On October 30th, 2009, Xinyuan Real Estate Co., Ltd. announced that it has acquired an additional parcel of land in eastern Zhengzhou. Zhengzhou is the capital city of central China’s Henan Province.
Xinyuan Real Estate Co., Ltd. is a residential real estate developer with a focus on high growth, strategic Tier II cities in China. Xinyuan paid an approximate US$58 million for this parcel of land, which will offer a total site area of around 56,100 square meters. This parcel of land is expected to generate an estimated gross floor area of 196,000 square meters. This is based on pre-planning of the proposed development projects consisting of high rise residential apartments of 70-150 square meters. The Company expects to begin construction in April 2010 and pre-sales are estimated to start in September 2010.
According to Mr. Yong Zhang, Xinyuan’s Chairman and Chief Executive Officer, this is the second land acquisition that Xinyuan has completed in the East Development Area of Zhengzhou in the past month.