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Xinyuan Buys Xuzhou, Jinan Land
Residential developer Xinyuan Real Estate (NYSE:XIN) has purchased a 46,777 square meter land parcel in Xuzhou, Jiangsu province for RMB 212 million ($31 million), the company announced November 4. Xinyuan said it expects to begin construction of the project, consisting of 70-140 square meter apartments, in April 2010, and pre-sales in July the same year.
Xinyuan also spent RMB 1.1 billion ($167 million) for a 200,180-square-meter plot in Jinan, Shandong province. The company plans to develop apartments of 80-150 square meters on the same timeframe as the Xuzhou parcel. Xinyuan Chairman and CEO Yong Zhang described the Jinan parcel as Xinyuan's largest land acquisition so far this year.
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