More High-End Condos in the Pipeline For Chinese Developer Xinyuan

Two weeks after Xinyuan Real Estate finalized plans for its first condominium project in Manhattan, the NYSE-listed Chinese developer is poised to announce a new site in New York, with a long-term goal of entering the market in more U.S. coastal cities.

This would be the Beijing-based developer’s third project in New York City, following its Oosten condominium in Brooklyn’s Williamsburg neighborhood and the upcoming Manhattan Hudson Garden Project in Hell’s Kitchen.

“We are very satisfied with the performance of our U.S. business,” Yong Zhang, chairman of Xinyuan, told Mansion Global. “We are actively looking for other development opportunities.”

John Liang, Xinyuan’s executive vice president of investment strategies and international operations and managing director of U.S. operations, said the company’s focus would be along “the two corridors”—the East and West coasts, primarily in cities like Boston, San Francisco and Los Angeles.

On July 13, Xinyuan filed an application with New York City’s Department of Buildings for its first Manhattan project. The condominium at 615 10th Ave. is expected to span eight stories and offer 82 units, with prices up to $2,000 per square foot, according to Mr. Liang. Xinyuan bought the property, which used to be a Hess gas station, for $57.5 million in January.

The Chinese developer’s first U.S. project, Oosten, located at 429 Kent Ave. in Williamsburg, has 216 units. Prices for units currently available range from $850,000 for a one-bedroom apartment to $6.42 million for a penthouse, according to the sales team at Halstead Property.

Xinyuan officials declined to comment further on their third U.S. project, saying that details will be released within the next month.

U.S. real estate is not the only new growth point Xinyuan is pushing. On Monday, it launched its new real estate finance platform, FangYiXin, in New York. The platform, co-developed with IBM and currently in the close-beta phase, is designed to provide online investment, financing, transaction and risk control services related to the real estate industry. Xinyuan is targeting an August release date for the website.

“It represents Xinyuan's strategic evolution from a pure traditional real estate developer into a more diversified, technology-driven real estate company with differentiated business segments and global operations,” Mr. Zhang said.

Write to Fang Block at fang.block@dowjones.com