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TOPIC: KIRI - Kirin International Holding, Inc.

6 years 11 months ago #1625

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Kirin Expects $130 Million to $160 Million in Revenue for 2011 and $20 Million to $35 Million Profit
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BEIJING and NEW YORK, Oct. 17, 2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTCBB:KIRI), the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, has launched marketing for its two major projects, Kirin Bay and No. 79 Courtyard. As previously announced, both projects have just obtained their Presale Permits from the Xingtai Administration Bureau of Real Estate. The Presale Permits enable the Company to estimate between approximately $130 million to $160 million in Contract Sales for 2011 and between approximately $20 million to $35 million in profit (the range is affected by the percentage completion of the construction work based on the Company's revenue recognition method under US-GAAP).

Kirin Bay covers a land area of over 660,000 square meters, and the Company expects it to become the largest high-end residential community in Xingtai upon completion. The project is comprised of three sections of mixed use, residential and commercial properties. No. 79 Courtyard Project covers a land area of over 290,000 square meters and a total building area of approximately 450,000 square meters. The project is positioned as a high-end residential development with some mixed commercial use.

"Once Kirin obtained the Presale Permits for Kirin Bay and No. 79 Courtyard, the Company officially launched the marketing for these two major projects," said Kirin CEO Mr. Longlin Hu. "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," Mr. Hu stated. "Kirin will take advantage of the best selling period of October and November to market our projects to the citizens of Xingtai. We also believe our financial performance will be positively improved by the on-time issuance of the Presale Permits," concluded Mr. Hu.

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.

In addition to its projects in Xingtai, Kirin China 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 recently-opened Beijing-to-Shanghai high-speed rail corridor.

CONTACTS:
Ms. Cindy Zheng, CFO, Kirin International Holding, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+86 186 1025 7686

Mr. Dan McClory, Managing Director, Hunter Wise Financial Group, LLC
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+1 949 732 4102

http://www.prnewswire.com/news-releases/kirin-expects-130-million-to-160-million-in-revenue-for-2011-and-20-million-to-35-million-profit-131973848.html
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6 years 11 months ago #1533

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Kirin Expects Additional $36 Million in Sales for Q4 2011 From its No. 79 Courtyard Project
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Total Expected Contract Sales for Q4 2011 are $87M
BEIJING and NEW YORK, Oct. 14, 2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTCBB:KIRI), the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, announced that today it has officially obtained the Presale Permit from the Xingtai Administration Bureau of Real Estate for its No. 79 Courtyard community. The permit will enable the Company in Q4 2011 to generate about $36 million in contact sales and receive 50%-60% in cash deposits. Kirin expects that No. 79 Courtyard, Kirin Bay and Kirin County together will bring about up to $87 million in contract sales for the company in Q4 2011.

No. 79 Courtyard is one of Kirin's major master-planned developments and covers a land area of over 290,000 square meters with a total building area of approximately 450,000 square meters. The project is positioned as a high-end residential development with some mixed commercial use. Construction started in June 2011 and project completion is planned for the last quarter of 2014. The first phase residences are expected to be delivered by the end of 2012 while the final phase residences are expected to be delivered in January 2015.

"The Presale Permit for No. 79 Courtyard project is a great step forward for Kirin International Holding, Inc.," said Kirin CEO Mr. Longlin Hu. "Upon the receipt of the Presale Permit, we can launch various marketing campaigns to boost the sales of our project. As the Chinese government authorities restrict presales, only upon the issuance of the permit can a real estate company start to sign contacts with potential buyers," Mr. Hu stated. "Kirin will take advantage of the best selling period of October and November to market our No. 79 Courtyard master-planned community project to the citizens of Xingtai," concluded Mr. Hu.

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.

In addition to its projects in Xingtai, Kirin China 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 recently-opened Beijing-to-Shanghai high-speed rail corridor.

http://www.prnewswire.com/news-releases/kirin-expects-additional-36-million-in-sales-for-q4-2011-from-its-no-79-courtyard-project-131852573.html
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KIRI - Kirin International Holding, Inc. 6 years 11 months ago #1532

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Kirin Obtains Presale Permit for Kirin Bay Community
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$35 Million in Projected Contract Sales for Q4 2011
BEIJING and NEW YORK, Oct. 10, 2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTC BB: KIRI), the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, announced that today it has officially obtained the Presale Permit from the Xingtai Administration Bureau of Real Estate for Kirin Bay, one of its major master-planned developments. Kirin Bay covers a land area of over 660,000 square meters, and the Company expects it to become the largest high-end residential community in Xingtai upon completion. The project is comprised of three sections of mixed use, residential and commercial properties. The Company expects to commence construction of Kirin Bay in October 2011. The first phase residences are expected to be delivered by the end of 2013 while final phase residences are expected to be delivered in May 2015.

"The Presale Permit for Kirin Bay project is a great step forward for Kirin International Holding, Inc.," said Kirin CEO Mr. Longlin Hu. "Upon the receipt of the Presale Permit, we can launch various marketing campaigns to boost the sales of our project. As the Chinese government authorities become more and more strict on presales management, only upon the issuance of the presale permit can a real state company to start to sign contacts with potential buyers," Mr. Hu stated. "Kirin will take advantage of the best selling period of October and November to market our Kirin Bay master-planned community project to the citizens of Xingtai. We also believe our financial performance will be positively improved by the on-time issuance of the Presale Permit. We estimate that Kirin Bay project will bring us contact sales in the last quarter of about $35 million and the cash received will be about to 50% to 60% of the contact sales," concluded Mr. Hu.

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.

In addition to its projects in Xingtai, Kirin China 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 recently-opened Beijing-to-Shanghai high-speed rail corridor.

CONTACTS:
Ms. Cindy Zheng, CFO, Kirin International Holding, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+86 186 1025 7686

Mr. Dan McClory, Managing Director, Hunter Wise Financial Group, LLC
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 949 732 4102

http://www.prnewswire.com/news-releases/kirin-obtains-presale-permit-for-kirin-bay-community-131447013.html
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