Xinyuan announces new land acquisition in Beijing
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 Tongzhou District, Beijing.
The land parcel is located in Liyuan Town in the southern area of Tongzhou District. The total site area of this land parcel is approximately 46,769 square meters, with a total consideration of RMB1.14 billion (approximately US$ 176.4 million) for the acquisition.
The Company plans to develop residential apartments on this land for a total estimated gross floor area of approximately 102,302 square meters.
Yong Zhang, Xinyuan’s Chairman, said, “We are excited to further expand our presence in Beijing and believe this project will be able to generate strong investment returns for Xinyuan. As the eastern gateway of Beijing, the Tongzhou District has experienced rapid population growth and rising demand for residential property in recent years. The Tongzhou District will also serve as a new location for Beijing City Government offices that are being relocated from the Beijing city center. These factors as well as improving market conditions bode well for the performance of this project.”