BEIJING, Oct. 26, 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 it has recently completed the acquisitions and secured the land use rights for a land parcel in Zhengzhou, the capital city of Henan province and a land parcel in Changsha, the capital city of Hunan province.
In Zhengzhou, the newly acquired land parcel is adjacent to land parcels that Xinyuan acquired earlier this year in April and will be included as part of the Company's larger Zhengzhou Shilipu project (Zhengzhou International New City). The newly acquired land parcel is conveniently located near the transfer station of Zhengzhou subway line 2 and line 5. This land parcel offers a total site area of approximately 41,831 square meters, with a total consideration of RMB357.1 million (approximately US$52.7 million) for the acquisition. The Company plans to develop residential apartments on this land with a gross floor area of approximately 175,690 square meters. The average floor price of this project is approximately RMB2,033 per square meter.
The newly acquired Changsha project is located in the Yuhua District, which is located in the downtown area of Changsha city with comprehensive community facilities and educational resources. This project is located near convenient public transportation with access to subway line 5 and line 9. The total site area of this land parcel is approximately 32,158 square meters, with a total consideration of RMB295 million (approximately US$43.6 million) for the acquisition. The Company plans to develop residential apartments and commercial buildings on this land with an estimated gross floor area of approximately 93,258 square meters. The average floor price of this project is approximately RMB3,163 per square meter.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to further expand our presence in Zhengzhou and Changsha, both of which are fast developing cities in China's real estate market. For both projects, we secured the land at very attractive prices and can set average floor prices at a level that would provide a highly attractive return on investment for Xinyuan. We believe these newly acquired projects will be successful for Xinyuan and further establish our presence in these regions of the country."
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
In China: +86 (10) 6583-7510
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SOURCE Xinyuan Real Estate Co., Ltd.