BEIJING and NEW YORK, Sept. 12, 2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTC BB:KIRI.OB), the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, announced that today it has officially obtained the Construction Work Planning Permits from Xingtai Bureau of Urban Planning for one of its major projects No. 79 Courtyard. No. 79 Courtyard covers a land area of over 290,000 square meters and a total building area of approximately 450,000 square meters. The project is positioned as a high-end residential development with some mixed commercial use. Construction is expected to start in September 2011 and completion of No. 79 Courtyard is planned for the last quarter of 2014. The first phase residences are expected to be delivered by the end of 2012 while the final phase residences are expected to be delivered in January 2015.
"The Construction Work Planning Permits for No. 79 Courtyard are a milestone for the project as well as Kirin International Holding, Inc.," said Kirin CEO Mr. Longlin Hu. "With the issuance of these Construction Work Planning Permits, Kirin International Holding, Inc. may obtain the Work Commencement Permits as well as the Presale Permit in a very short period. As a matter of fact, Kirin expects to obtain these additional permits within four weeks. Given the recent strict government policy environment for real estate development in China, Kirin has made substantial progress for the No. 79 Courtyard Project," continued Mr. Hu. "We look forward to starting the construction of No. 79 Courtyard shortly, and we believe the project will bring tremendous upside for Kirin and its shareholders," commented Mr. Hu.
Kirin's projects are currently concentrated in the southern area of Hebei Province of the PRC, primarily in the city of Xingtai, approximately three hours south of Beijing, and nearby regions. Kirin's real estate developments target first-time, owner-occupied homebuyers consisting primarily of young urban professional families and middle class clients. According to Kirin, approximately half of Kirin's homebuyers pay cash for their housing units and another quarter of their purchasers make 50% down payments.
In addition to its projects in Xingtai, Kirin China has started gaining knowledge on property conditions and related land and development approval procedures in Shijiazhuang of Hebei Province and in Dezhou and Tai'an of Shandong Province, and the suburban area of Tianjin, all adjacent to the recently-opened Beijing-to-Shanghai high-speed rail corridor.
Ms. Cindy Zheng, CFO, Kirin International Holding, Inc.
+86 186 1025 7686
Mr. Dan McClory, Managing Director, Hunter Wise Financial Group, LLC
+1 949 732 4102
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SOURCE Kirin International Holding, Inc.