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Bargain hunters... With the 4% dividend, I lock up more shares every opportunity I can get under 4.85. Smart money agrees. Anytime this is showing under 4.85, it rebounds in < 48 hours. Plenty of upside, zero downside. check the chart.
Testing 5.00 soon, look at the accumulation about to take place at these levels. very smart buy. I doubled my position yesterday.
Above averge volume and a 2% gain already - XIN is showing signs of stability and has great dividend growth potential for 2014.
with the new dividend coming, this could be last chance to buy under five bucks
4.70 is a bargain. Anyone should be accumulating under 4.75-4.85, as long as you can get that dividend, keep loading
4.87 is a great entry point for this - take the dividend and ride it up as long as you want!
I'm in since low 4's.
We have a double bottom heavy volume this things about to take off.
We have a double bottom heavy volume this things about to take off.
This is the cheapest stock out there at 5.49 with earnings and a dividend.
Housing market going higher in 2014.
Xin an easy $14 stock
Xin will reach $9 a share by the end of Jan 2014 CFO resigned to do personal conflict with now interim CFO. The company has a solid track record of making money and with Realestate coming back there is even greater potential for the stock. IMO.
Stock is starting to bounce. This may be the last chance to buy below 5.5 before the ex dividend in 1Q.
I can tell u this most this company has a very strong management team
Dedicated on making this company a major player in the US Realestate market. I personally know many high ranking members and there should be no reason why this stock should be at 9 a share which is what they have on hand cash wise for every outstanding share. Monday buy and buy some more at these crazy prices.
New Renderings Spotted at 421 Kent Avenue Site
Wednesday, December 11, 2013
A tipster passed along this construction fence rendering of long-stalled condo project 421 Kent Avenue, which seems to finally be getting underway after selling to Chinese developer Xinyuan Realty last year. The new rendering is a slight departure from architects' WASA/Studio A's previous drawings—gone are the brick portions, and the difference between the ground-floor and upper-floor windows is more stark. Once completed, the building is going to have 215 units, some of which may or may not include private pools.
http://ny.curbed.com/archives/2013/12/11/new_renderings_spotted_at_421_kent_avenue_site.php
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Kapell opens new firm
Martin Kapell, until recently a partner at WASA/Studio A, has opened a new architecture office in Hudson Square called think! architecture and design.
Although think! is committed to the general practice of architecture, it is currently designing several multi-family residential projects.
Among these are 267 Rogers Avenue in Crown Heights, a 125,000 square foot, 165-unit rental building in the Crown Heights section of Brooklyn, and 421 Kent Avenue, an ultra-high-end 440,000 square foot, 216-unit condominium in Williamsburg.
The firm is also building on Kapell’s expertise in the design of performance spaces with current projects at La Mama, the off-Broadway theater company, and the recently completed master plan for Symphony Space.
Kapell has been working as an architect in New York since the early 1980’s, first as a partner at Kapell & Kostow Architects, then in collaboration with Charles Tannhauser and Jack Esterson at TEK.
For the last eight years, he has been the senior design partner at WASA/Studio A
think! has established an ongoing joint venture with the Spector Groupto pursue larger projects. The two firms are already working together on several jobs.
http://www.rew-online.com/2013/12/11/building-roundup-mw-gensler-and-think/
XIN is setting up ideal BUY levels at 5.25-5.40. Get it it's a sure thing. Chinese real estate that pays a dividend and has been surpassing sales goals and acquiring more land quickly. Get on board, people! Long since 4.0 -P/T
I have owned this stock since 2009 and I am still amazed at how people are so quick to dump it, usually for no apparent reason. If it's fraud they are afraid of, I have never seen any indication that this company is anything but above-board. The PE is extremely low, and they pay a decent dividend, and they make money quarter after quarter. It's pretty much a no brainer, but maybe that's the problem - fear of too good to be true.
Owning the stock for near 5 years has bee a real roller coaster ride, but I think this year it has finally gotten some traction with the TPG investment and above $5 share price, and it will continue to go up in spite of the occasional nasty sell-off like we had today.
Shhh .. just let the company keep buying back cheap shares ... at this rate, eventually you and I will own the whole company!
Imagine the dividend THEN ... lol!
I don't get it. Why are people so ignorant about this stock? These Chinese managers are throwing everything they can at the problem of their stock being severely undervalued and still, very little progress is being made...yet. I think the biggest problem is that their market capitlization is too small for the big money to start pouring in. That means it's up to the small investor to invest enough money first, so that the big money can come in based off of their minimum market cap investment guidelines. That is going to be the time when the lucky first small investors get to sit back and say "I TOLD YOU SO" to their friends as they get paid.
just look at their earnings report from today, this company is insanely undervalued. They are making money hand over fist and yet still they can not get enough small investors on board to make a sizeable gain in the stock price yet. Again, it will only stay this way until the market capitlization gets large enough for the big money to start coming in
If anybody has any doubt that this company's valuation is too good to be true, just look at XIN's 60 million dollar share buyback plan for comfort, or their consistent dividend. Last time I checked, companies that are committing fraud do not consistently pay out huge dividends or buy back their own shares in huge denominations. If that's not enough, look at the NYSE auditing requirements for exchange listed stocks. In case people don't know this, XIN is a NYSE listed stock. THEIR NUMBER'S ARE LEGITITMATE. I feel bad for the people that are following this stock and explainging their reasons for why they are bearish. These poor people are going to look back 2 years from now and say WOW, I could have bought that stock at $5.00 and now it's at $20.00+, but instead I tried to short one of the most undervalued stocks of all time. All because of the fact that not too long ago, there was a handfull of Chinese companies that were lying about their financials, so people assumed that all Chinese companies were lying, and they threw the good companies out with the bad.
