BEIJING, Jan. 14, 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 on 10th Avenue and between 44th Street and 45th Street, in Midtown Manhattan for US$57.5 million. The city block-front parcel has 200 feet of frontage on 10th Avenue and includes both corners of the side streets. The land allows for approximately 105,000 square feet (9,755 square meters) gross buildable development.
The Company's plans for the mixed-use project include approximately 75 to 90 one and two bedroom condo residences with remarkable amenities and a landscaped roof deck as well as approximately 20,000 square feet of ground floor retail space. XIN expects to begin construction on this property in the second half of 2016.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to expand our presence in the New York residential real estate development market with this well-located, mid-rise, modern design project. Midtown West in Manhattan has experienced a surge in construction and housing demand in recent years creating compelling economics for the residential condo units and retail space we plan to build at this new location. Given the location of this project, we expect it will be appealing to both local and foreign buyers and this deal gives XIN the flexibility to consider additional projects in Manhattan and other locations. We look forward to providing you with updates on this project in the months ahead."
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, 2014. 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 Email: email@example.com
William Zima In U.S.: +1 646-308-1472 In China: +86 (10) 6583-7511 Email: firstname.lastname@example.org
SOURCE Xinyuan Real Estate Co., Ltd.