BEIJING, Feb. 11 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd.
("Xinyuan" or "the Company") (NYSE:XIN), a residential real estate
developer with a focus on high growth, strategic Tier II cities in
China, today announced its unaudited financial results for the
fourth quarter and full year ended December 31, 2009. Highlights
for the Fourth Quarter 2009 -- Total revenues were US$189.1
million, a 47.5% increase over US$128.2 million in the third
quarter of 2009 and a 210.9% increase over US$60.8 million for the
same period of 2008. -- Contract sales totaled US$239.7 million, a
50.8% increase over US$159.0 million in the third quarter of 2009
and a 376.5% increase over US$50.3 million for the fourth quarter
of 2008. -- Total gross floor area ("GFA") sales were 239,900
square meters, a 30.0% increase over 184,500 square meters in the
third quarter of 2009 and a 291.4% increase over 61,300 square
meters for the same period of 2008. -- Selling, General, and
Administrative ("SG&A") expenses as a percent of total revenue
edged lower to 6.7% compared to 7.0% in the third quarter of 2009
and 15.3% for the fourth quarter of 2008. -- Net income was US$25.4
million, a 111.5% increase over US$12.0 million in the third
quarter of 2009, and a significant increase compared to a loss of
US$77.5 million in the same period of 2008. -- Diluted net income
per share attributable to ordinary shareholders was US$0.16,
equivalent to US$0.32 per American Depositary Share ("ADS"),
compared to diluted net income per share of US$0.07, equivalent to
US$0.14 per ADS in the third quarter of 2009, and a loss per share
of US$0.51, equivalent to US$1.02 per ADS, in the fourth quarter of
2008. -- Cash and cash equivalents, including restricted cash,
decreased by US$106.5 million to US$198.0 million as of December
31, 2009 from US$304.5 million as of September 30, 2009. Short and
long term debt decreased by US$81.1 million to US$251.9 million
compared to US$333.0 million as of September 30, 2009. -- Four new
land parcels were acquired in the fourth quarter of 2009, as
previously announced. These land parcels total 946,600,000 GFA
square meters. "We are pleased to report our best quarter in
history with record GFA and contract sales, record revenue, and
record operating income. Despite expectations of a seasonal
softening of demand, our contract sales and revenue continued to
accelerate in the fourth quarter. Strong contract sales growth was
achieved as all of our major active projects realized increased
average selling prices ("ASPs") and GFA sales during the quarter.
We were also able to report a significant improvement in our
overall profitability. This strengthening of our financial
performance has enabled us to generate significant cash flow from
operations, which we have used to pay down debt and acquire new
land." said Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive
Officer. "We believe our current land holdings, which were enhanced
by five parcels of land that we recently acquired, will serve us
well as we build a pipeline for growth in 2010 and beyond. Xinyuan
continues to seek attractive properties to further expand our
business and to take advantage of the favorable housing demand in
China. We believe our business model of fast asset turnover and our
strategy of focusing on affordable developments targeting
homeowners in Tier II cities align well with the newly issued
government policies as well as urbanization and migration patterns
in China. Xinyuan is well-positioned for growth over the near term
and the long term." Financial Results for the Fourth Quarter For
the quarter ended December 31, 2009, the Company's total revenue
using the percentage of completion method was US$189.1 million
compared to US$128.2 million in the quarter ended September 30,
2009 and US$60.8 million in the fourth quarter of 2008. The
Company's GFA sales were 239,900 square meters in the fourth
quarter of 2009 versus 184,500 square meters in the third quarter
of 2009 and 61,300 square meters in the fourth quarter of 2008.
