BEIJING, March 12, 2014 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a focus on high growth cities in China, today announced that it has acquired a land parcel in Changsha City, Hunan Province.
This land parcel is located in a newly planned Central Business District area in the west of Changsha City, the capital city of central China's Hunan Province. A subway line passing through the area is under construction and will be open in October this year. The land parcel offers a site area of approximately 89,460 square meters. Xinyuan paid a total of RMB688.9 million (approximately US$112.2 million) for the land use rights. The Company plans to develop high rise residential apartments, low-density residential apartments/condos, as well as commercial property on this land parcel for a total estimated gross floor area of approximately 268,381 square meters with an average estimated floor price of approximately RMB2,567 per square meter.
Mr. Yong Zhang, Chairman of Xinyuan, commented, "We have been studying the Changsha market for a long time and are excited to enter this fast growing capital city in central China with strong consumption power and healthy supply demand balance in the local real estate market. Entering the Changsha market fits our strategy of focusing on high growth second tier cities and our business model of fast asset turnover. This newly acquired land parcel is well situated in a developing area and we believe it represents a promising start for our first project in Changsha."
About Xinyuan Real Estate Co., Ltd.Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. In China, Xinyuan primarily focuses its development projects in Tier II cities, Zhengzhou, Ji'nan, Suzhou, Kunshan, Xuzhou, Chengdu and Hefei. The Company's U.S. development arm, XIN Development Group International, Inc., is a pioneer amongst Chinese real estate residential developers, entering the US market in 2012. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange. For more information, please visit http://en.xyre.com/ir.html. Safe Harbor Statement This press release contains 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 our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, the risk that: our financing costs are subject to changes in interest rates; our results of operations may fluctuate from period to period; the recognition of our real estate revenue and costs relies on our estimation of total project sales value and costs; we may be unable to acquire desired development sales at commercially reasonable costs; increases in the price of raw materials may increase our cost of sales and reduce our earnings; we are heavily dependent on the performance of the residential property market in China, which is at a relatively early development stage; PRC economic, political and social conditions as well as government policies can affect our business; the market price of our ADSs may be volatile, and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2012. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. For more information, please contact: