Xinyuan Real Estate Announces Donations for Sichuan Earthquake Relief
May 27 2008 - 7:00AM
PR Newswire (US)
BEIJING, May 27 /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 it has made
donations totaling over RMB2.3 million to support Sichuan
earthquake disaster relief. On May 12, 2008, a 7.8-magnitude
earthquake struck southwestern China's Sichuan province killing and
injuring thousands of people and destroying homes, schools and
factories. In the days following the disaster, Xinyuan and its
employees made cash donations of over RMB2.3 million to the village
of Wenchuan, located at the epicenter of the earthquake. Through
the Red Cross Society of China, the majority of the proceeds from
Xinyuan will go towards rebuilding elementary schools damaged in
the earthquake. "Our heartfelt sympathy goes out to all of those
affected by the recent earthquake disaster," said Mr. Yong Zhang,
Xinyuan's chairman and chief executive officer. "Last year we
expanded our reach into Chengdu, Sichuan province and we feel a
strong connection to the local community. Although our two projects
did not suffer any damage from the earthquake, the lives of many
people have been forever changed. As a member of the local
community we feel compelled to aid victims with the recovery
process and we hope this donation will help lay the foundation for
healing to begin." 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 27, 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
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