Today, you will hear from Mr. Yong Zhang, our Chairman and Chief Executive Officer, who will comment on current operations, and provide some perspectives on the market environment. He will be followed by Mr. Tom Gurnee, our Chief Financial Officer, who will provide some additional color on our performance, review the company’s financial results, and discuss our outlook for the first quarter of 2012.
Following management's prepared remarks we’ll open the call to questions. During the Q&A session, Mr. Zhang will speak in Mandarin, and I will translate his comments into English. Please note that unless otherwise stated, all figures mentioned during this conference call are in US dollars.
I will now turn the call over to Xinyuan’s Chairman and CEO, Mr. Yong Zhang. Please go ahead, sir.
Yong ZhangHello everyone and thank you for joining us today. We are pleased to achieve our revenue and the net income guidance for the fourth quarter. Well, demand for our project was affected by home based restrictions. Our development projected total (inaudible) have been better protected from much weaker. Housing prices inter one cities. There were 11 active developments protecting the fourth quarter with a total sales of about 112,000 square meters. We also made two new land purchases in the fourth quarter. The two (inaudible) allotting to gain greater excise (inaudible) where our past projects in these cities have general is then returns.For the four year 2011 our revenue increased by 53% to US $688 million and net profit. At cities US dollar were 100 million which is double from last year. This strong performance has allowed us to purchase land, reduce our debt, establish a stock buyback program and initiate invented program. Well we expect contact the sales to remain in 2012. There is no easing of buyer. We expect the revenue and the net income grew for senior this year. We have formed the balance sheet and the capital result is for the development of our projects. We continue to see land additions and focus on amazing shareholder returns.
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