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Chinas Residential real estate on 60 minutes
Anybody catch 60 minutes last night? 1 of their segments featured China's residential real estate bubble. Huge residential developments built and no one is living in them. Mostly huge apartment towers. Ghost communities, ghost towns. Built to accommodate the influx of rual village people moving to the cities. One problem, they can't afford them. New house cost average is 45 times the annual salary. The The villagers make about 20 bucks a day they're poor. Was going to buy the houses and apartments. New law came into effect this year. 1 house per family in 1 city. But some are looping around this by buying a home in another city. The fact remains that the law has stalled some residential developments. The law may have been specific only to Beijing. Must see Episode.
Glad I did not sell on the open ... XIN recovering from early panic-selling and profit-taking.
Still extremely low valuation and legitimacy confirmed by growing dividend.
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1257744/1/.html
"Chinese property developers' shares fell on Monday over worries about the impact of new government measures to control house prices announced last week."
"Homeowners who sell their properties will have to pay a capital gains tax of 20 per cent on their profits, the State Council, or cabinet, said in a statement late Friday."
So glad I sold my trading position on Friday.
Already down 12.5% pre-market.
good stuff... it will take 2 more years and this will have truned into a money making gem
darn WSJ, had to go and write a feature about XIN and how they are quietly building a real estate empire in US and China. I was hoping to load up on more shares before the institutions started gobbling up shares.
I haven´t done any DD on the new board member yet, but according to the press release he doesn´t seem to be a guy who joins scams .
I just hope the scaredy-cats keep the price low long enough for me to really load up. Not too often you come across a company with XIN's explosive earnings literally trading at its EPS.
People don't realize a few things: The Chinese Gov mandates folks have to put up something like 30% down when they buy a property. Many put up more. The US housing bubble burst was so devastating because 99% of the people had NO equity in their homes.
Yes, Chinese real estate will cool a bit because the government is going to guide it down, but the underlying issue is somthing like 20 million chinese are moving to cities every year. That is likely a 20 year trend. Also XIN is snapping up some US properties as well.
Keep buying, this is a company with a bright future
http://www.whackotrader.com/2012/10/xin-reaching-up-again.html
nice technical updates on XIN once in a while
Think the SA article might have helped fuel this today? They rarely have effect and this one lacks all semblence of indepth due diligence but nonetheless the simple facts stated are true enough.
http://seekingalpha.com/article/938561-small-cap-chinese-companies-fight-off-american-distrust?source=yahoo
I am actually strongly considering getting back in this one but going to wait a bit and watch the technical action first - Could be a short-lived pop as we have all seen plenty enough with US listed Chinese stocks.
Going back private is a concern with legit beaten up big board stocks that have the unique mispriveldge of being Chinese if actually legit, but with the continued divis and purchase of NYC assets it doesnt have the about to pull a go private move feeling... Why would they initiate steps to solidify legitimacy in the markets eyes if that was the case? They'd prefer to keep the pps low to force hand shareholders to accept a lowball offer compared to BV.
I sold my posiition in May at 3.26, not getting the feeling that it was ready to hold up and it didnt. But now Im wondering if the time is ripe to up a position again despite my overall philosophy of not chasing. Personally I dont think I will have to chase todays close as it will likely settle some over the week as the volume was 3x normal on not much of a catalyst. Its on the close radar screen in the ST to see what is next from here, I could be completely off.
Long term Im not seeing much to dislike fundamentally, and never have. Wheres the skeleton? Please show me one if they have one lurking in the closet. Just waiting for degrees of trust to establish themselves regarding US listed China legit big boards instead of spitting in the wind again. In retrospect following the MS nod on YONG for example was not then, and perhaps now not a bad idea either. Everyone is so spooked, and rightly so, in the US listed China space but the strongest ones are bound to appreciate first and strongest IMO, once the market believes the legitimacy of the company and that they have zero intention of going back private. Then serious corrections could be in store with sustained volume of half todays.
yep XIN is due!
The share repurchase program should bring the outstanding ADRs to 66-68 mil (assuming no major price advances)...
Let´s hope the CEO doesn´t change his plan and continues operations as a public company.
Net income for 2012 is expected to be between 130-140 mil. With a moderade dividend police going forward one is paid back relatively quick.
Also, is their (potential) $20 million share buyback (on top of the $10 million already re-purchased in 2011).
If the share re-purchase holds in proportion to the share price, I figure I'll own the entire company in 10 years ... if so, I'll be sure to invite everyone here to stay in New York at the building announced today ... lol. (If TF agrees ... we might end up partners.)
http://seekingalpha.com/news-article/3266141-xinyuan-real-estate-co-ltd-announces-additional-us-20-million-for-share-repurchase
Good news and even better is the low share price on high volume.
Anyone else paying attention to the news?! (Love that this is flying under-the-radar!!)
nice volume lately...
"In addition, the Board of Directors has approved an additional US$20 million share repurchase program effective immediately. This will be funded from available working capital."
Any guesses on when that $20M buyback may kick in, or is it along the same lines as the old CCME buyback?