Contract sales totaled US$239.7 million in the fourth quarter
compared to US$159.0 million in the third quarter as the average
selling price per square meter sold increased by 16.0% reaching
Rmb6,826 (US$999) versus RMB5,886 (US$862) in the third quarter of
2009. Breakdown of GFA Sales and ASP's by Project Q4 2008 Q3 2009
Q4 2009 Unsold GFA ASP GFA ASP GFA ASP GFA Project (m2 000) (Rmb)
(m2 000) (Rmb) (m2 000) (Rmb) (m2 000) Chengdu Splendid 9.6 3,711
34.9 4,723 54.3 5,482 96.8 Henan Colorful Garden 13.2 6,100 33.4
6,411 17.0 6,571 46.9 Kunshan Intl City Garden 6.3 5,232 59.1 5,758
111.3 7,024 270.5 Shandong Intl City Garden 9.5 5,325 33.6 5,248
23.0 5,673 2.5 Suzhou Colorful Garden 8.0 7,009 11.7 8,384 10.1
9,445 1.5 Suzhou Intl City Garden 8.3 6,998 8.8 8,071 23.5 9,397
135.3 Others 6.3 5,697 3.1 7,002 0.7 -941 1.9 Total 61.2 5,713
184.6 5,886 239.9 6,826 555.4 Gross Profit Gross profit for the
fourth quarter of 2009 was US$41.2 million, or 21.8% of revenue,
compared to gross profit of US$26.1 million, or 20.4% of revenue,
in the third quarter of 2009 and a gross loss of US$75.8 million in
the fourth quarter of 2008. The Company revised total project cost
and sales estimates for certain projects such that US$8.0 million
of cumulative gross profit was recognized in the fourth quarter
under the percentage of completion method due to a change in
estimates. In the third quarter of 2009 a similar revision had a
$6.6 million favorable impact on gross profit. The fourth quarter
impact was primarily driven by two projects: Henan Colorful Garden
and Kunshan International City Garden. Henan Colorful Garden
recognized higher than expected ASPs in the fourth quarter and
lower expected costs. This project was 96% complete as of December
31, 2009. Estimates for Kunshan International City Garden improved
due to sharply higher ASPs and the positive impact of lower than
expected bidding prices from our construction vendors. The project
was 58% complete as of December 31, 2009. Selling, General, and
Administrative Expenses SG&A expenses were US$12.6 million for
the fourth quarter of 2009 compared to US$9.0 million for the third
quarter of 2009 and US$9.3 million for the fourth quarter of 2008.
As a percentage of total revenue, SG&A expenses declined to
6.7% compared to 7.0% in the third quarter of 2009 and 15.3% in the
fourth quarter of 2008. Advertising and promotion expenses
increased by US$1.4 million, from US$2.6 million in the third
quarter of 2009 to US$4.0 million in the fourth quarter as a 50%
sequential increase in contract sales led to proportionally higher
agency commissions. Additionally, the Company's Chengdu project
utilized external sales agents for the full quarter after changing
from an entirely in-house sales function in September 2009.
Compensation costs increased by US$0.7 million compared to the
third quarter of 2009 due to bonuses to operating personnel as
their performance exceeded the Company's targets. Stock-based
compensation totaled US$0.8 million in the fourth quarter of 2009,
equal to the previous quarter but down US$0.2 million from the
fourth quarter of 2008. As of December 31, 2009, Company headcount
totaled 422 employees, up from 384 as of September 30, 2009 as a
new subsidiary was established in Xuzhou to develop a newly
acquired land parcel. Headcount at December 31, 2008 was 645
employees. Share of Income of Equity Investee In the fourth quarter
of 2009, the Company recognized book income of US$2.0 million from
its 45% stake in Zhengzhou Jiantou Xinyuan Real Estate Co. Ltd
("Jiantou Xinyuan") compared to a book loss of US$1.1 million in
the third quarter of 2009 and a book loss of US$0.6 million in the
fourth quarter of 2008. A third quarter book profit of $2.3 million
was originally reported in our third quarter of 2009 earnings
release. This $2.3 million book profit was subsequently revised to
a book loss of $1.1 million in the third quarter financial
statements furnished to the United States Securities and Exchange
Commission as we recognized US$3.4 million as our share of a late
payment penalty by our investee for a land parcel currently under
planning. While the Company and Jiantou Xinyuan had been
negotiating with the Zhengzhou land bureau for several months on
proposed offsets to the penalty, Jiantou Xinyuan was formally
notified in the fourth quarter of 2009 that the late payment
penalty itself would not be waived and that offsets, if any, will
be determined separately. Change in Fair Value of Warrant
Liabilities A decrease in the Company's ADS price from US$4.64 at
September 30, 2009 to US$4.47 at December 31, 2009 led to a
decrease in the fair value of outstanding warrants resulting in a
non-cash increase of income of US$0.4 million in the fourth quarter
of 2009. Net Income Net income for the fourth quarter of 2009 was
US$25.4 million compared to US$12.0 million in the third quarter of
2009 and a loss of US$77.5 million for the same period in 2008.
