BEIJING, Dec. 30 /PRNewswire-Asia/ -- 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 Mr. Longgen Zhang will step down as a director of the Company to pursue other interests, effective December 31, 2008.
Mr. Longgen Zhang joined Xinyuan in February 2006, served as a director of the Company from August 2006 and as the Company’s chief financial officer from August 2006 until August 2008, during which time the Company transitioned from a private company to a public company listed on the New York Stock Exchange ("NYSE").
"I would like to thank Longgen for his dedicated contribution to Xinyuan," said Mr. Yong Zhang, Xinyuan’s chairman and chief executive officer. "We have grown significantly during Longgen’s tenure to cover six strategically selected, high-growth Tier II cities in China. Longgen has been instrumental in strengthening our financial and internal controls, and has helped us achieve our goal of becoming the first real estate developer from China to successfully list on the NYSE."
Xinyuan’s board meets the requirements of board independence for a foreign issuer under the rules of the NYSE and the U.S. Securities and Exchange Commission as five of the Company’s eight directors are independent and do not serve the Company in any other capacity. The current board structure also satisfies the Company’s internal corporate governance guidelines.
The Company’s board of directors will seek a replacement for the board position to be vacated by Mr. Longgen Zhang, and intends to appoint a new director when a suitable candidate is identified.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a fast-growing 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 .
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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: the market price of our ADSs may be volatile; you may be subject to limitations on transfer of your ADSs, 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, 2007. All information provided in this press release is as of December 30, 2008. Except as required by law, we undertake no obligation to update or revise publicly any
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