Good news....
http://ih.advfn.com/p.php?pid=nmona&article=52844976
Xinyuan Real Estate Co., Ltd. Announces First Quarter 2012 Financial Results (PR NEWSWIRE press release May 9, 2012, 6:00 a.m. EDT)
http://www.marketwatch.com/story/xinyuan-real-estate-co-ltd-announces-first-quarter-2012-financial-results-2012-05-09
Company Exceeds First Quarter Revenue, Net Income, and EPS Projections --
BEIJING, May 9, 2012 /PRNewswire via COMTEX/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") XIN +0.92% , 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 first quarter of 2012.
Highlights for the First Quarter 2012
Total first quarter revenues were US$172.6 million, an 88.0% increase from US$91.8 million reported in the first quarter of 2011, and a 13.6% decrease from US$199.8 million recorded in the fourth quarter of 2011.
Contract sales totaled US$159.7 million, a 63.0% increase from US$98.0 million recorded in the first quarter of 2011, and a 7.2% decrease from US$172.1 million recorded in the fourth quarter of 2011.
Total gross floor area ("GFA") sales were 114,600 square meters, a 40.4% increase from 81,600 square meters sold in the first quarter of 2011 and a 2.4% increase from 111,900 square meters sold in the fourth quarter of 2011.
Selling, General, and Administrative ("SG&A") expenses as a percent of total revenue totaled 6.9% compared to 8.1% in the first quarter of 2011 and 5.8% in the fourth quarter of 2011.
Net income reached US$23.2million, a 98.3% increase from US$11.7 million reported in the first quarter of 2011 and an 18.0% decrease from US$28.3 million in the fourth quarter of 2011.
Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.31, equivalent to US$0.15 per common share, compared to diluted net earnings per ADS of US$0.16, equivalent to US$0.08 per common share, in the first quarter of 2011 and US$0.38 per ADS, equivalent to US$0.19 per common share, in the fourth quarter of 2011.
Cash and cash equivalents, including restricted cash, increased by US$28.1 million to US$515.7 million as of March 31, 2012 from US$487.6 million as of December 31, 2011. Short and long term debt decreased by US$2.8 million to US$282.7 million compared to US$285.5 million as of December 31, 2011.
On April 18, 2012 the Company announced a quarterly dividend of US$0.04 per ADS (US$0.02 per share) to shareholders of record on April 30, 2012 payable on May 15, 2012.
Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer said, "We were pleased to experience a strong contract sales growth in February and March versus a very weak January. As a result, we exceeded our contract sales, revenue and net income guidance ranges for the first quarter. Our contract sales results reflect the impact of selective discounting within certain development projects and indicate that our development projects in Tier II & III cities continue to be better insulated from restrictive government policies than projects in Tier I cities. Ten development projects were active in the first quarter with total GFA sales of nearly 115,000 square meters.
"Looking ahead, and assuming there will be no easing of government-implemented buyer restriction policies, we expect contract sales to show moderate growth over prior 2012 financial projections with selective discounting continuing through the end of the year.
"We were also pleased to announce the implementation of a US$0.04 per ADS quarterly dividend. Our annual payout of US$0.16 per ADS is 60% higher than the prior year period. We continue to seek attractive land acquisitions at reasonable prices and to maximize shareholder returns through our quarterly dividend payments and share repurchase program. With a highly diversified project pipeline and strong balance sheet, we remain highly confident in our strategy to offer affordable developments in Tier II & III cities."
Financial Results for the First Quarter 2012
Contract Sales
Contract sales totaled US$159.7 million in the first quarter compared to US$98.0 million in the first quarter of 2011 and US$172.1 million in the fourth quarter of 2011. The Company's GFA sales were 114,600 square meters in the first quarter of 2012 versus 81,600 square meters in the first quarter of 2011 and 111,900 square meters in the fourth quarter of 2011. The average selling price per square meter sold was RMB8,787 (US$1,393) in the first quarter of 2012 versus RMB7,908 (US$1,201) in the first quarter of 2011 and RMB9,940 (US$1,538) in the fourth quarter of 2011. The sequential ASP decline is attributed to sales of high-priced retail space in the previous quarter not continuing in the first quarter and to selectively discounting of certain residential properties as planned.
Breakdown of GFA Sales and ASP's by Project
Q1 2011 Q4 2011 Q1 2012 Unsold
GFA ASP GFA ASP GFA ASP GFA
Project (sqm 000) (Rmb) (sqm 000) (Rmb) (sqm 000) (Rmb) (sqm 000)
Chengdu Splendid I 5.3 5,266 6.3 10,195 2.8 7,048 15.9
Chengdu Splendid II 28.3 7,045 13.9 6,936 20.2 6,829 31.5
Zhengzhou Modern City 11.9 8,217 15.5 13,462 11.3 9,646 51.6
Zhengzhou Royal Palace - - 9.2 15,568 6.7 16,244 104.2
Zhengzhou Century East B - - 13.1 8,555 11.2 8,215 106.5
Kunshan Intl City Garden 4.0 11,336 7.9 9,433 (4.6) 8,201 120.6
Suzhou Intl City Garden 2.1 14,800 10.1 10,676 27.8 9,836 40.8
Xuzhou Colorful Garden 21.3 7,321 0.8 11,064 0.8 7,549 0.2
Jinan Xinyuan Splendid - - 7.5 8,375 16.4 7,723 462.9
Zhengzhou Yipinxiangshan II 3.7 8,192 26.8 8,157 20.7 7,228 58.6
Others 5.0 - 0.8 - 1.3 - 6.7
Total 81.6 7,908 111.9 9,940 114.6 8,787 999.5
The negative GFA sales for the Company's Kunshan project in the table above reflects the Q1 2012 cancellation by mutual agreement of 137 apartment contracts totaling US$19 million dating back to 2010 when government policy restrictions rendered many buyers ineligible for mortgages. In 2010 the Company recognized total sales reversals of US$42.8 million from 348 apartments where the Company took the position that contracts not clearly executable under prevailing government policies should not be recognized as revenue under the percentage of completion method. Thus, these Q1 2012 Kunshan contract cancellations do not impact revenue under the percentage of completion method. As of the end of the first quarter of 2012, 190 unrecognized contracts with a total value of US$25.4 million remain outstanding.
