Benzinga | Mar 18, 2021 08:36AM EDT

Xinyuan Announces Cooperation With Sino-Ocean Group On Zhengzhou Projects; Financial Details Not Disclosed

Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE:XIN), an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced the partnership with Sino-Ocean Group on lately acquired land parcel in Zhengzhou, China, marking a first step of cooperation between two enterprises.

Mr. Zhang Yong, Chairman of Xinyuan Group: "In February 2021, Xinyuan and Sino-Ocean Group formed a comprehensive strategic cooperation in high quality residential/commercial development, property management and other innovative businesses in finance and real estate area. Initiating this Zhengzhou project marks significant progress and gets our cooperation off to a promising start."

The parcel is located at the intersection of Daxue Road and South Fourth Ring Road, Erqi District, Zhengzhou, covering an area of approximately 47,000 square meters with maximum plot ratio of 2.9. As one of the core living area of urban Zhengzhou, this location offers convenient transportation and quality lifestyle with access to the subway line No.7 and proximity to various educational, medical and commercial facilities.

"For over twenty years, Xinyuan has developed and integrated new technologies and best practices to create high living standards with environmental protection and sustainability. The group is also open to opportunities of collaborations with peers or institutions with similar visions. We are confident that this cooperation with Sino-Ocean may benefit the business of both sides and facilitate our future growth." Zhang concluded.