Xinyuan Science & Technology (NEEQ:870929) coverage initiated by Shanxi Securities

Xinyuan Real Estate's property management business, Xinyuan Science & Technology (XST), was approved for listing on China's National Equities Exchange and Quotations (NEEQ) "New Third Board" in March (LINK).  Broker coverage is a strong signal that a public offering of shares by  is planned.  Benefits of an offering to Xinyuan Real Estate (XRE) would be: … Continue reading Xinyuan Science & Technology (NEEQ:870929) coverage initiated by Shanxi Securities

Advertisements

Xinyuan 3Q17 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 9M17 sales data for the country’s top 100 property developers (LINK).  Xinyuan China is shown at #75 with estimated sales of 15.8Bn RMB year-to-date, which means 6.56Bn RMB for 3Q. CRIC does not have access to any official company records and compiles … Continue reading Xinyuan 3Q17 Contract Sales Estimate from CRIC

Xinyuan Real Estate: Record 2Q Sales Balanced by High Interest & Tax

Highlights from Xinyuan's recently reported 2Q17 results and Conference Call Record quarterly contract sales of $732mm SG&A expense declined to 9.9% of revenue (vs 11.4% for FY16) Unusually high interest expense of $20.2mm Effective tax rate of 56% Book Value rose to $14.13/ADS Conservative land acquisition budget of 5-7Bn RMB No full-year financial guidance Achieved … Continue reading Xinyuan Real Estate: Record 2Q Sales Balanced by High Interest & Tax

Xinyuan 2Q17 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1H17 sales data for the country’s top 200 property developers (LINK).  Xinyuan China is shown at #79 with estimated sales of 9.24Bn RMB for the half, which means 4.75Bn RMB for 2Q. CRIC does not have access to any official company records … Continue reading Xinyuan 2Q17 Contract Sales Estimate from CRIC

Xinyuan Xi’an Land Purchase

Xinyuan Real Estate disclosed through a wechat post that it acquired a new plot for development in Xi'an.  Key terms: Price: Not disclosed. Buildable Floor Area: 310000 sqm Land Use rights: Commercial The land was acquired through a private transaction rather than a public auction and Xinyuan has not yet disclosed the price.  Apartments in the … Continue reading Xinyuan Xi’an Land Purchase

Xinyuan Kunshan Land Purchase

Xinyuan Real Estate disclosed through a wechat post that it was the winning bidder in a court auction of a partially completed commercial project in Kunshan.  Key terms: Price: 754,331,700 RMB Buildable Floor area: 163,300 sqm Land Use Rights: Commercial My understanding is that Xinyuan plans to submit a new site plan to the local government … Continue reading Xinyuan Kunshan Land Purchase

Xinyuan 1Q17 Results and Signals of a Strong Year

Key information from Xinyuan results and recent developments Xinyuan 1Q17 sales were above guidance and the company hinted that it expects a 42% increase in contract sales for the full year. Net Value delivered for shareholders in 1Q17 through book value increase + dividend of $0.38/share Strong financial condition and prudent approach to land acquisitions … Continue reading Xinyuan 1Q17 Results and Signals of a Strong Year

Xinyuan Science & Technology Service (NEEQ:870929) 2016 Results

Xinyuan Science & Technology Service (STS), the property management subsidiary of Xinyuan Real Estate, filed its 2016 Annual Report (LINK).  Highlights: The company's NEEQ listing was approved on 3/15/17 (LINK), but the ownership structure shows that no shares are yet publicly held: Combining Xinyuan STS year-end results with valuation ranges of Hong Kong listed competitors … Continue reading Xinyuan Science & Technology Service (NEEQ:870929) 2016 Results

Xinyuan Real Estate: Improving Profitability Not Reflected in Falling Share Price

A year of excellent progress in operating performance and delivery of value to shareholders has not been fairly reflected in Xinyuan's share price which sits near a 52 week low. Improving profitability removes justification for a lower valuation than Hong Kong listed peers whose share prices have risen sharply. Xinyuan's average gross margin on projects … Continue reading Xinyuan Real Estate: Improving Profitability Not Reflected in Falling Share Price

Xinyuan 1Q17 Contract Sales Estimate from CRIC

China Real Estate Information Corporation (CRIC – a subsidiary of E-House) released estimated 1Q17 sales data for the country’s top 100 property developers (LINK).  Xinyuan China is shown at #72 with estimated attributable sales of 4.49Bn RMB for the quarter. CRIC does not have access to any official company records and compiles its estimates from … Continue reading Xinyuan 1Q17 Contract Sales Estimate from CRIC