BEIJING, June 21, 2012 /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 that it had completed its US$10 million share repurchase program originally
announced on May 26, 2011. Through
June 18, 2012, the Company had
repurchased 4.5 million American Depositary Shares ("ADS") at a
total cost of US$10 million.
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.
The share repurchases under this program will be made through
the open market, with the timing of purchases and the amount of
stock purchased determined at the discretion of the Company's
management.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer commented, "Our strong
financial position and confidence in our business performance
allowed us to initiate an additional share repurchase program. We
believe the current trading range of Xinyuan's stock provides an
exceptional investment value for the Company and the additional
repurchase program is an effective means to enhance shareholder
value. Our diverse project portfolio, solid cash position, and
recent improving housing market performance all bode well for our
growth and profitability this year."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (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 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.
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/A for the year ended
December 31, 2011. All information
provided in this press release is as of June
21, 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.
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
SOURCE Xinyuan Real Estate Co., Ltd.