Kirin International Holding, Inc., the largest private developer of residential mixed-use properties in Xingtai, North China, today announced it has officially obtained the Presale Permit from the Xingtai Administration Bureau of Real Estate for its No. 79 Courtyard community, enabling the company to generate approximately $36 million in contact sales in the fourth quarter of 2011, in addition to 50 percent to 60 percent of cash deposits.
The company also said it expects that No. 79 Courtyard, Kirin Bay and Kirin County together will bring about an aggregate of $87 million in contract sales in the fourth quarter of this year.
“The Presale Permit for No. 79 Courtyard project is a great step forward for Kirin International Holding Inc.,” Kirin CEO Longlin Hu stated in the press release. “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.”
Kirin pointed out that the No. 79 Courtyard is one of the company’s major master-planned developments, spanning a land area of more than 290,000 square meters. The high-end residential development project also includes some mixed commercial use. Kirin started construction on the project in June of this year, and says it anticipates completion by the last quarter of 2014.
Kirin is also exploring the property conditions and related land and development approval procedures in Shijiazhuang of Hebei Province, as well as in Dezhou and Tai’an of Shandong Province, and the suburban area of Tianjin.
For more information, visit www.kirinintl.com
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