BEIJING, April 24, 2014 /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 acquired a parcel of land in Shanghai by purchasing 100% equity interest of a local project development company.
This land parcel is located 17 kilometers west of Shanghai's Hongqiao Airport in the scenic Qingpu District. A subway line passing through the area is under construction and is projected to open in early 2017. The land parcel offers a site area of approximately 28,600 square meters. Xinyuan paid a total of RMB914 million (approximately US$146.5 million) for the land use rights. The Company plans to develop high rise residential apartments on this land. The project will also include sub-high rise apartments, condos, and commercial space for a total estimated gross floor area of approximately 62,900 square meters with an average estimated floor price of approximately RMB14,526 per square meter.
Mr. Yong Zhang, Chairman of Xinyuan, commented, "We are excited to acquire our first development in the Shanghai Municipality. The project is located in Shanghai's western district of Qingpu. Over the past several years the municipal government has supported development of its outer districts in an effort to relieve population pressure in the city center. This project provides a good opportunity for us to enter the Shanghai market strategically, in a high growth area with suitable project site at a reasonable price. Similarly to our Beijing project, we will target young professionals and first-time home buyers looking for more affordable housing options with unit space at around 90 square meters. The new subway line, located just one kilometer from the project site, will connect commuters directly to the central business areas of Shanghai. This project will enrich our product portfolio and our growing project pipeline enables Xinyuan to become a larger player in China's real estate market."
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 high growth cities, Zhengzhou, Ji'nan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing, Changsha, Sanya 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 US 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
Tel: +86 (10) 8588-9398
Email: [email protected]
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: [email protected]
SOURCE Xinyuan Real Estate Co., Ltd.