Xinyuan Real Estate Co., Ltd.'s China Subsidiary Receives Approval to Issue Onshore Bonds
BEIJING, Dec. 24, 2015 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, today announced that Xinyuan (China) Real Estate, Ltd. (the "Issuer"), the Company's wholly-owned subsidiary that targets the development of residential properties in China, has received approval from the China Securities Regulation Commission to issue onshore corporate bonds (the "Bonds"), with five-year terms of maturity. The Issuer has received "AA" rating from the credit rating agency, United Credit Ratings Co., Ltd., towards the Issuer and the Bonds.
Under the approval terms, the Issuer is permitted to issue the Bonds with an aggregate principal amount of no more than RMB2.2 billion (approximately $340 million) with the first tranche bonds of RMB1 billion (approximately $154 million) (the "First Tranche Bonds"). The First Tranche Bonds have a term of five years. The Issuer shall be entitled to raise the coupon rate and the investors shall be entitled to sell back the First Tranche Bonds at the end of the third year. The First Tranche Bonds are proposed to be listed on the Shanghai Stock Exchange. The indicative coupon rate range of the First Tranche Bonds is between 5.5% and 7.5%. Zhong De Securities is the lead underwriter for this bond issue. Details of the procedures for the application for the First Tranche Bonds will be published on the website of the Shanghai Stock Exchange (www.sse.com.cn).
The Company is not providing any financial guarantees of the Bonds and will not directly receive any of the proceeds from the Bonds.
This press release does not constitute an offer to sell the Bonds nor a solicitation for an offer to purchase the Bonds in the U.S. or any other jurisdiction.
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 protected]
ICR, LLC
William Zima
In U.S.: +1 646-308-1472
In China: +86 (10) 6583-7511
Email: [email protected]
SOURCE Xinyuan Real Estate Co., Ltd.
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