BEIJING, Aug. 1, 2016 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, today announced that its U.S. development arm, XIN Development Group International, Inc. ("XIN" and collectively with Xinyuan, the "Company") has acquired a parcel of land, located at 135-35 Northern Blvd in Flushing, Queens, New York for US$66.0 million. This project is within walking distance from the subway train #7 that connects commuters directly to midtown Manhattan. The land allows for a mixed use development comprising approximately 372,598 gross buildable square feet (34,615 square meters) with approved plans.
The property was formerly a performance theater with a landmarked interior known as RKO KEITH'S Theater. Designs for the buildable development have been prepared by the architectural firm of Pei Cobb Freed with plans for 269 modern condo residences that include amenities such as a 24-hour doorman, gym, tenant lounge, 305 space parking garage and landscaped courtyard as well as a large ground-floor and second-floor retail space. XIN expects to begin construction on this property as the Company's Oosten project construction comes to completion. Together with the Company's Oosten project in Williamsburg, Brooklyn, the project in midtown, Manhattan, this project would give the Company approximately one million square feet of buildings under construction in three boroughs in New York City.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to be developing our third major project in the New York residential real estate market. The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment. Given the location of this project, we expect it will be appealing to both local and foreign buyers and investors. We believe our new project will become a unique site in downtown Flushing and a successful project for our Company."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, the Company develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. The Company aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.
Safe Harbor Statement
Certain statements in this press release constitute "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 includes statements about estimated financial performance, sales performance and activity, among others and can generally be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical statements 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, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter into new geographic markets and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; 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, 2015. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
For more information, please contact:
Xinyuan Real Estate Co., Ltd.
Ms. May Shen
Investor Relations Director
Tel: +86 (10) 8588-9376
In U.S.: +1 646-308-1472
In China: +86 (10) 6583-7511
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SOURCE Xinyuan Real Estate Co., Ltd.