Xinyuan Real Estate Co., Ltd. Message Board

  • stephentookit stephentookit Jul 23, 2014 9:38 AM Flag

    New Land in Shanghai

    BEIJING, April 24, 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 parcel of land in Shanghai by purchasing 100% equity interest of a local project development company.

    This land parcel is located 17 kilometers west of Shanghai's Hongqiao Airport in the scenic Qingpu District. A subway line passing through the area is under construction and is projected to open in early 2017. The land parcel offers a site area of approximately 28,600 square meters. Xinyuan paid a total of RMB914 million (approximately US$146.5 million) for the land use rights. The Company plans to develop high rise residential apartments on this land. The project will also include sub-high rise apartments, condos, and commercial space for a total estimated gross floor area of approximately 62,900 square meters with an average estimated floor price of approximately RMB14,526 per square meter.

    Mr. Yong Zhang, Chairman of Xinyuan, commented, "We are excited to acquire our first development in the Shanghai Municipality. The project is located in Shanghai's western district of Qingpu. Over the past several years the municipal government has supported development of its outer districts in an effort to relieve population pressure in the city center. This project provides a good opportunity for us to enter the Shanghai market strategically, in a high growth area with suitable project site at a reasonable price. Similarly to our Beijing project, we will target young professionals and first-time home buyers looking for more affordable housing options with unit space at around 90 square meters. The new subway line, located just one kilometer from the project site, will connect commuters directly to the central business areas of Shanghai. This project will enrich our product portfolio and our growing projects...

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