ZHENGZHOU, China, Dec. 11 /Xinhua-PRNewswire/ -- Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”), a fast-growing residential real estate developer that focuses on Tier II cities in China, today announced that its initial public offering of 17,500,000 American Depositary Shares (“ADSs”), each representing two common shares of the Company, was priced at an initial public offering price of $14.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on December 12, 2007 under the ticker symbol “XIN.”
All of the 17,500,000 ADSs in the offering were sold by Xinyuan Real Estate Co., Ltd. The Company has granted the underwriters a 30-day option to purchase up to 2,625,000 additional ADSs to cover over-allotments.
Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole global coordinator and sole book runner and Deutsche Bank Securities Inc. and Allen & Company LLC acted as co-managers for the offering.
Xinyuan Real Estate Co., Ltd.’s registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10080; phone: 1-212-449-1000.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. is a fast-growing developer of large scale, quality residential real estate projects aimed at providing middle-income consumers in China’s Tier II cities with a comfortable and convenient community life. 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 34 million people in 5 strategically selected Tier II cities, including Chengdu, Hefei, Jinan, Suzhou and Zhengzhou. Xinyuan has completed 13 projects with total GFA of 0.9 million square meters within the past 10 years and as of September 30, 2007, Xinyuan had 7 projects under construction with a total GFA of 0.8 million square meters and 7 additional projects under planning with total GFA of 1.3 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 .
For investor and media inquiries, please contact:
In China:
Mr. Alex Gong
Director of Investor Relations
Tel: +86-371-6565-1611
Email: yuan.gong@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