Diluted earnings per share for the fourth quarter of 2009 was
US$0.16, equivalent to US$0.32 per ADS compared to US$0.07,
equivalent to US$0.14 per ADS in the third quarter of 2009 and a
loss of US$0.51 per share, equivalent to US$1.02 per ADS for the
same period in 2008. Financial Results for the Full Year 2009 For
the year ended December 31, 2009, total revenues were US$449.0
million compared to US$356.6 million in 2008. GFA sales were
600,000 square meters versus 409,000 square meters in 2008.
Contract sales totaled US$536.5 million compared to US$353.2
million in 2008. Gross profit was US$89.2 million, or 19.9% of
revenue, for fiscal year 2009 compared to a gross loss of US$0.3
million for fiscal year 2008. Gross profit for fiscal year 2008 was
impacted by write-down of the Suzhou International City Garden
project and the impact of revised estimates on the other projects.
SG&A expenses were US$33.7 million, or 7.5% of revenue,
compared to US$45.9 million, or 12.9% of revenue, in 2008. The
year-over-year decrease is attributable primarily to lower
headcount and other cost reduction initiatives, which were
partially offset by increased advertising and promotion expenses on
new projects. Net income was US$42.4 million for fiscal year 2009,
versus a net loss of US$23.6 million for fiscal year 2008. Diluted
earnings per share were US$0.26, equivalent to US$0.52 per ADS in
fiscal year 2009 compared to a loss per share of US$0.16,
equivalent to US$0.32 per ADS in 2008. Balance Sheet As of December
31, 2009, the Company reported US$198.0 million in cash and cash
equivalents (including restricted cash) compared to US$304.5
million as of September 30, 2009. Total debt outstanding was
US$251.9 million, a decrease of US$81.1 million compared to
US$333.0 million at the end of the third quarter of 2009. Real
estate property under development was US$560.6 million at fourth
quarter end compared to US$495.8 million in the third quarter and
US$623.2 million at the end of the fourth quarter of 2008. The
sequential increase from the third quarter was primarily driven by
$190.7 million of land acquisition payments made in the fourth
quarter. Update on Share Transfer of Jiantou Xinyuan Joint Venture
On September 30, 2009, the Company announced that its wholly owned
subsidiary, Henan Xinyuan Real Estate Co., Ltd. ("Xinyuan China"),
signed an agreement to acquire the remaining 55% equity interest in
Jiantou Xinyuan it does not already own, making Xinyuan China the
sole owner of Jiantou Xinyuan. Xinyuan China has submitted the
required documents to the local State-owned Assets Supervision and
Administration Commission (SASAC) for approval given that the other
two parties of the joint venture are state-owned enterprises. The
application for approval is still in the hands of SASAC which has
sought several clarifications. The Company now expects to receive
SASAC approval in the first quarter of 2010 followed by a customary
21-day auction process. In the fourth quarter, Jiantou Xinyuan
declared a dividend of US$52.7 million, which Xinyuan recorded as
an other receivable of US$23.7 million for its 45% share. As of
December 31, 2009, Jiantou Xinyuan had three active projects with
approximately 54,600 square meters unsold GFA and one project under
planning with a GFA of approximately 198,000 square meters. Land
Acquisitions The Company contracted to acquire four land parcels
during the fourth quarter and one parcel in the third quarter. The
total site area of these 5 land acquisitions is approximately
366,400 square meters with total expected buildable GFA of
approximately 1,025,000 square meters. Location Acquisition Site
Area Total GFA Land Price Date (m2) (m2) Rmb M US$M Rmb/m2
Zhengzhou 2009-9-23 22,408 78,422 138.1 $20.2 1,761 Zhengzhou
