Kirin International Holding, Inc. Obtains Construction Work Planning Permits for its Kirin Bay Project

BEIJING and NEW YORK, Sept. 15, 2011 /PRNewswire/ -- Kirin International Holding, Inc. (OTC BB: KIRI), the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, announced that today it has officially obtained the Construction Work Planning Permits from the Xingtai Bureau of Urban Planning for Kirin Bay, one of its major master-planned developments. Kirin Bay covers a land area of over 660,000 square meters, and the Company expects it to become the largest high-end residential community in Xingtai upon completion. The project is comprised of three sections of mixed use, residential and commercial properties. The Company expects to commence construction of Kirin Bay in October 2011. The first phase residences are expected to be delivered by the end of 2013 while final phase residences are expected to be delivered in May 2015.

"These Permits for Kirin Bay project are a great step forward for Kirin International Holding, Inc.," said Kirin CEO Mr. Longlin Hu. "We now expect to proceed to the Presale Permit phase in a very short period, perhaps within four to six weeks. As noted with our No. 79 Courtyard project, given the recent strict government policy environment for real estate development in China, this really is additional and substantial progress for our Kirin Bay Project," continued Mr. Hu.

Kirin's projects are currently concentrated in the southern area of Hebei Province of the PRC, primarily in the city of Xingtai, approximately three hours south of Beijing, and nearby regions. Kirin's real estate developments target first-time, owner-occupied homebuyers consisting primarily of young urban professional families and middle class clients.  According to Kirin, approximately half of Kirin's homebuyers pay cash for their housing units and another quarter of their purchasers make 50% down payments.

In addition to its projects in Xingtai, Kirin China has started gaining knowledge on property conditions and related land and development approval procedures in Shijiazhuang of Hebei Province and in Dezhou and Tai'an of Shandong Province, and the suburban area of Tianjin, all adjacent to the recently-opened Beijing-to-Shanghai high-speed rail corridor.

CONTACTS:
Ms. Cindy Zheng, CFO, Kirin International Holding, Inc.
[email protected]
+86 186 1025 7686

Mr. Dan McClory, Managing Director, Hunter Wise Financial Group, LLC
[email protected]
+1 949 732 4102

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.

Such statements include, among others, those concerning market and industry segment growth and demand for the Company's communities; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.

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SOURCE Kirin International Holding, Inc.