BEIJING, April 22, 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 five land parcels in Zhengzhou, the capital city of Henan province, through two public auctions that took place in January and February 2016.
Land parcels No. 118 and No. 119, known as Zhengzhou Fancy City II, are adjacent and located next to the Company's Zhengzhou Fancy City project (Zhengzhou Jiaotong College project). Located within the 4th Ring Road, the area surrounding this project is located conveniently near urban transportation, as well as commercial and community services. Together, the land parcels offer a total site area of approximately 57,661 square meters, with a total consideration of RMB420.3 million (approximately US$64.8 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 203,000 square meters.
Land parcels No. 7, No. 8 and No. 9 are adjacently located within the south 3rd Ring Road and are conveniently located near the Zhengzhou line 2 subway station. The newly acquired land parcels are part of the larger Shilipu development project, which has a planned gross floor area of approximately 3,300,000 square meters and will be equipped with community facilities as well as commercial and educational services. Together, the acquired three land parcels offer a total site area of approximately 89,088 square meters, with a total consideration of RMB679.2 million (approximately US$104.7 million) for the acquisition. The Company plans to develop residential apartments on this land with an estimated gross floor area of approximately 362,694 square meters.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to further expand our presence in Zhengzhou city by securing these well located, attractive development opportunities. Xinyuan's past development projects have performed well in Zhengzhou. We believe our favorable reputation and brand visibility can result in successful projects with strong sales and favorable investment returns. Today's announcement aligns with our strategy to further penetrate into select regional cities in China that experience both rapid economic and population growth, and where we have the most experience and success."
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
SOURCE Xinyuan Real Estate Co., Ltd.