Revenue under the Percentage of Completion Method
In the first quarter of 2012, the Company's total revenue using the percentage of completion method was US$172.6 million compared to US$91.8 million in the first quarter of 2011 and US$199.8 million in the fourth quarter of 2011.
Gross Profit
Gross profit for the first quarter of 2012 was US$49.2 million, or 28.5% of revenue, compared to gross profit of US$25.1 million, or 27.3% of revenue, in the first quarter of 2011 and a gross profit of US$56.4 million, or 28.2% of revenue, in the fourth quarter of 2011.
Each quarter the Company revises total project cost and sales projections for all projects. In the first quarter of 2012 US$1.0 million of cumulative gross profit was recognized under the percentage of completion method due to changes in estimates compared to US$0.8 million being recognized the previous quarter due to changes in estimates.
Selling, General and Administrative Expenses
SG&A expenses were US$12.0 million for the first quarter of 2012 compared to US$7.4 million for the first quarter of 2011 and US$11.7 million for the fourth quarter of 2011. As a percentage of total revenue, SG&A expenses were 6.9% compared to 8.1% in the first quarter of 2011 and 5.8% in the fourth quarter of 2011. The sequential increase in SG&A expenses was partly due to increased legal and consulting expenses in the project search and evaluation process for residential projects in the United States.
Share-based Compensation
Share-based compensation was US$0.1 million for the first quarter of 2012 compared to US$0.5 million for the first quarter of 2011 and US$0.2 million for the fourth quarter of 2011.
Net Income
Net income for the first quarter of 2012 was US$23.2 million compared to US$11.7 million for the same period in 2011 and US$28.3 million in the fourth quarter of 2011. Net margin was 13.5 %, compared to 12.7% in the first quarter of 2011 and 14.2% in the fourth quarter of 2011. Diluted earnings per ADS were US$0.31, equivalent to US$0.15 per common share, compared to a profit of US$0.16 per ADS, equivalent to US$0.08 per common share for the same period in 2011, and US$0.38 per ADS, equivalent to US$0.19 per common share, in the fourth quarter of 2011.
Balance Sheet
As of March 31, 2012, the Company reported US$515.7 million in cash and cash equivalents (including restricted cash) compared to US$487.6 million as of December 31, 2011. Total debt outstanding was US$282.7 million, a decrease of US$2.8 million compared to US$285.5 million at the end of the fourth quarter of 2011. The value of the Company's real estate property under development at the end of the first quarter was US$705.3 million compared to US$761.9 million at the end of the fourth quarter of 2011.
Project Status
Below is a summary table of projects that were active in the first quarter of 2012.
GFA Contract Sales Project Cost
% Complete
(sqm 000) (US$ million)
Project Total Sold Total Sales %
Active to date Active to date
Projects Projects
Sold
Chengdu Splendid I 231.0 215.1 196.7 178.7 90.8% 94.8%
Chengdu Splendid II 216.9 185.4 228.9 197.5 86.3% 93.0%
Zhengzhou Modern City 255.4 203.8 351.4 265.3 75.5% 70.7%
Zhengzhou Royal Palace 132.2 28.0 214.7 67.7 31.5% 66.8%
Zhengzhou Century East B 166.5 60.0 236.5 81.5 34.5% 71.2%
Kunshan Intl City Garden 497.9 377.3 582.1 430.3 73.9% 94.7%
Suzhou Intl City Garden 204.9 164.1 314.3 256.8 81.7% 98.3%
Xuzhou Colorful Garden 101.8 101.6 119.5 119.1 99.7% 85.2%
Jinan Xinyuan Splendid 565.4 102.5 766.3 140.9 18.4% 57.9%
Zhengzhou Yipinxiangshan II 198.5 139.9 216.6 159.9 73.8% 72.2%
Others remaining GFA 6.7
Total active projects 2,577.2 1,577.7 3,227.0 1,897.7 58.8% 78.4%
As of March 31, 2012, the Company's total sellable GFA was approximately 1,403,200 square meters for active projects and pre-revenue stage projects. Below is a summary of all projects at Xinyuan that are in the planning stage:
Unsold GFA First
(sqm 000) Pre sales
Scheduled
Zhengzhou Century East A 77.8 Q3 2012
Newly Acquired Zhengzhou Land 208.3 Q4 2012
Newly Acquired Xuzhou Land 117.6 Q4 2012
Total projects under planning 403.7
Total active projects 999.5
Total all Xinyuan projects 1,403.2
Second Quarter and Full Year 2012 Outlook
The Company expects contract sales in the second quarter of 2012 to be in the range of US$190 to US$200 million. Revenue under the percentage of completion method is expected to range between US$210 and US$220 million and net income in the second quarter is expected to be in the range of US$27.0 to US$30.0 million.
