Xinyuan Pays $112M For Land In New Chinese Biz District

Law360, New York (March 12, 2014, 6:09 PM EDT) -- Xinyuan Real Estate Co. Ltd. has purchased a parcel of land in Changsha City, Hunan Province, in a newly planned central business district for 688.9 million yuan (about $112.2 million), the residential developer announced Wednesday.

Xinyuan, which builds large-scale developments for middle-income consumers across China, said it plans to build high rises, low-density apartments and condominiums, and commercial property on the parcel.

Overall, the projects will cover about 268,381 square meters (2.88 million square feet) with an average estimated floor price of about 2,567 yuan per...
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