BEIJING, Nov. 26, 2014 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), a residential real estate developer with a primary focus on high growth cities in China, today announced that it has recently acquired two land parcels in Wuqing District, Tianjin, through public auction.
Wuqing District enjoys convenient transportation, where people travel to both Beijing and Tianjin within 20 minutes by high-speed railway. The two land parcels are adjacent and located between the Beijing-Tianjin and Beijing-Shanghai express highways. The area surrounding has a well built infrastructure of community services. Together, it offers a total site area of approximately 263,520 square meters. Xinyuan paid a total of RMB317.6 million (approximately US$51.7 million) for the land use rights. The Company plans to develop low-density residential apartments, condos and villas on this land. The project will also include a kindergarten for an estimated gross floor area of approximately 2,600 square meters. The average estimated floor price of this project is approximately RMB1,176 per square meter.
Mr. Yong Zhang, Chairman of Xinyuan, commented, “We are excited to acquire our first development in the Tianjin Municipality. This project is located in a developing outer district of the city and represents a compelling opportunity for Xinyuan to enter the Tianjin market. This project enhances our overall development portfolio and our growing pipeline of projects enables Xinyuan to maintain its competitive position in China’s real estate market.”
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 high growth cities, including Zhengzhou, Jinan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing,Changsha, Sanya, Xi’an 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 Chinato be listed on the New York Stock Exchange.