Xinyuan Real Estate Co. Ltd. (XIN) Tuesday reported the acquisition of a site with total area of 45 thousand square meters, or sq. m., located in Xuzhou in China's Jiangsu province for 235 million renminbi, or approximately $37 million. The company added that the site is expected to be the location for high rise residential apartments with an average unit size between 70 and 130 sq. m.
"Xuzhou is an important transportation hub city in Jiangsu province as it is ideally situated between the eastern coastal, middle, and west development areas of China," said Chairman and Chief Executive Officer Yong Zhang, and added "Our first project in Xuzhou experienced a strong return on investment and we believe our newest land acquisition in the region can be as successful as our first project."
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