Xinyuan announces new land acquisition in Kunshan

Xinyuan Real Estate Co., Ltd. (Xinyuan) an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, has announced that it has acquired a land parcel in Kunshan, Jiangsu province. The project is located in the Huaqiao area of Kunshan, which is within the Shanghai Outer Ring Expressway. This project is walking distance from the Shanghai Subway Line 11 that provides convenient travel to Shanghai's city center. The total site area of this land parcel is approximately 47,523 square meters, with a total consideration of RMB460 million (approximately US$71 million) for the acquisition. The Company plans to develop residential apartments and commercial buildings on this land with an estimated gross floor area of approximately 95,000 square meters. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to further expand our presence in Kunshan's real estate market by securing another development opportunity in an attractive location. With project construction already under way at the time of this acquisition, we will be able to recognize sales more quickly than our other projects. With improving real estate market conditions in the Yangtze delta area, we believe this newly acquired project will further increase Xinyuan's brand visibility and market share in Kunshan." Source: PRNewswire