Xinyuan Real Estate Completes Delivery of Development Projects
January 18 2008 - 4:45AM
PR Newswire (US)
ZHENGZHOU, China, Jan. 18 /Xinhua-PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ('Xinyuan') (NYSE:XIN), a fast-growing residential
real estate developer with a focus on a strategically selected
group of China's Tier II cities, which are larger, more developed
cities with above average GDP and urban population growth rates,
today announced that the company's Jinan City Family project and
the multi-layer buildings of its Zhengzhou Jiantou subsidiary's
City Mansion project have recently been completed and delivered.
The Jinan City Family project began in October 2006 with a total
gross floor area ('GFA') of 61,066 square meters. The project was
completed in thirteen months and as of December 31, 2007 it had
sold 99.5% of the units. 'The Jinan City Family project is the
first to be completed outside of Zhengzhou and is a historic
milestone in Xinyuan's development into a nationally recognized
real estate developer,' said Mr. Yong Zhang, Xinyuan's chairman and
chief executive officer. 'With an additional fourteen projects
under construction or under planning in five Tier II cities in
China, we are rapidly extending the Xinyuan brand throughout our
key markets.' The multi-layer buildings, typically meaning
buildings six stories or less, of the non-wholly owned Zhengzhou
Jiantou subsidiary's City Mansion project were completed and
delivered on January 5, 2008. The buildings consisted of 228 units
and were completed within ten months of construction commencement.
As of December 31, 2007, all of the units had been sold. About
Xinyuan Real Estate Co., Ltd. Xinyuan Real Estate Co., Ltd.
('Xinyuan') (NYSE:XIN) is a fast-growing developer of large scale,
quality residential real estate projects aimed at providing
middle-income consumers in China's Tier II cities with a
comfortable and convenient community life. Ranked #1 among all
property developers in Zhengzhou in terms of contracted sales of
residential units for the years 2004, 2005 and 2006, Xinyuan has
expanded its network to cover a total population of 34 million
people in 5 strategically selected Tier II cities, including
Chengdu, Hefei, Jinan, Suzhou and Zhengzhou. Xinyuan has completed
13 projects with a total gross floor area ('GFA') of 0.9 million
square meters within the past 10 years and as of September 30,
2007, Xinyuan had 7 projects under construction with a total GFA of
0.8 million square meters and 7 additional projects under planning
with total GFA of 1.3 million square meters. With a focus on high
asset turnover, efficient working capital management and strict
cost control, Xinyuan is dedicated to bringing high quality,
affordable homes to China's middle income buyers. For more
information, please visit http://www.xyre.com/ . Safe Harbor
Statement This announcement may contain 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 Xinyuan's beliefs, forecasts, estimates and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Information
regarding these risks and uncertainties is included in our public
filings with the Securities and Exchange Commission, including our
registration statement on Form F-1, as amended. All information
provided in this press release is as of January 18, 2008, and
Xinyuan undertakes no duty to update such information, except as
required under applicable law. For investor and media inquiries,
please contact: In China: Mr. Alex Gong Director of Investor
Relations Tel: +86-371-6565-1611 Email: Mr. Derek Mitchell Ogilvy
Public Relations Worldwide (Beijing) Tel: +86-10-8520-6284 Email:
In the United States: Mr. Jeremy Bridgman Ogilvy Public Relations
Worldwide (New York) Tel: +1-212-880-5363 Email: DATASOURCE:
Xinyuan Real Estate Co., Ltd. CONTACT: In China, Mr. Alex Gong,
Director of Investor Relations of Xinyuan, +86-371-6565-1611, ; or
Mr. Derek Mitchell of Ogilvy Public Relations Worldwide (Beijing),
+86-10-8520-6284, or , or in the United States, Mr. Jeremy Bridgman
of Ogilvy Public Relations Worldwide (New York), +1-212-880-5363,
or , both for XIN Web Site: http://www.xyre.com/
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