Xinyuan Pays $88M For High-Rise Site In Zhengzhou

Law360, New York (December 6, 2011, 1:46 PM EST) -- Xinyuan Real Estate Co. Ltd. has purchased a 200,000-square-foot parcel of land in the growing central-China city of Zhengzhou for $88 million, planning to construct high-rise apartments to cater to China’s growing middle class, the Beijing-based developer said Tuesday.

Xinyuan, which bids for property through China's government auction process, says the purchase will allow it to continue to capitalize on China's burgeoning consumer-class driven property boom after it constructs high-rise apartments at the site.

"Zhengzhou is ideally positioned as an important transportation hub in China, which...
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