KIRIN INTERNATIONAL (OTC:KIRI) today announced that it received Presale Permit licence from the Xingtai Administration Bureau of Real Estate for its No. 79 Courtyard community.
The permit would enable the Company to earn about $36 million in contact sales and receive cash deposits between 50%-60% during the 4th quarter in the F.Y 2011. The company further expects to earn $87 million in contract sales during the 4th quarter F.Y2011. from its No. 79 Courtyard, Kirin Bay and Kirin County.
The company’s No. 79 Courtyard is a master-planned development covering an area of 290,000 sq mt and having a total building area of 450,000 sq mt. The project is placed as residential development with some mixed commercial use. The Construction of the courtyard started in June 2011 which is planned to be completed during the last quarter in the F.Y2014. 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.
Mr Longlin Hu the company’s CEO stated that The Presale Permit for the No. 79 Courtyard project is of great importance with the help of which the company could launch many marketing campaigns to increase the sale. He further stated that the Chinese government authorities restrict presales, and only after the issue of permit a real estate company can enter into contract with its potential buyers.
All the major real estate projects of the company are in the southern region of Hebei Province of the PRC, located in the city of Xingtai, which is about three hours south of Beijing, and nearby regions.
Shares of KIRI added 1.19% to $4.25.
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