For the full year 2012, contract sales are expected to be in the range of US$660 to US$680 million. Revenue under the percentage of completion method is expected to range between US$760 and US$780 million and net income is expected to be in the range of US$97 to US$107 million.
Percentage of Completion Accounting
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 revenue = Cumulative contract sales proceeds x Cumulative incurred cost Total estimated project cost
Cumulative cost of sales = Cumulative contract sales x Cumulative incurred 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 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.
Conference Call Information
Xinyuan's management will host an earnings conference call on May 9th, 2012 at 8:00 a.m. U.S. Eastern Time. Listeners may access the call by dialing 1-719-457-2660. 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 1-858-384-5517, access code: 1737491
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") XIN +0.92% 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 .
Is Xinyuan Real Estate The World's Cheapest Stock?
http://seekingalpha.com/article/462341-is-xinyuan-real-estate-the-world-s-cheapest-stock
Xinyuan Real Estate (XIN) - A value and growth investment.
Xinyuan Real Estate is a Chinese residential real estate developer that specializes in building high rise apartment buildings and multi-layer apartment buildings. The company became the first Chinese real estate developer to have an initial public offering on the NYSE as it raised $245 million in December 2012. As it stands the company currently trades with an insulting market capitalization of $251 million as of April 20. The company recently posted its 2011 figures that show a 53% increase in revenue reflecting $688 million with a strong net income of $102 million. On a per ADS basis, the earnings more than doubled from 2010 jumping from $0.66 to $1.36. Additionally, the company raised its dividend 60% going forward from $0.10 to $0.16. Fears of a Chinese real estate crash and a depressed market for Chinese companies trading in America in light of reverse-merger fraudulence have unfairly hurt Xinyuan since its IPO at the start of the Great Recession.
The company's advantage is that it that it focuses on Tier II cities in China, the cities that have not fully developed into the giant cities expressed in Tier 1 cities. These cities are more likely to experience continued rapid growth and are less likely to be affected by government regulations that are designed to cool down overdeveloping construction. As the largest fear in the Chinese market rests in a crash of a hot real estate market that has been booming, Xinyuan has been disproportionately discounted in light of this unique advantage built into its business model. As it stands, the company actually has more cash on hand than its entire market capitalization is currently valued a
Xinyuan Real Estate Co., Ltd. Announces Quarterly Cash Dividend
-Company Raises Annualized Dividend Payment- -Moves from Annual to Quarterly Payment-
BEIJING, April 18, 2012 /PRNewswire via COMTEX/ -- Xinyuan Real Estate Co., Ltd. XIN -5.37% , a residential real estate developer with a focus on high growth, strategic Tier II & III cities in China, announced today that its Board of Directors has declared a quarterly cash dividend of US$0.02 per common share, or US$0.04 per American Depositary Share (ADS), payable May 15, 2012, to shareholders of record on April 30, 2012. This is equivalent to an annual cash dividend of US$0.08 per common share, or US$0.16 per ADS, which represents a substantial increase over the previous year's annual dividend of $0.10 per ADS.
Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer commented, "We are pleased to continue our cash dividend for the second consecutive year and to initiate distribution of our dividend payment on a quarterly basis going forward. Management's decision to increase the dividend demonstrates Xinyuan's financial health and operational strength despite the challenging property market environment in China. We remain confident in our future growth prospects and long-term financial strength."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") XIN -5.37% 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 .
XINYUAN REAL ESTATE CO., LTD. Financials EDGAR Online Financials(Fri, Apr 20, 2012)
http://finance.yahoo.com/q/is?s=xin&annual
Xinyuan Real Estate Co., Ltd. to Report First Quarter 2012 Financial Results on May 9, 2012
BEIJING, May 4, 2012 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company ") (XIN), a residential real estate developer with a focus on high growth, strategic Tier II cities in China , today announced that it plans to release first quarter 2012 financial results on Wednesday May 9th, 2012, before the market opens.
The Company will hold a conference call at 8:00 am ET on May 9th, 2012 to discuss first quarter 2012 results. Listeners may access the call by dialing 1-719-457-2660. A webcast will also be available through the Company's investor relations website at http://www.xyre.com. A replay of the call will be available through May 16th, 2012 by dialing 1-858-384-5517, access code: 1737491.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (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 and III cities, comprising of Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Chengdu and Xuzhou. 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.
For more information, please contact:
In China:
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86 (10) 8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Financial Controller
Tel: +86 (10) 8588-9255
Email: yuan.z@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583 7511
Email: William.zima@icrinc.com
Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter and Full Year 2011
Financial Results
BEIJING, Feb. 23, 2012 /PRNewswire via COMTEX/ -- Xinyuan Real Estate Co., Ltd.
("Xinyuan" or "the Company") (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 2011.
Highlights for the Fourth Quarter 2011
Total fourth quarter revenues were US$199.8 million, a 45.6% increase from
US$137.2 million reported in the fourth quarter of 2010, and 6.3% decrease from
US$213.3 million recorded in the third quarter of 2011.
Contract sales totaled US$172.1 million, an 11.3% decrease from US$194.1 million
recorded in the fourth quarter of 2010, and 33.1% decrease from US$257.1 million
recorded in the third quarter of 2011.
