China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1Q16 sales data for the country’s top 100 property developers. (LINK)
Xinyuan China is shown at #81 with estimated sales of 3.24Bn RMB
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:
The large increase vs 1Q15 primarily reflects the weak market conditions in early 2015 prior to easing of monetary and real estate policies. Steady performance over the remainder of 2016 would allow Xinyuan to achieve its target of a 10-15% growth in contract sales.