ZHENGZHOU, China, Jan. 18 /Xinhua-PRNewswire/ -- Xinyuan Real Estate Co., Ltd. (“Xinyuan”) (NYSE: XIN), a fast-growing residential real estate developer with a focus on a strategically selected group of China’s Tier II cities, which are larger, more developed cities with above average GDP and urban population growth rates, today announced that the company’s Jinan City Family project and the multi-layer buildings of its Zhengzhou Jiantou subsidiary’s City Mansion project have recently been completed and delivered.
The Jinan City Family project began in October 2006 with a total gross floor area (“GFA”) of 61,066 square meters. The project was completed in thirteen months and as of December 31, 2007 it had sold 99.5% of the units.
“The Jinan City Family project is the first to be completed outside of Zhengzhou and is a historic milestone in Xinyuan’s development into a nationally recognized real estate developer,” said Mr. Yong Zhang, Xinyuan’s chairman and chief executive officer. “With an additional fourteen projects under construction or under planning in five Tier II cities in China, we are rapidly extending the Xinyuan brand throughout our key markets.”
The multi-layer buildings, typically meaning buildings six stories or less, of the non-wholly owned Zhengzhou Jiantou subsidiary’s City Mansion project were completed and delivered on January 5, 2008. The buildings consisted of 228 units and were completed within ten months of construction commencement. As of December 31, 2007, all of the units had been sold.
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 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 a total gross floor area (“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 .
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. 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 January 18, 2008, and Xinyuan undertakes no duty to update such information, except as required under applicable law.
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
