BEIJING, Dec. 15, 2017 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and also in other countries, is bolstering the project management team for its property developments in New York with support from a new joint venture for professional services.
Xinyuan is constantly making efforts to enhance its existing development and project management capabilities in international markets. With this in mind, Xinyuan's U.S. unit has entered into a joint venture with Kuafu Properties. This venture, called Xin Fu Development LLC, is majority owned by Xinyuan's U.S. unit. The Xin Fu joint venture will complement and strengthen Xinyuan's existing capabilities in New York by supplying professional services and support related to construction management and marketing.
Xinyuan was the first real estate developer from China to be listed on the New York Stock Exchange in 2007. In 2012, Xinyuan was one of the first Chinese real estate developers to enter the U.S. market, and over the past several years it has been active in real estate development in New York. The company now has three projects in three boroughs of New York City.
Xinyuan remains owner of those projects, and will continue to control overall project development, including investment, construction, marketing and delivery, while Xin Fu will play a supporting role. The combined team will take advantage of the resources and expertise of both sides to deliver better projects and services to our customers in the US market.
Xinyuan remains committed to its U.S. operations, and will remain active in the New York market. Xinyuan's Oosten Project in the Williamsburg section of Brooklyn, New York, has 216 units in total, and was fully completed in 2017. The project captured the No.2 spot in Property Shark's ranking of the TOP-10 Best-selling buildings in New York City in 2016, and took the No.5 spot of the same survey for the first quarter of 2017. Xinyuan's second project in New York - Hudson Garden - is located at 10th Ave, Midtown Manhattan, and the construction work has already begun. Xinyuan will also continue to move forward with its project in Queens, which was obtained in 2016.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute "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 includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Statements that are not historical statements 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, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; 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, 2016. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
For more information, please contact:
Xinyuan Real Estate Co., Ltd.
Mr. Joe Xu
Investor Relations Director
Tel: +86 (10) 8588-9376
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
In China: +86 (10) 6583-7510