2009-10-23 51,352 179,723 361.6 $52.9 2,012 Xuzhou 2009-10-27
46,782 93,554 212.5 $31.1 2,271 Jinan 2009-10-29 200,190 536,218
1,136.0 $166.3 2,119 Zhengzhou 2009-12-17 45,696 137,081 473.2
$69.3 3,452 Total 366,428 1,024,998 2,321.4 $339.8 11,615 Project
Status Below is a summary table of projects at that were active in
2009. GFA Contract Sales Project (m2 000's) (US$ millions) Cost %
Project Total Sold to Total Sales to % Complete Project date
Project date Sold Anhui Wang Jiang Garden 145.5 145.5 92.0 91.7
99.7% 100.0% Chengdu Splendid I 230.9 134.1 189.4 95.0 50.2% 67.4%
Henan Colorful Garden 191.8 144.9 181.3 128.3 70.8% 96.4% Henan
Financial Square 67.2 66.1 50.4 48.9 97.0% 100.0% Kunshan Intl City
Garden 497.1 226.6 526.3 205.3 39.0% 57.5% Shandong Elegant Scenery
100.2 100.2 76.2 76.2 100.0% 100.0% Shandong Intl City Garden 264.4
261.9 208.9 207.3 99.2% 98.8% Suzhou Colorful Garden 80.5 79.0 95.6
93.8 98.2% 99.5% Suzhou Intl City Garden 205.2 69.8 278.1 83.9
30.2% 77.6% Suzhou Lake Splendid 196.9 196.1 188.5 187.8 99.6%
99.6% Total of projects active in 2009 1,979.7 1,424.2 1,886.7
1,218.2 64.6% 80.7% As of December 31, 2009, the Company's total
sellable GFA was approximately 2,051,300 square meters including
active projects, new acquisitions, and pre-revenue stage projects
in Chengdu (219,500 m2) and Zhengzhou (251,300 m2) but excluding
Jiantou Xinyuan's land projects GFA of 252,600 m2. Below is a
summary of all projects at Xinyuan that are in the planning stage:
Unsold GFA (m2 000) Total active projects 555.4 Zhengzhou Longhai
Road 251.4 Chengdu Splendid II 219.5 Zhengzhou 9/23/09 purchase
78.4 Zhengzhou 10/23/09 purchase 179.7 Xuzhou 10/27/09 purchase
93.6 Jinan 10/29/09 purchase 536.2 Zhengzhou 12/17/09 purchase
137.1 Total Xinyuan projects in planning 1,495.9 Total all Xinyuan
projects 2,051.3 2010 Outlook After an exceptionally strong fourth
quarter of 2009 GFA sales are expected to experience a seasonal
sequential decrease to between 110,000 and 120,000 square meters in
the first quarter of 2010. Contract sales are expected to reach
between US$120 million and US$130 million assuming current average
selling prices are maintained. First quarter 2010 revenue using the
percentage of completion method is expected to total between US$95
million and US$105 million and net income is expected to be between
US$8 million to US$10 million. The Company believes that, between
its currently active projects and executable new projects from its
existing land holdings, contract sales will grow in excess of 40%
in 2010 over 2009's total of $536.5 million. While revenue under
the percentage of completion method is expected to grow by a
similar rate, net income growth is expected to be more pronounced.
Further guidance for revenue and net income under the percentage of
completion method will be given next quarter when construction
schedules for recent land acquisitions are firmly established.
Percentage of Completion Accounting Most of Xinyuan's projects
recognize revenue under the percentage of completion method. This
requires the Company to re-evaluate its estimates of future
revenues and costs on a quarterly basis project by project.
Cumulative Cumulative contract Cumulative incurred revenue = sales
proceeds x cost ------------------------------------------- Total
estimated project cost Cumulative cost Cumulative contract
Cumulative incurred of sales = sales x cost
------------------------------------------- Total estimated project
revenue Whenever Xinyuan makes changes to expected total project
life profit margins, a "catch-up" adjustment must be made in the
quarter of change to account for the difference between profits
previously recognized using the previous profit margin estimate and
the comparable profit using the new profit margin estimates.
