[photopress:real_estatexin_yuan_real_estate_1_2.jpg,full,alignright]Xinyuan Real Estate, a foreign-funded real estate firm based in Henan Province, central China, is now listed on the New York Stock Exchange, becoming the first Chinese real estate firm to be offered on an American exchange.
According to its prospectus Xinyuan raised US$299.5 million from its initial offering.
An analyst said the biggest attraction of Xinyuan for foreign investors is that they are optimistic on the emerging estate markets in China.
The real estate business of Xinyuan is mainly in medium-sized Chinese cities. The company has nine wholly owned subsidiaries and two related companies. It has developed a total area of 939,000 square meters over the past decade and more than one million square meters are still under construction.
It maintains a compound annual growth of 86% in sales contracts.
Xinyuan was jointly started by Equity International and Blue Ridge China in cooperation with Henan Xinyuan Real Estate in August 2006.
So far, there are 38 Chinese companies listing on NYSE.
Source: Trading Markets