Xinyuan Real Estate Reports No Earthquake Damage to Development Projects in Sichuan Province, China
May 13 2008 - 12:39PM
PR Newswire (US)
BEIJING, May 13 /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 there was no
damage at the site of its two development projects in Chengdu,
Sichuan province as a result of the magnitude 7.8 earthquake which
occurred on May 12, 2008. Xinyuan's two development projects
consist of Chengdu Xinyuan Splendid Phase I, currently under
construction, and Chengdu Xinyuan Splendid Phase II, currently
under planning. The projects are located in the Jinjiang District
in Chengdu, approximately 105 kilometers from the earthquake's
epicenter in Wenchuan, Sichuan province. The Chengdu Xinyuan
Splendid Phase I project was designed with anti- seismic steel
reinforced concrete walls built to withstand earthquakes of up to
magnitude 7.0, and is being further reinforced during construction
to withstand earthquakes of up to magnitude 8.0. This design
structure, which will also be used in the Chengdu Xinyuan Splendid
Phase II project, is widely used in high-rise building construction
in China. There was no known reported damage to other buildings in
Chengdu which use this construction method. 'We are deeply saddened
by the tragic events that transpired in Sichuan,' said Mr. Yong
Zhang, Xinyuan's chairman and chief executive officer. 'While none
of our projects were affected by the earthquake near Chengdu, our
thoughts are with all of the families who have been affected by
this natural disaster.' 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/ . 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 related to, for instance, the risk that we do not
have insurance to cover potential losses, claims or damages with
respect to our properties before their delivery to customers. In
addition, there are certain types of losses, such as losses due to
earthquakes, which are currently uninsurable in China. While we
believe that our practice is in line with the general practice in
the PRC property development industry, there may be instances when
we will have to internalize losses, damages and liabilities because
of the lack of insurance coverage, which may in turn adversely
affect our financial condition and results of operations; the risk
that we may be unable to complete our property developments on time
or at all due to natural catastrophes or adverse weather
conditions. 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
May 13, 2008, and Xinyuan undertakes no duty to update such
information, except as required under the applicable law. 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 of GM of Strategy,
Investment and Finance Department, +86-10-6598-1626, or ; 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 Web site: http://www.xyre.com/
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