shanghai's western district of
Qingpu. Over the past several years the municipal government has
supported development of its outer districts in an effort to
relieve population pressure in the city center. This project
provides a good opportunity for us to enter the Shanghai market strategically, in a high
growth area with suitable project site at a reasonable price.
Similarly to our Beijing project,
we will target young professionals and first-time home buyers
looking for more affordable housing options with unit space at
around 90 square meters. The new subway line, located just one
kilometer from the project site, will connect commuters directly to
the central business areas of Shanghai. This project will enrich our product
portfolio and our growing project pipeline enables Xinyuan to
become a larger player in China's
real estate market."
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. In China, Xinyuan primarily focuses its
development projects in high growth cities, Zhengzhou, Ji'nan, Suzhou, Kunshan, Xuzhou,
Chengdu, Shanghai, Beijing, Changsha, Sanya and Hefei. The Company's U.S. development arm, XIN
Development Group International, Inc., is a pioneer amongst Chinese
real estate residential developers, entering the US market in
2012. Xinyuan is the first real estate developer from
China to be listed on the New York
Stock Exchange. For more information, please visit
http://en.xyre.com/ir.html .
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, 2012. 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:
Xinyuan Real Estate Co., Ltd.
Ms. Helen Zhang
Interim CFO
Tel: +86 (10) 8588-9398
Email: irmanager@xyre.com
ICR, LLC
William Zima
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: william.zima@icrinc.com
SOURCE Xinyuan Real Estate Co., Ltd.