Kirin International Holding, Inc., the largest private developer of residential mixed-use properties in Xingtai, China, today announced the launch of two major projects, Kirin Bay and No. 79 Courtyard, both of which recently obtained their Presale Permits from the Xingtai Administration Bureau of Real Estate.
The Presale Permits marks a significant step in the company’s efforts to begin and complete the projects as it enables Kirin to contract with buyers.
“Once Kirin obtained the Presale Permits for Kirin Bay and No. 79 Courtyard, the Company officially launched the marketing for these two major projects,” Kirin CEO Longlin Hu stated in the press release. “The Chinese government authorities have become more and more strict on presales management, so only upon the issuance of the presale permit can a real estate company start to sign contacts with potential buyers.”
Kirin estimates between approximately $130 million to $160 million in contract sales for 2011, and between approximately $20 million to $35 million in profit.
“Kirin will take advantage of the best-selling period of October and November to market our projects to the citizens of Xingtai,” Hu stated. “We also believe our financial performance will be positively improved by the on-time issuance of the Presale Permits.”
Kirin Bay land area spans more than 660,000 square meters, and is comprised of mixed-use, residential and commercial properties. Upon completion, Kirin said it expects the project to become the largest high-end residential community in Xingtai. The No. 79 Courtyard Project spans 290,000 square meters, with total building area of approximately 450,000 square meters. The project is designed as a high-end residential development with some mixed commercial use.
Kirin has also started inquiring 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, which are all adjacent to the Beijing-to-Shanghai high-speed rail corridor.
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