BEIJING, Dec. 3, 2013 /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 recently acquired four land parcels via auction.
The first and second land parcels are adjacent to one another and together offer a total site area of approximately 140,155 square meters. The two land parcels are located in Jinan, Shandong Province, next to the city's high-speed railway station. Xinyuan paid a total of RMB1.2 billion (approximately US$197 million) for the land use rights. The Company plans to develop high rise residential apartments on these land parcels for a total estimated gross floor area of approximately 420,465 square meters and the average floor price is approximately RMB2,856 per square meter.
The third and fourth land parcels are adjacent to one another in Xingyang, Henan Province, a city located 15 kilometers to the west of Zhengzhou, capital city of Henan Province. They are also situated next to the 47,710 square meters of land parcel that the Company acquired in September of this year. The Company expects to integrate the two new land parcels and develop them together as one project for a total site area of approximately 48,359 square meters. Xinyuan paid a total of RMB125 million (approximately US$21 million) for the land use rights for the two parcels. The Company intends to primarily develop residential apartments for a total estimated gross floor area of approximately 120,898 square meters. The average floor price is approximately RMB1,036 per square meter.
Mr. Yong Zhang, Chairman of Xinyuan, commented, "We are pleased to have increased our project under planning inventory in Jinan and the greater Zhengzhou area, two important markets for Xinyuan, in which we have strong development project experience. We have been quite active with our land development projects recently. With today's announcement, we have acquired nine new land parcels, or five projects since September. Most of these projects are expected to commence pre-sales in 2014, which we believe will be a strong year for Xinyuan. We continue to evaluate other land acquisitions with a focus on strong investment returns."
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 Tier II cities, Zhengzhou, Ji'nan, Suzhou, Kunshan, Xuzhou, Chengdu 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 U.S. 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) 8588-9255 Email: firstname.lastname@example.org
ICR, LLC William Zima In U.S.: +1 646-308-1472 In China: +86 (10) 6583-7511 Email: email@example.com
SOURCE Xinyuan Real Estate Co., Ltd.