Further, if the updated profit margin indicates that the Company
will have to sell units at a price less than its costs to develop
them, it must recognize the full expected gross loss over the life
of the project at that time regardless of whether the units have
been sold. Additionally for such unprofitable projects the Company
must also determine whether an impairment exists, and, if so, write
down the cost to the fair value of the project which, in turn, may
be less than the basis after recognizing the effect of future
losses. In the fourth quarter of 2008, Suzhou ICG was the only such
unprofitable project subject to recognition of total project gross
loss and impairment reviews. Except as discussed above related to
the Henan Colorful Garden and Kunshan International City Garden
projects, there were no material changes in estimates in the fourth
quarter of 2009. In the year ended 2009, there were no unprofitable
projects that were subject to recognition of total project gross
loss and impairment reviews. Conference Call Information Xinyuan's
management will host an earnings conference call on Feb 11, 2010 at
8:00 a.m. U.S. Eastern Time. Listeners may access the call by
dialing 1-719-325-2312. A webcast will also be available through
the Company's investor relations website at http://www.xyre.com/ .
Listeners may access the replay by dialing 1-719-457-0820, access
code: 8055143. About Xinyuan Real Estate Co., Ltd. Xinyuan Real
Estate Co., Ltd. ("Xinyuan") (NYSE:XIN) is a developer of large
scale, high quality residential real estate projects aimed at
providing middle-income consumers with a comfortable and convenient
community lifestyle. 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 44.7 million people in
seven strategically selected Tier II cities, comprising Hefei,
Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou 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 press release
contains 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 our
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, but not limited to,
the risk that: our financing costs are subject to changes in
interest rates; our results of operations may fluctuate from period
to period; the recognition of our real estate revenue and costs
relies on our estimation of total project sales value and costs; we
may be unable to acquire desired development sales at commercially
reasonable costs; increases in the price of raw materials may
increase our cost of sales and reduce our earnings; we are heavily
dependent on the performance of the residential property market in
China, which is at a relatively early development stage; PRC
economic, political and social conditions as well as government
policies can affect our business; the market price of our ADSs may
be volatile, and other risks outlined in our public filings with
the Securities and Exchange Commission, including our annual report
on Form 20-F(as amended) for the year ended December 31, 2008. All
information provided in this press release is as of February 11,
2010. Except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events. Notes to Unaudited Financial
Information This release contains unaudited financial information
which is subject to year end audit adjustments. Adjustments to the
financial statements may be identified when the audit work is
completed, which could result in significant differences between
our audited financial statements and this unaudited financial
information. For more information, please contact: In China: Mr.
Tom Gurnee Chief Financial Officer Tel: +86-10-8588-9390 Email: Ms.
Helen Zhang Director of Investor Relations Tel: +86-10-8588-9255
Email: In the United States: Mr. Bill Zima ICR, Inc. Tel:
+1-203-682-8200 Email: Ms. Kate Messmer ICR, Inc. Tel:
+1-203-682-8338 Email: (Financial Tables Follow) XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (All US$ amounts and number
of shares data in thousands, except per share data) Three months
ended December 31, September 30, December 31, 2009 2009 2008
Revenue 189,098 128,180 60,821 Cost of revenue (147,866) (102,095)
(136,646) Gross profit/(loss) 41,232 26,085 (75,825) Selling and
distribution expenses (5,291) (3,044) (2,321) General and
