[photopress:real_estate_Xinyuan_Real_Estate.jpg,full,alignright]For the first quarter of 2008, Xinyuan expects contracted sales to be approximately RMB1,064 million, compared to approximately RMB135 million in the first quarter of 2007.
This represents a 688% first quarter year-over-year growth.
Xinyuan sold 2,144 residential units with a total gross floor area (‘GFA’) of 183,618 square meters in the first quarter of 2008, compared to 297 residential units with a total GFA of 29,827 square meters sold in the same period of the previous year.
Yong Zhang, Xinyuan’s chairman and chief executive officer said, ‘In the first quarter of 2008 we had contracted sales in five cities as compared to only two cities in the same period of 2007. We believe that with our continued expansion in selected Tier II cities, Xinyuan is ideally positioned to benefit from rapidly growing residential housing demand in these markets.’
Our illustration shows Xinyuan Real EstateChairman and CEO Yong Zhang looks at a screen as his company’s stock begins trading on the New York Stock Exchange in New York December 13, 2007.
Source: Fox Business