Xinyuan had strong 4Q sales according to CRIC data

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 2015 sales data for the country’s top 100 property developers. (LINK)

Xinyuan China is shown at #73 with estimated sales of 13.5Bn RMB

CRIC 2015 Top 100 Ranking

CRIC does not have access to any official company records and compiles its estimates from 3rd party sources like municipal data.  “Sales” estimated by CRIC are never going to equal “contract sales” reported under US GAAP financial statements.  Some of the sales in the CRIC data do not end up being closed and some are recognized in later periods (Xinyuan does not book a “contract sale” until it has received 30% of the price in cash).  Even though the numbers don’t match, CRIC data in prior quarters has been a good indication of the trend in Xinyuan results:

XIN Contract Sales FY2015

Conclusions from this week’s data:

  • a very strong 4Q and full year performance from Xinyuan
  • a strong performance relative to the industry (national ranking improved from #84 in 2014 to #73 in 2015)
  • improved asset turnover and progress towards deleveraging

 

 

Note: edited 1/11 for clarity

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