Chinese Developer Xinyuan Pays $138M For Kunshan Project

Law360, New York (October 25, 2013, 1:30 PM EDT) -- Chinese developer Xinyuan Real Estate Co. has bought a residential project for 844 million renminbi ($138 million) in the fast-growing city of Kunshan, the company said Friday.

The new development is near a new intercity subway line to Shanghai that Xinyuan hopes will drive strong real estate demand. Migrants comprise two-thirds of Kunshan's population of 2.05 million and the developer expects more to follow suit. According to its local government, Kunshan is China's richest and quickest-growing county.

"We are pleased to have acquired this land parcel...
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