Total gross floor area ("GFA") sales were 111,900 square meters, a 35.4% decrease
from 173,200 square meters sold in the fourth quarter of 2010 and 40.7% decrease
from 188,700 square meters sold in the third quarter of 2011.
Selling, General, and Administrative ("SG&A") expenses as a percent of total
revenue totaled 5.8% compared to 6.7% in the fourth quarter of 2010 and 6.7% in
the third quarter of 2011.
Net income reached US$28.3 million, a 31.0% increase from US$21.6 million
reported in the fourth quarter of 2010 and 9.3% decrease from US$31.2 million in
the third quarter of 2011.
Diluted net earnings per share attributable to ordinary shareholders were
US$0.19, equivalent to US$0.38 per American Depositary Share ("ADS"), compared to
diluted net earnings per share of US$0.14, equivalent to US$0.28 per ADS, in the
fourth quarter of 2010 and US$0.21, equivalent to US$0.42 per ADS, in the third
quarter of 2011.
Cash and cash equivalents, including restricted cash, decreased by US$37.5
million to US$487.6 million as of December 31, 2011 from US$525.1 million as of
September 30, 2011 as the Company spent US$83.0 million on new land acquisitions
in the fourth quarter of 2011. Short and long term debt decreased by US$18.0
million to US$285.5 million compared to US$303.5 million as of September 30,
2011.
On May 26, 2011, the Company announced a share repurchase program of up to US$10
million. In the 2011 fourth quarter, the Company repurchased 1,380,265 ADS's at a
total cost of US$2.5 million. Since the start of the share repurchase program,
Xinyuan has repurchased 3,771,764 ADS's at a total cost of nearly US$8.0 million.
The Company acquired two parcels of land In Zhengzhou and Xuzhou with a total GFA
of approximately 326,000 square meters.
Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer said, "We were
pleased to achieve our revenue and net income guidance ranges for the fourth
quarter despite market headwinds experienced from November 2011 onwards. While
broader demand for our projects was affected by ongoing home buying restriction
policies, our development projects in Tier II & III cities have been better
insulated from more significantly weaker housing prices in Tier I cities. Eleven
development projects were active in the fourth quarter with total GFA sales of
approximately 112,000 square meters and average selling prices increasing 12% to
RMB 9,940 primarily due to a mix of higher-priced projects and sales of
commercial retail space in our Chengdu and Zhengzhou Modern City projects which
carry higher prices than residential space.
"For the full year of 2011, our revenue increased by 52.8% to US$688 million from
US$450 million in 2010. Net profit surpassed US$100 million, which is virtually
double the previous year's profit. This strong performance has allowed us to
purchase land, reduce our debt, establish a stock buyback program, and initiate a
dividend program.
"Looking ahead, we expect contract sales to remain sluggish in 2012 if there is
no easing of buyer restriction policies. However, we believe that 2012 will see
year-over-year revenue and net income growth for Xinyuan. We have a sound balance
sheet, sufficient capital and access to capital for the development of all of our
projects including our most recent land parcels acquired in the fourth quarter.
We continue to seek attractive land acquisitions and to maximize shareholder
returns. With a highly diversified project pipeline and strong balance sheet, we
remain highly confident in our strategy to offer affordable developments in Tier
II & III cities."
Financial Results for the Fourth Quarter 2011
Contract Sales
Contract sales totaled US$172.1 million in the fourth quarter compared to
US$194.1 million in the fourth quarter of 2010 and US$257.1 million in the third
quarter of 2011. The Company's GFA sales were 111,900 square meters in the fourth
quarter of 2011 versus 173,200 square meters in the fourth quarter of 2010 and
188,700 square meters in the third quarter of 2011. The average selling price per
square meter sold was RMB9,940 (US$1,538) in the fourth quarter of 2011 versus
RMB7,584 (US$1,120) in the fourth quarter of 2010 and RMB8,857 (US$1,362) in the
third quarter of 2011.
Breakdown of GFA Sales and ASP's by Project
Q4 2010Q3 2011Q4 2011Unsold
GFAASPGFAASPGFAASPGFA
Project(sqm 000) (Rmb)(sqm 000) (Rmb)(sqm 000) (Rmb)(sqm 000)
Chengdu Splendid I6.65,0017.65,6746.310,195 18.7
Chengdu Splendid II53.86,68021.06,91613.96,93651.7
Zhengzhou Colorful Garden5.98,5331.013,798 0.117,584 3.7
Zhengzhou Modern City54.17,57517.48,80815.513,462 62.9
Zhengzhou Royal Palace--12.114,388 9.215,568 110.9
Zhengzhou Century East B--25.78,70513.18,555117.7
Kunshan Intl City Garden11.89,42214.09,7867.99,433116.0
Suzhou Intl City Garden6.713,087 20.610,969 10.110,676 67.7
Xuzhou Colorful Garden29.17,2637.68,7850.811,064 1.0
Jinan Xinyuan Splendid--22.99,4827.58,375479.3
Zhengzhou Yipinxiangshan II --38.86,92826.88,15779.4
Others5.29,756--0.7-4.1
Total173.27,584188.78,857111.99,9401,113.1
Revenue under the Percentage of Completion Method
In the fourth quarter of 2011, the Company's total revenue using the percentage
of completion method was US$199.8 million compared to US$137.2 million in the
fourth quarter of 2010 and US$213.3 million in the third quarter of 2011. Versus
the previous quarter, this quarter's decrease in revenue under the percentage of
completion method is mainly due to the decrease in contract sales.
