Xinyuan Real Estate (XIN) Updates on Two Real Estate Projects

June 3, 2011 8:35 AM EDT
Xinyuan Real Estate Co., Ltd. (NYSE: XIN) updates on Jinan Splendid in Shandong province and Zhengzhou Yipinxiangshan II in Henan province real estate projects.

From the release: "The Company's Jinan Splendid high rise development project commenced pre-sales on May 18, 2011. This project is located in a central area along the Xiao Qinghe river in the Binhe New District in Jinan city. The total sellable gross floor area (GFA) is estimated to be approximately 527,000 square meters. As of the end of May 2011, the Company sold 466 out of 527 residential units made available from its first pre-sales permit, for a total recognizable contract sales value of approximately RMB357 million (US$54.5 million).

The Company's Zhengzhou Yipinxiangshan II development project of multi-layered, sub-high-rise buildings commenced pre-sales in late March, 2011. In April and May, the Company sold 391 out of 574 residential units, for a total recognizable contract sales value of approximately RMB242 million (US$37.0 million). The Zhengzhou Yipinxiangshan II project is situated in the north part of Zhengzhou city, a high-end community with convenient transportation alternatives."

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