XIN - Major Development! The company is now an international builder with US assets. This should remove any doubt of "chinese equity fraud" IMO. And if you haven't seen what's going on in Wiliamsburg, Brooklyn, NYC..take notice. XIN is still the single BEST chinese stock to own IMO.
BEIJING, Sept. 28, 2012 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan") (XIN), a residential real estate developer with a focus on high growth, strategic cities in China, today announced that its U.S. development arm, XIN Development Group International, Inc. ("XIN" and collectively with Xinyuan, the "Company") has acquired a parcel of land, located at Kent Avenue and South 8th Street, in the Williamsburg neighborhood of Brooklyn, New York. XIN purchased the Williamsburg development site for US$54.2 million.
The property offers a total site area of approximately 92,000 square feet (8,547 square meters), and already has approximately US$8 million of permitting, zoning and foundation construction completed. Located in the trendy Williamsburg area, the site will accommodate approximately 506,000 square feet (47,194 square meters) gross buildable residential condominium development. The project is shovel-ready, and with some design modifications, XIN expects to begin construction in the first half of 2013.
Williamsburg is one of the most popular neighborhoods in New York for singles and new families because of the expanding high-quality housing, restaurants and night life, Waterfront Park, and in close proximity to Manhattan. The site has views of downtown Manhattan and is a short distance from the Wall Street financial district. The acquisition represents XIN's first major U.S. residential development project, and its third investment in the United States.
"With this pioneering acquisition in one of the most competitive and attractive markets globally, New York City, we have entered the U.S. residential real estate development market. The location is very popular with U.S. domestic purchasers, and New York is a top destination for purchasers from China," said Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer.
"The Williamsburg project will offer a quality residential condominium development to more than 200 New York families, as well as allow us to capture a large demand from China for quality residential product in the United States," added Mr. Zhang.
Buyers from China and Hong Kong accounted for $9 billion of U.S. residential sales in the 12 months ended March 2012, up significantly from 2010, making them the second largest group of foreign buyers of homes in the U.S. behind Canadians, according to data released earlier this year by the National Association of Realtors.
"I want to commend our New York team for acquiring a quality site at a favorable price. We believe this will be attractive to both U.S. and Chinese purchasers alike, and we are pioneering in systematically capturing this attractive market opportunity," said Mr. Zhang.
