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9/28/2012 12:30 PM ET

Xinyuan Real Estate Co., Ltd. (XIN: Quote) Friday said that its U.S. development arm, XIN Development Group International, Inc. has acquired a parcel of land, located at Kent Avenue and South 8th Street, in the Williamsburg neighborhood of Brooklyn, New York.

The Williamsburg development site was purchased for $54.2 million. XIN expects to begin construction in the first half of 2013.

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