Xinyuan Real Estate Co., Ltd. Announces Update To Brooklyn Development Project
Project Remains on Schedule
Construction Commenced in 4Q13
Beijing /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 an update to its Williamsburg, Brooklyn-based development project located at Kent Avenue and South 8th Street, in the Williamsburg neighborhood of Brooklyn, New York.
The Company commenced construction on this project in late November 2013 and the 506,000 sq. foot gross buildable residential condominium development project site is now active. The Company signed a general contractor for the site in the fourth quarter, after a lengthy selection process and has also selected an exclusive U.S. listing agent to help market the available units to prospective buyers.
Mr. Yong Zhang, Chairman of Xinyuan, commented, "We are excited to have embarked on the physical construction phase of the project after a careful and thorough pre-development and preparation phase. We expect to commence pre-sales for this project in the next few months after we secure necessary approvals from various regulatory agencies. We believe the location and timing of this project are ideal, particularly as the housing price recovery in New York remains in full effect. With a strong operational team on the ground, we continue to adopt a very prudent approach on the execution front and are committed to ensuring that this project remains on schedule. Overall, we are encouraged with the progress of all of our active development projects both in China and in the U.S."
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.
SOURCE: Xinyuan Real Estate Co., Ltd.Copyright 2014 PR Newswire. All Rights Reserved