Gross Profit
Gross profit for the fourth quarter of 2011 was US$56.4 million, or 28.2% of
revenue, compared to gross profit of US$41.4 million, or 30.2% of revenue, in the
fourth quarter of 2010 and a gross profit of US$63.8 million, or 29.9% of
revenue, in the third quarter of 2011.
Each quarter the Company revises total project cost and sales projections for all
projects. In the fourth quarter of 2011 US$0.8 million of cumulative gross profit
was recognized under the percentage of completion method due to changes in
estimates compared to US$3.7 million being recognized the previous quarter due to
changes in estimates.
Selling, General and Administrative Expenses
SG&A expenses were US$11.7 million for the fourth quarter of 2011 compared to
US$9.1 million for the fourth quarter of 2010 and US$14.2 million for the third
quarter of 2011. As a percentage of total revenue, SG&A expenses were 5.8%
compared to 6.7% in the fourth quarter of 2010 and 6.7% in the third quarter of
2011. The decrease in SG&A expenses was mainly due to decreased sales agent
commissions and reduced promotional fees associated with new project launches.
Share-based Compensation
Share-based compensation was US$0.2 million for the fourth quarter of 2011
compared to US$0.6 million for the fourth quarter of 2010 and US$0.5 million for
the third quarter of 2011.
Net Income
Net income for the fourth quarter of 2011 was US$28.3 million compared to US$21.6
million for the same period in 2010 and US$31.2 million in the third quarter of
2011. Net margin was 14.2 %, compared to 15.7% in the fourth quarter of 2010 and
14.6% in the third quarter of 2011. Diluted earnings per share for the fourth
quarter of 2011 were US$0.19, equivalent to US$0.38 per ADS, compared to a profit
of US$0.14 per diluted share, equivalent to US$0.28 per ADS, for the same period
in 2010, and US$0.21 per diluted share, equivalent to US$0.42 per ADS, in the
third quarter of 2011.
Financial Results for the Full Year 2011
For the year ended December 31, 2011, total revenues increased by 52.8% to
US$687.5 million from US$450.0 million in 2010. GFA sales increased by 8.0% to
565,700 square meters from 523,800 square meters in 2010. Contract sales
increased by 29.0% to US$758.9 million from US$588.3 million in 2010.
Gross profit was US$199.7 million, or 29.1% of revenue, for fiscal year 2011
compared to a gross profit of US$115.5 million, or of 25.7% of revenue, for
fiscal year 2010.
SG&A expenses were US$43.4 million, or 6.3% of revenue, compared to US$32.9
million, or 7.3% of revenue in 2010.
Net income was US$103.0 million for fiscal year 2011, versus net income of
US$51.1 million for 2010. Diluted earnings per share were US$0.68, equivalent to
US$1.36 per ADS in 2011, compared to US$0.33, equivalent to US$0.66 per ADS in
2010.
Balance Sheet
As of December 31, 2011, the Company reported US$487.6 million in cash and cash
equivalents (including restricted cash) compared to US$525.1 million as of
September 30, 2011. Total debt outstanding was US$285.5 million, a decrease of
US$18.0 million compared to US$303.5 million at the end of the third quarter of
2011. The value of the Company's real estate property under development at the
end of the fourth quarter was US$761.9 million compared to US$622.3 million at
the end of the third quarter of 2011.
Project Status
Below is a summary table of projects that were active in the fourth quarter of
2011.
GFAContract SalesProject Cost % Complete
(sqm 000)(US$ million)
ProjectTotal Active Projects Sold to date Total Active Projects Sales to date %
Sold
Chengdu Splendid I231.0212.3192.0171.489.3% 93.7%
Chengdu Splendid II216.9165.2220.9171.477.6% 90.6%
Zhengzhou Colorful Garden191.9188.2199.6193.897.1% 99.7%
Zhengzhou Modern City255.4192.5341.7242.170.9% 67.8%
Zhengzhou Royal Palace132.221.3209.149.223.5% 66.9%
Zhengzhou Century East B166.548.8231.465.328.2% 68.6%
Kunshan Intl City Garden497.9381.9569.6426.074.8% 94.0%
Suzhou Intl City Garden204.1136.4301.8208.469.1% 97.9%
Xuzhou Colorful Garden101.8100.8116.9115.498.7% 80.1%
Jinan Xinyuan Splendid565.486.1747.4117.915.8% 53.7%
Zhengzhou Yipinxiangshan II 198.5119.1209.7132.963.4% 70.3%
Others remaining GFA4.1
Total active projects2,765.71,652.63,340.11,893.856.7% 77.8%
As of December 31, 2011, the Company's total sellable GFA was approximately
1,516,800 square meters for active projects and pre-revenue stage projects. Below
is a summary of all projects at Xinyuan that are in the planning stage:
Unsold GFA First
(sqm 000)Pre sales Scheduled
Zhengzhou Century East A (planning) 77.8Q2 2012
Newly AcquiredZhengzhou Land208.3Q4 2012
Newly Acquired Xuzhou Land117.6Q4 2012
Total active projects1,113.1
Total all Xinyuan projects1,516.8
First Quarter and Full Year 2012 Outlook
The Company expects contract sales in the first quarter of 2012 to be in the
range of US$105 to US$115 million. Revenue under the percentage of completion
method is expected to range between US$135 and US$145 million and net income in
the first quarter is expected to be in the range of US$18.0 to US$21.0 million.
