BEIJING and NEW YORK, April 28,
2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTC
BB: KIRI, the "Company"), the largest private developer of
residential mixed-use properties in Xingtai, North China's oldest city, announced that its
recently acquired and wholly-owned subsidiary, Kirin China Holding, Ltd. ("Kirin China") recorded earnings of $20.9 million for the year ended December 31, 2010, an increase of 156% over 2009.
Revenues hit $51.3 million for
2010, up 123% over 2009. Kirin
China's Gross Margin for 2010 was 45.2% of sales compared to
24.5% for the prior year period. "The build-out of our Kirin
County residential community project in Xingtai drove these
increases," said Kirin Chairman and Founder Mr. Jianfeng Guo. "We also sold several
higher-margin commercial buildings in Kirin County and that
contributed to the bottom line growth," added Chairman Guo.
The Company debuted on the U.S. public markets last
month.
Kirin China's balance sheet
reflected growth in 2010, with total assets more than doubling to
$130.0 million from $62.0 million in 2009. Total stockholders'
equity increased to $68.4 million, up
76.7% from $38.7 million in 2009.
As previously disclosed in the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission on
March 7, 2011 (the "Original 8-K"),
the Company acquired Kirin China in
a reverse acquisition on March 1,
2011. On April 28, 2011,
the Company filed an amendment (the "Amendment") to the Original
8-K. The Amendment includes the audited consolidated
financial statements of Kirin China
and its subsidiaries for the years ended December 31, 2010, 2009 and 2008.
The Company'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. The Company's real estate developments target
first-time, owner-occupied homebuyers consisting primarily of young
urban professional families and middle class clients.
According to the Company, approximately half of its
homebuyers pay cash for their housing units and another quarter of
their purchasers make 50% down payments.
The Company believes its 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 greater relative
affordability than the PRC's First Tier and megacities.
In addition to its projects in Xingtai, the Company 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:
Ms. Cindy Zheng, CFO, Kirin
International Holding, Inc.
cindyzheng@hotmail.com
+86 186 1025 7686
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 the Company'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 the Company'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; the Company's 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.