Xinyuan Science & Technology Service (NEEQ:870929) Outstanding 2017 Results

Xinyuan Science & Technology Service (XSTS), the property management subsidiary of Xinyuan Real Estate, filed its 2017 Annual Report (LINK).  Even though XSTS shares are not yet trading publicly, the NEEQ listing provides visibility into the rapid growth in Xinyuan's recurring revenues and income from this business.  Highlights: The company’s NEEQ listing was approved on … Continue reading Xinyuan Science & Technology Service (NEEQ:870929) Outstanding 2017 Results

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March 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 Hot Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions have kept prices flat for many months: Segregating the 10 strongest and weakest of the 70 markets … Continue reading March 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Xinyuan 1Q18 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1Q18 sales data for the country’s top 100 property developers (LINK).  Xinyuan China is shown at #69 with estimated sales of 6.04Bn RMB year-to-date. CRIC does not have access to any official company records and compiles its estimates from 3rd party sources … Continue reading Xinyuan 1Q18 Contract Sales Estimate from CRIC

February 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 First-tier Cities and Hot Second-tier Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions kept prices flat in 2017: NBS data show that rapid price increases are … Continue reading February 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Xinyuan Real Estate: Notes on 4Q Results

Highlights from Xinyuan’s recently reported 4Q17 results and Conference Call: China Contract Sales of $802mm, highest ever Only 5 more units sold at the Oosten Project in New York Book Value rose to approximately $15.34/ADS Leverage rose substantially.  Total assets increased by $2.2Bn in 2017 while equity increased by just $0.1Bn.  Landbank increased to 4.9mm sqm in 2017 … Continue reading Xinyuan Real Estate: Notes on 4Q Results

December 2017 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 First-tier Cities and Hot Second-tier Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions kept prices flat in 2017: NBS data show that rapid price increases are … Continue reading December 2017 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Xinyuan 4Q17 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 2017 sales data for the country’s top 200 property developers (LINK).  Xinyuan China is shown at #78 with estimated sales of 23.3Bn RMB year-to-date, which means 7.51Bn RMB for 4Q. CRIC does not have access to any official company records and compiles … Continue reading Xinyuan 4Q17 Contract Sales Estimate from CRIC

November NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 First-tier Cities and Hot Second-tier Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions have kept prices flat in 2017 and the 12 month price change has … Continue reading November NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Insider Buying at Selected Chinese Property Developers

Most real estate developers in China have reported strong contract sales in 2017 and enjoyed significant share price appreciation.  It is somewhat surprising to see that insiders have recently been adding to their holdings. Recap of share valuation and returns: In several cases (CIFI, SCE, and Yuzhou) it appears that purchases were intended to signal … Continue reading Insider Buying at Selected Chinese Property Developers

K Wah International: A Premier Value Compounder At a Bargain Price

This Hong Kong & China real estate company generated a return for shareholders (NAV appreciation + dividends) of 845% from 12/31/03 to 6/30/17, an annual IRR of 18% Shares trade at a 58% discount to book value and the fair value of the company's assets is higher than book The company's real estate sales earn … Continue reading K Wah International: A Premier Value Compounder At a Bargain Price