Xinyuan Real Estate Subsidiary Acquires Two Parcels of Land in Zhengzhou, China
April 30 2008 - 8:45AM
PR Newswire (US)
BEIJING, April 30 /Xinhua-PRNewswire/ -- Xinyuan Real Estate Co.,
Ltd. ("Xinyuan" or "the Company") (NYSE:XIN), a fast-growing
residential real estate developer with a focus on strategically
selected Tier II cities in China, today announced that Zhengzhou
Jiantou Xinyuan Real Estate Co., Ltd. ("Jiantou Xinyuan"),
Xinyuan's 45% owned subsidiary, has acquired two adjoining parcels
of land in Zhengzhou, the capital city of central China's Henan
Province. Jiantou Xinyuan paid a total of RMB253.2 million for the
unencumbered land use rights for the two parcels, which offer a
combined total site area of approximately 81,345 square meters.
Based on pre-planning of the proposed development projects, Jiantou
Xinyuan is expected to generate an estimated gross floor area of
approximately 194,177 square meters from the properties. "We are
excited to be a part of yet another quality development in
Zhengzhou," said Mr. Yong Zhang, Xinyuan's chairman and chief
executive officer. "Our business model has been successful in
Zhengzhou and its proven results have contributed to our strong
brand recognition. The newly acquired land is located next to one
of Xinyuan's developments under construction and we look forward to
delivering another quality residential community to the people of
Zhengzhou." 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 with a comfortable and convenient
community life. Xinyuan focuses on China's Tier II cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. 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 over 34.5
million people in 6 strategically selected Tier II cities,
including Chengdu, Hefei, Jinan, Kunshan, Suzhou and Zhengzhou.
Xinyuan has completed 14 projects with a total gross floor area
("GFA") of over 1.0 million square meters within the past 10 years
and as of December 31, 2007, Xinyuan had 8 projects under
construction with a total GFA of 1.1 million square meters and 6
additional projects under planning with total GFA of 1.4 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/ . About Zhengzhou Jiantou Xinyuan Real Estate
Co., Ltd. Zhengzhou Jiantou Xinyuan Real Estate Co., Ltd. ("Jiantou
Xinyuan") is a joint venture established under PRC law, of which,
45% is held by Xinyuan, 50% held by Zhengzhou General Construction
Investment Company and the remaining 5% held by Zhengzhou Jiantou
Project Consulting Co., Ltd. Under the relevant joint venture
agreement, Xinyuan shares the profit or loss of Jiantou Xinyuan
according to its equity interest percentage. Since Xinyuan only
holds a minority interest in Jiantou Xinyuan, it does not have full
control over its operations. 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 that could
cause actual results to differ materially from those projected or
anticipated, including risks that: any designs pre-planned by us or
by Jiantou Xinyuan related to development projects of purchased
properties may require modification, resulting in an increase or
decrease in the gross floor area that we or Jiantou Xinyuan can
develop from the properties; since we have a minority interest in
Jiantou Xinyuan, we do not have full control of its operations and
may not be able to control design modifications to its development
projects or production schedules; if we do not maintain good
relationships with our joint venture partners in Jiantou Xinyuan,
our results of operations may be adversely affected; we or Jiantou
Xinyuan may fail to obtain, or may experience material delays in
obtaining necessary government approvals for any major property
development, which will adversely affect our business; we or
Jiantou Xinyuan may forfeit land to the PRC government if we or
Jiantou Xinyuan fail to comply with procedural requirements
applicable to land grants from the government or the terms of the
land use rights grant contracts; if we are unable to successfully
manage our expansion into other Tier II cities, we will not be able
to execute our business plan; we face intense competition from
other real estate developers; we may be unable to complete our
property developments on time or at all; our results of operations
may fluctuate from period to period; we are heavily dependent on
the performance of the residential property market in China, which
is at a relatively early development stage; the PRC government may
adopt further measures to curtail the overheating property sector;
PRC economic, political and social conditions as well as government
policies can affect our business and other risks outlined 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 April 30, 2008.
Except as required by law, Xinyuan undertakes no duty 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 investor and media inquiries, please
contact: In China: Ms. Lisa Wang Director of Investor Relations GM
of Strategy, Investment and Finance Department Tel:
+86-10-6598-1626 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: Ms. Lisa Wang, Director of Investor
Relations, GM of Strategy, Investment and Finance Department,
+86-10-6598-1626, or ; or Mr. Derek Mitchell, Ogilvy Public
Relations Worldwide (Beijing), +86-10-8520-6284, or ; In the United
States: Mr. Jeremy Bridgman, Ogilvy Public Relations Worldwide (New
York), +1- 212-880-5363, or Web site: http://www.xyre.com/
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