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 Shandong subsidiary started the pre-sale of the first phase of its third project, International City Garden, on December 22, 2007.
The first phase of International City Garden consists of 1,678 units, of which, 1,123 units are available for sale. Within the first nine days of the pre-sale, customers signed purchase contracts or placed orders for 740 units.
“The successful initiation of pre-sales for the first phase of our Shandong subsidiary’s third project is a reflection of Xinyuan’s growing presence in key markets,” said Mr. Yong Zhang, Xinyuan’s chairman and chief executive officer. “As demand for high quality and affordable homes continues to grow throughout China, our regional subsidiaries will play an essential role in further establishing the Xinyuan brand in China’s Tier II cities.”
International City Garden is Xinyuan Shandong’s third project. The subsidiary’s first project, City Family, was completed in November 2007 and has sold 99.5% of units as of December 31, 2007. Jinan Elegant Scenery, its second project, is expected to deliver the completed first phase of units in April 2008. The project has already sold 85.8% of its units.
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
