Xinyuan Real Estate Co., Ltd. Acquires Parcels of Land in Xuzhou and Jinan
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Tue, 03 Nov 2009 14:03:26 GMT |
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Xinyuan Real Estate Co., Ltd. |
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BEIJING, Nov. 3 XIN-Acquires-Land
BEIJING, Nov. 3 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd.
("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer
with a focus on high growth, strategic Tier II cities in China, today
announced that it has acquired two parcels of land in the cities of Xuzhou and
Jinan, respectively.
Xinyuan paid a total of RMB212 million (approximately US$31 million) for
the unencumbered land use rights for the Xuzhou parcel, which offers a total
site area of approximately 46,777 square meters. Based on pre-planning of the
proposed development projects, consisting of sub-high rise and multi-layer
residential apartments of 70-140 square meters, the parcel of land located
near the Quanshan district of Xuzhou is expected to generate an estimated
gross floor area of approximately 93,600 square meters. The Company expects
to begin construction on this parcel in April 2010 with pre-sales starting in
July 2010.
Xinyuan paid a total of RMB1.1 billion (approximately US$167 million) for
the unencumbered land use rights for the Jinan parcel, which offers a total
site area of approximately 200,180 square meters. Based on pre-planning of
the proposed development projects, consisting of high rise and multi-layer
residential apartments of 80-150 square meters, the parcel of land located in
the Tianqiao district of Jinan is expected to generate an estimated gross
floor area of approximately 536,000 square meters. The Company expects to
begin construction on this parcel in April 2010 with pre-sales starting in
July 2010.
"With these land acquisitions in Xuzhou and Jinan, we have now added four
promising projects to our growth pipeline since September," said Mr. Yong
Zhang, Xinyuan's Chairman and Chief Executive Officer. "The Xuzhou parcel
adds to our existing presence in the Jiangsu province, where we currently have
developments in Kunshan and Suzhou. Xuzhou is a strategically important city
for the Jiangsu province as it is situated in the connection belt of the
eastern coastal, middle, and west development areas. The acquired parcel is
located near the Quanshan district, which had the highest GDP growth of any
area in Xuzhou during 2008."
Mr. Zhang continued, "The Jinan parcel is the largest land acquisition we
have completed this year. This mid-level development is located in the
district of Tianqiao, where economic development has increased 12.8% in the
first half of 2009 compared to 10.5% for Jinan overall. While the Jinan
parcel will not contribute to our revenue until 2010, the local government is
developing a green belt around the area during this time, which should benefit
future sales in this project. We are pleased with our success thus far as we
continue to seek attractive locations in high-growth markets to position our
Company for profitable growth in 2010 and beyond."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a developer of
large scale, high quality residential real estate projects aimed at providing
middle-income consumers with a comfortable and convenient community lifestyle.
Xinyuan focuses on China's Tier II cities, characterized as larger, more
developed urban areas with above average GDP and population growth rates.
Xinyuan has expanded its network to cover a total population of over 34.5
million people in six strategically selected Tier II cities, comprising Hefei,
Jinan, Kunshan, Suzhou, Zhengzhou and Chengdu. Xinyuan is the first real
estate developer from China to be listed on the New York Stock Exchange. For
more information, please visit http://www.xyre.com .
Safe Harbor Statement
This press release contains 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 our 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, but not limited to, the risk that: our
financing costs are subject to changes in interest rates; our results of
operations may fluctuate from period to period; the recognition of our real
estate revenue and costs relies on our estimation of total project sales value
and costs; we may be unable to complete our property developments on time or
at all; any construction delays, or failure to complete a project according to
our planned specifications or budget, may delay our property sales, which
could harm our revenues, cash flows and our reputation; the recognition of our
real estate revenue and costs relies upon our estimation of total project
sales value and costs; we may forfeit land to the PRC government if we fail to
comply with procedural requirements applicable to land grants from the
government or the terms of the land use rights grant contracts; we 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; increases in the price of raw materials may increase our cost of
sales and reduce our earnings; we are heavily dependent on the performance of
the residential property market in China, which is at a relatively early
development stage; 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
annual report on Form 20-F for the year ended December 31, 2008. All
information provided in this press release is as of November 3rd, 2009.
Except as required by law, we undertake no obligation 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 more information, please contact:
In China:
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86-10-8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Director of Investor Relations
Tel: +86-10-8588-9255
Email: yuan.z@xyre.com
In the United States:
Mr. Bill Zima
ICR, LLC
Tel: +1-203-682-8200
Email: Bill.zima@icrinc.com
Ms. Kate Messmer
ICR, LLC
Tel: +1-203-682-8338
Email: kate.messmer@icrinc.com
SOURCE Xinyuan Real Estate Co., Ltd.
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