NEW YORK, June 9, 2015 (GLOBE NEWSWIRE) -- Kirin International Holdings Inc., (OTCBB:KIRI) (the "Company" or "Kirin") a non-state-owned real estate development company focused on residential and commercial real estate development in "tier-three" cities in the People's Republic of China, today announced the Company's Earnings Forecast for 2015.
The real estate market was stimulated during the second quarter by advantageous governmental economic policies enacted in the People's Republic of China. During April and May 2015, the sale of real estate and the overall price of properties increased in the "First-Tier" cities in the People's Republic of China, especially in Shenzhen, Beijing and Shanghai. China's real estate market is expected to enter into another upward cycle in the second half of this year and continue into 2016, directly leading to robust economic growth and increased sales of real estate in the "Second-Tier" and "Third-Tier" cities.
Kirin, focusing on "Third-Tier" cities, anticipates its real estate business will begin its growth cycle during the second quarter of this year. The Company estimates earnings to exceed US$ 2 million in the second quarter of 2015, and annual earnings for 2015 to rise significantly to approximately US$ 10 million. Earnings refer to after-tax net income herein.
Jianfeng Guo, Chief Executive Officer, President and Director of the Company, stated, "We are carefully managing the Company through this anticipated growth cycle. As we project that sales and earnings will peak sometime in 2016, our team is prudently monitoring our real estate portfolio in order to maximize gains while simultaneously creating shareholder value."
ABOUT KIRIN INTERNATIONAL HOLDING, INC.
Kirin is a Nevada corporation that operates through its wholly-owned subsidiary, Kirin China, a non-state-owned real estate development company focused on residential and commercial real estate development in "tier-three"cities in the People's Republic of China ("PRC"). Tier-three cities are provincial capital cities with ordinary economic development and prefecture cities with relatively strong economic development. Kirin China's projects are currently concentrated in Hebei Province of the PRC, primarily in the city of Xingtai, and nearby regions. Hebei Province is located in the North Region of the PRC. Kirin China intends to also focus on the Bohai Sea Surrounding Area, which comprises Beijing, Tianjin, Hebei Province, Liaoning Province and Shandong Province.
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "intend, "believe," or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.