administrative expenses (7,286) (5,923) (6,980) Operating
income/(loss) 28,655 17,118 (85,126) Interest income 967 623 687
Share of income/(loss) in an equity investee 1,979 (1,099) (644)
Exchange gains/ (losses) 22 30 (819) Other expenses -- (383) --
Change in fair value of warrant liabilities 443 1,585 324 Income
/(loss) from operations before income taxes 32,066 17,874 (85,578)
Income taxes (6,660) (5,862) 8,029 Net income/(loss) 25,406 12,012
(77,549) Earnings /(loss) per share: Basic 0.17 0.08 (0.51) Diluted
0.16 0.07 (0.51) Shares used in computation: Basic 151,444 151,363
150,770 Diluted 161,074 160,982 150,770 XINYUAN REAL ESTATE CO.,
LTD. AND ITS SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (All US$ amounts and number of shares data
in thousands, except per share data) Twelve months ended December
31, December 31, 2009 2008 Revenue 448,984 356,632 Cost of revenue
(359,739) (356,981) Gross profit/(loss) 89,245 (349) Selling and
distribution expenses (11,443) (13,578) General and administrative
expenses (22,214) (32,343) Operating income/(loss) 55,588 (46,270)
Interest income 2,388 3,492 Share of income in an equity investee
4,402 9,843 Exchange gains 80 3,603 Other expense (383) -- Change
in fair value of warrant liabilities 170 16,422 Income/(loss) from
operations before income taxes 62,245 (12,910) Income taxes
(19,825) (10,730) Net income/(loss) 42,420 (23,640) Earnings/(loss)
per share: Basic 0.28 (0.16) Diluted 0.26 (0.16) Shares used in
computation: Basic 151,253 149,149 Diluted 160,871 149,149 XINYUAN
REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (All US$ amounts and number of shares data in
thousands) December 31, September 30, December 31, 2009 2009 2008
(unaudited) (unaudited) ASSETS Current assets Cash and cash
equivalents 157,800 218,008 135,659 Restricted cash 40,240 86,481
57,951 Accounts receivable 9,216 4,121 5,320 Other receivables
32,036 6,749 20,229 Other deposits and prepayments 25,322 38,077
28,989 Advances to suppliers 20,425 2,827 733 Real estate property
development completed 1,307 326 328 Real estate property under
development 560,591 390,199 520,496 Other current assets 2,420
2,573 8,308 Total current assets 849,357 749,361 778,013 Real
estate property under development -- 105,601 102,707 Real estate
properties held for lease, net 17,277 14,564 14,851 Property and
equipment, net 4,703 4,892 5,255 Other long-term investment 242 242
242 Interests in an equity investee 868 22,587 20,157 Deferred tax
asset 4,593 3,450 6,829 Other assets 4,743 5,547 8,112 TOTAL ASSETS
881,783 906,244 936,166 XINYUAN REAL ESTATE CO., LTD. AND ITS
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (All US$ amounts
and number of shares data in thousands) December 31, September 30,
December 31, 2009 2009 2008 (unaudited) (unaudited) LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities Accounts payable 97,115
82,339 89,032 Short-term bank loans 87,339 165,231 168,967 Customer
deposits 10,852 8,011 14,252 Income tax payable 11,224 6,856 6,263
Deferred tax liabilities 13,185 16,833 21,513 Other payables and
accrued liabilities 33,507 23,215 20,114 Payroll and welfare
payable 4,316 1,985 2,210 Warrant liabilities -- 443 -- Current
portion of long-term debt 104,239 76,129 95,638 Total current
liabilities 361,777 381,042 417,989 Non-Current Liabilities
Long-term bank loans 60,338 67,653 105,007 Warrant liabilities --
-- 170 Unrecognized tax benefits 12,757 12,979 12,745 Other
long-term debt -- 23,953 -- TOTAL LIABILITIES 434,872 485,627
535,911 Shareholders' equity Common Shares 15 15 15 Additional
paid-in capital 503,021 502,170 499,155 Accumulated deficit
(80,560) (94,735) (112,082) Statutory reserves 24,435 13,167 13,167
TOTAL SHAREHOLDERS' EQUITY 446,911 420,617 400,255 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY 881,783 906,244 936,166
DATASOURCE: Xinyuan Real Estate Co., Ltd. CONTACT: In China, Tom
Gurnee, Chief Financial Officer, +86-10-8588-9390, , or Helen
Zhang, Director of Investor Relations, +86-10-8588-9255, ; In the
United States, Bill Zima, +1-203-682-8200, , or Kate Messmer,
+1-203-682-8338, , both of ICR, Inc. Web site: http://www.xyre.com/
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