For the full year 2012, contract sales are expected to be in the range of US$635
to US$655 million. Revenue under the percentage of completion method is expected
to range between US$755 and US$775 million and net income is expected to be in
the range of US$95 to US$105 million.
Percentage of Completion Accounting
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 revenue = Cumulative contract sales proceeds x Cumulative incurred
cost Total estimated project cost
Cumulative cost of sales = Cumulative contract sales x Cumulative incurred 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.
Conference Call Information
Xinyuan's management will host an earnings conference call on February 23rd, 2012
at 8:00 a.m. U.S. Eastern Time. Listeners may access the call by dialing
1-719-325-4849. 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 1-858-384-5517, access code: 6044672.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (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 for the year ended December 31, 2010. All information provided in
this press release is as of February 23, 2012. 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:
tom.gurnee@xyre.com
Ms. Helen Zhang Financial Controller Tel: +86 (10) 8588-9255 Email:
yuan.z@xyre.com
ICR, LLC In U.S.: +1-646-308-1472 In China: +86 (10) 6583-7511 Email:
William.zima@icrinc.com
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,December31,
201120112010
(unaudited)(unaudited)(unaudited)
Revenue199,770213,272137,191
Cost of revenue(143,407)(149,464)(95,806)
Gross profit56,36363,80841,385
Selling and distribution expenses(3,645)(6,773)(3,328)
General and administrative expenses(8,006)(7,453)(5,817)
Operating income44,71249,58232,240
Interest income2,5821,230665
Share of income in an equity investee--1,273
Exchange gains1-1
Income from operations before income taxes47,29550,81234,179
Income taxes(18,986)(19,591)(12,572)
Net income28,30931,22121,607
Less: net income/ (loss) attributable to non-controlling interest 114(59)(18)
Net income attributable to shareholders28,19531,28021,625
Earnings per share:
Basic0.190.210.14
Diluted0.190.210.14
Shares used in computation:
Basic147,992151,015153,186
Diluted147,992151,015153,280
XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All US$ amounts and number of shares data in thousands, except per share data)
Twelvemonths ended
December 31December 31,
20112010
(unaudited)(audited)
Revenue687,508449,972
Cost of revenue(487,777)(334,453)
Gross profit199,731115,519
Selling expenses(16,209)(10,724)
General and administrative expenses(27,231)(22,208)
Operating income156,29182,587
Interest income5,2942,218
Other income/(expense)-2,380
Share of income in an equity investee-227
Exchange gains57202
Change in fair value of warrant liabilities-842
Income from operations before income taxes161,64288,456
Income taxes(58,637)(37,333)
Net income103,00551,123
Less: net income/ (loss) attributable to non-controlling interest 707(18)
Net income attributable to shareholders102,29851,141
Earnings per share:
Basic0.680.34
Diluted0.680.33
Shares used in computation:
Basic151,315152,578
Diluted151,315155,397
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,
201120112010
(unaudited)(unaudited)(audited)
ASSETS
Current assets
Cash and cash equivalents319,218364,247213,326
Restricted cash168,384160,80682,305
Accounts receivable22,39122,4343,511
Other receivables13,35210,1236,462
Other deposits and prepayments60,00671,09134,790
Advances to suppliers14,18415,81221,933
Real estate property development completed6,7756,0301,470
Real estate property under development761,871622,345710,585
Other current assets658429663
Total current assets1,366,8391,273,3171,075,045
Real estate properties held for lease, net18,52719,21319,876
Property and equipment, net2,9812,6642,687
Other long-term investment247247242
Deferred tax asset7086921,925
Other assets2,9013,1814,190
TOTAL ASSETS1,392,2031,299,3141,103,965
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,
201120112010
(unaudited)(unaudited)(audited)
LIABILITIES AND
SHAREHOLDERSEQUITY
Current liabilities
Accounts payable236,517175,929150,670
Short-term bank loans172,039179,362186,631
Customer deposits71,10965,02322,789
Income tax payable73,58938,05640,895
Deferred tax liabilities17,89647,59218,731
Other payables and accrued liabilities50,97047,88439,162
Payroll and welfare payable7,0183,0614,539
Current portion of long-term debt313296331
Total current liabilities629,451557,203463,748
Non- current liabilities
Long-term bank loans73,48282,83170,213
Unrecognized tax benefits13,82413,70713,151
Other long-term debt39,70941,04638,688
TOTAL LIABILITIES756,466694,787585,800
Shareholdersequity
Common shares151515
Treasury shares(7,959)(5,417)-
Additional paid-in capital509,713509,487507,973
Retained earnings (accumulated deficit)99,27871,893(17,749)
Statutory reserves33,57927,55927,559
TOTAL SHAREHOLDERSEQUITY634,626603,537517,798
Non-controlling interest1,111990367
TOTAL EQUITY635,737604,527518,165
TOTAL LIABILITIES AND
EQUITY1,392,2031,299,3141,103,965
SOURCE Xinyuan Real Estate Co., Ltd.
Copyright (C) 2012 PR Newswire. All rights reserved
won't know til it hits. if it gaps higher find a dip, if it gaps lower to .05c, buy it. other than that, no idea.
Earnings tomorrow morning. Which way does she go?
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