Xinyuan Real Estate Appoints New Chief Financial Officer
20 August 2008 - 2:32AM
PR Newswire (US)
BEIJING, Aug. 19 /Xinhua-PRNewswire/ -- Xinyuan Real Estate Co.,
Ltd. ('Xinyuan') (NYSE:XIN), a fast-growing residential real estate
developer with a focus on strategically selected Tier II cities in
China, today announced that it has appointed Mr. Frank Hin Kit Ng
as its chief financial officer to replace Mr. Longgen Zhang, who
will step down as chief financial officer effective August 31, 2008
to pursue other professional interests. Mr. Zhang will remain to
assist management with the announcement of Xinyuan's second quarter
earnings on September 2, 2008. 'I would like to thank Longgen for
his dedicated service to Xinyuan,' said Mr. Yong Zhang, Xinyuan's
chairman and chief executive officer. 'As CFO, he helped Xinyuan
transition from a private company to the first developer from China
to be listed on the New York Stock Exchange. We are grateful for
his leadership with this transition and his assistance in
strengthening our financial and internal controls.' 'We are now
delighted to announce the appointment of Mr. Ng as our new chief
financial officer,' continued Mr. Zhang. 'Mr. Ng brings with him
over 20 years of broad financial experience and his extensive
knowledge will help further strengthen our financial management,
transparency and corporate governance efforts as we continually
strive to exceed the high standards expected by our shareholders.
In addition to his impressive financial background, Mr. Ng's
employment history includes leadership positions with some of the
most well-known publicly listed property management and real estate
development companies in China and Hong Kong. We are excited and
eager for him to fill this role and confident that he will make
significant contributions to our team as we continue to build the
Xinyuan brand in Tier II cities across China.' Mr. Ng joins Xinyuan
from Melco China Resorts Limited, a company listed on the Toronto
Stock Exchange (CVE: MCG) where he served as the chief financial
officer. Prior to that, Mr. Ng was the chief financial officer for
Agile Property Holdings Ltd., a company listed on the Hong Kong
Stock Exchange (HKSE: 3383). Earlier in his career, Mr. Ng held
several senior finance positions with well-respected Chinese
companies and was the financial controller of Beijing Oriental
Plaza Co., Limited, invested by Li Kai Shing's companies and
others, and later went on to become the general manager of finance
and operations with Total Wireless Solutions Industrial Limited.
Mr. Ng holds numerous academic and professional accreditations
including an MBA in Technology Management from Monash University,
Australia, an MSc in Real Estate from the University of Reading,
England, a postgraduate diploma in Management Studies from City
University of Hong Kong, a BBA in Finance and Accounting from the
University of East Asia, Macau and a CPA in Hong Kong and
Australia. Mr. Ng is also a Fellow Member of the Association of
Chartered Certified Accountants and an Associate Member of the
Institute of Chartered Secretaries and Administrators. About
Xinyuan Real Estate Co., Ltd. Xinyuan Real Estate Co., Ltd.
('Xinyuan') (NYSE:XIN) is a fast-growing developer of large scale,
quality residential real estate projects aimed at providing
middle-income consumers with a comfortable and convenient community
life. Xinyuan focuses on China's Tier II cities, characterized as
larger, more developed urban areas with above average GDP and
population growth rates. Xinyuan has expanded its network to cover
a total population of over 34.5 million people in six strategically
selected Tier II cities, comprising Hefei, Jinan, Kunshan, Suzhou,
Zhengzhou and Chengdu. Xinyuan is the first real estate developer
from China to be listed on the New York Stock Exchange. For more
information, please visit http://www.xyre.com/ . Safe Harbor
Statement This announcement may contain forward-looking statements.
These statements are made under the 'safe harbor' provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,'
'believes,' 'estimates,' 'confident' and similar statements.
Statements that are not historical facts, including statements
concerning Xinyuan's beliefs, forecasts, estimates and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those projected or
anticipated, including the risk that: we rely on our key management
members; we face intense competition from other real estate
developers; PRC economic, political and social conditions as well
as government policies can affect our business; we may be unable to
complete our property developments on time or at all; we may not be
able to successfully manage our expansion; we may not be able to
execute our business plan; our results of operations may fluctuate
from period to period and other risks outlined in our public
filings with the Securities and Exchange Commission, including our
annual report on Form 20-F for the year ended December 31, 2007.
All information provided in this press release is as of August 19,
2008, and Xinyuan undertakes no duty to update such information,
except as required under the applicable law. For investor and media
inquiries, please contact: Ms. Lisa Wang Director of Investor
Relations General Manager of Strategy, Investment and Financing
Department Tel: +86-10-6598-1626 Email: Mr. Derek Mitchell Ogilvy
Financial, Beijing Tel: +86-10-8520-6284 Email: In the United
States: Mr. Thomas Smith Ogilvy Financial, New York Tel:
+1-212-880-5269 Email: DATASOURCE: Xinyuan Real Estate Co., Ltd.
CONTACT: Ms. Lisa Wang, Director of Investor Relations, General
Manager of Strategy, Investment and Financing Department,
+86-10-6598-1626, or ; Mr. Derek Mitchell, Ogilvy Financial,
Beijing, +86-10- 8520-6284, or ; In the United States: Mr. Thomas
Smith, Ogilvy Financial, New York, +1-212-880-5269, or Web Site:
http://www.xyre.com/
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