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: lisa.wang@xyre.com
Mr. Derek Mitchell
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-6284
Email: derek.mitchell@ogilvy.com
In the United States:
Mr. Jeremy Bridgman
Ogilvy Public Relations Worldwide (New York)
Tel: +1-212-880-5363
Email: jeremy.bridgman@ogilvypr.com
