BEIJING and NEW YORK, March 28,
2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTC
Bulletin Board: KIRI, the "Company" or "Kirin") celebrated the
grand opening of its new No. 79 Courtyard residential housing
project on Saturday March 26 in
Xingtai, obtaining over $28 million
in signed sales contracts from 142 homebuyers, with 45% making cash
down payments in the first phase of the development through Sunday.
"We are very pleased with the market's response to No. 79
Courtyard, which is a one-of-a-kind real estate project on an
historic site at the city center of Xingtai," said Kirin Chairman
and Founder Mr. Jianfeng Guo. "We
sold over half of the entire first phase in one day," added
Chairman Guo. Kirin is the largest private developer of
residential mixed-use properties in Xingtai, North China's oldest city, and debuted on the
U.S. public markets earlier this month.
No. 79 Courtyard's ribbon-cutting ceremony was attended by 500
prospective homebuyers and Xingtai city officials who gathered at
the project's land area of over 290,000 square meters with a total
planned building area of approximately 450,000 square meters. No.
79 Courtyard is positioned as a high-end residential development
with some mixed commercial use. It is expected to provide Xingtai
with 2,280 new homes in total. The first phase calls for 230
residential units consisting of three- and four-bedroom apartment
homes ranging from 125 to 300 square meters each at sales prices of
approximately $1,000 per square
meter.
Construction for No. 79 Courtyard is expected to start in the
second quarter of 2011 and completion of all phases of development
is planned for the last quarter of 2014. The first phase
residences sold on Saturday are expected to be delivered by the end
of 2012 while the final phase residences are expected to be
delivered in January 2015.
Kirin estimates the total development cost of No. 79
Courtyard at $380 million, with an
estimated ROI of 87%.
No. 79 Courtyard is situated in a city-center location
redeveloped by Kirin, where Xingtai formerly housed the famous No.
79 Division of the 27th Army of the Peoples' Liberation Army.
Its wooded parkways and scenic waterways in the bustling
urban center of Xingtai are being kept intact for the
fully-approved parcel, modeled after the residential corridors of
New York's Central Park and
London's Hyde Park.
Kirin's projects are currently concentrated in the southern area
of Hebei Province of the PRC,
primarily in the city of Xingtai, approximately three hours south
of Beijing, and nearby regions.
Kirin's real estate developments target first-time,
owner-occupied homebuyers consisting primarily of young urban
professional families and middle class clients. According to
Kirin, approximately half of Kirin's homebuyers pay cash for their
housing units and another quarter of their purchasers make 50% down
payments.
The Company's home market of Xingtai demonstrates the real
estate development potential of China's Third Tier cities:
continued urban migration, a balanced and growing economy, the need
for trade up housing from an emerging middle class eager and
willing to improve itself economically, and much greater relative
affordability than the PRC's First Tier and megacities.
In addition to its projects in Xingtai, Kirin has started
gaining knowledge on property conditions and related land and
development approval procedures in Shijiazhuang of Hebei Province and in Dezhou and Tai'an of
Shandong Province, and the
suburban area of Tianjin, all
adjacent to the Beijing-to-Shanghai high-speed rail corridor.
CONTACTS:
Mr. Longlin Hu, President and CEO, Kirin
China Holding
hulonglin@vip.sina.com
+86 186 3191 6611
Mr. Dan McClory, Managing
Director, Hunter Wise Financial Group, LLC
dmcclory@hunterwise.com
+1 949 732 4102
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward looking statements are based
upon the current plans, estimates and projections of Kirin's
management and are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking
statements.
Such statements include, among others, those concerning
market and industry segment growth and demand for Kirin's
communities; any projections of sales, earnings, revenue, margins
or other financial items; any statements of the plans, strategies
and objectives of management for future operations; any statements
regarding future economic conditions or performance; uncertainties
related to conducting business in China, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events.
Therefore, you should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The following factors, among others, could cause the
Company's actual results to differ materially from those
anticipated in such forward-looking statements: business conditions
in China, general economic conditions; geopolitical events and
regulatory changes, availability of capital, the Company's ability
to maintain its competitive position and dependence on key
management and other factors discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
SOURCE Kirin International Holding, Inc.