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Xinyuan Signs Strategic Cooperation Agreement with China Construction Bank

2008-01-28 22:43 931

Company also partners with 36 leading Chinese construction and design firms

ZHENGZHOU, China, Jan. 28 /Xinhua-PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN), a fast-growing residential real estate developer with a focus on strategically selected Tier II cities in China, recently signed strategic partnerships with China Construction Bank ("CCB") as well as several leading Chinese construction companies and design firms.

At a ceremony on January 25, 2008 at the Diaoyutai State Guesthouse in Beijing, Xinyuan signed a comprehensive business cooperation agreement with China Construction Bank allowing CCB to provide real estate development loans to Xinyuan and mortgage loans to Xinyuan's customers in accordance with applicable Chinese laws and regulations. The agreement provides Xinyuan and its customers with priority status in receiving loans and also consists of other related financial and consulting services. Xinyuan also signed strategic cooperation agreements with 25 leading Chinese construction companies including China Construction Third Engineering Bureau, and 11 design institutions including Shanghai United Design Group Inc., to form mutually beneficial, long-term strategic partnerships with Xinyuan.

The signing ceremony preceded Xinyuan's New Year's reception also held at the Diaoyutai State Guesthouse. Attending the event were over 150 guests including Xinyuan's listing partners Merrill Lynch, JPMorgan and Ernst & Young, financial institution partners Industrial & Commercial Bank, Agricultural Bank and Construction Bank, and over 40 construction companies and design institutions including China Construction Third Engineering Bureau and Shanghai United Design Group Inc.

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 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 28, 2008, and Xinyuan undertakes no duty to update such information, except as required under applicable law.

Source: Xinyuan Real Estate Co., Ltd.
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Keywords: Real Estate
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