[photopress:real_estate_Xinyuan1.jpg,full,alignright]Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange. It is very interesting in that it is focussed on strategically selected Tier II cities in China.
Total revenues for the first quarter of 2008 were US$125.1 million, a 447.0% increase — a figure to conjure with — from US$22.9 million for the same quarter in 2007.
Net income for the first quarter of 2008 was US$33.0 million, a 379.9% increase from US$6.9 million for the same quarter in 2007.
In the first quarter of 2008, the Company launched a new project with total developable gross floor area of 204,992 square meters in Suzhou, and completed construction of total GFA of approximately 115,000 square meters for two ongoing projects in Jinan and Suzhou.
As of March 31, 2008, the Company had land reserves representing approximately 2.4 million square meters of developable gross floor area, all of which is either under construction or in the planning stage.
This represents future sales of 1.5 to 2 years of development activity.
Source: PR NewsWire