BEIJING, June 21, 2012 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic Tier II cities in China, today announced that it had completed its US$10 million share repurchase program originally announced on May 26, 2011. Through June 18, 2012, the Company had repurchased 4.5 million American Depositary Shares ("ADS") at a total cost of US$10 million.
In addition, the Board of Directors has approved an additional US$20 million share repurchase program effective immediately. This will be funded from available working capital.
The share repurchases under this program will be made through the open market, with the timing of purchases and the amount of stock purchased determined at the discretion of the Company's management.
Yong Zhang, Xinyuan's Chairman and Chief Executive Officer commented, "Our strong financial position and confidence in our business performance allowed us to initiate an additional share repurchase program. We believe the current trading range of Xinyuan's stock provides an exceptional investment value for the Company and the additional repurchase program is an effective means to enhance shareholder value. Our diverse project portfolio, solid cash position, and recent improving housing market performance all bode well for our growth and profitability this year."
About Xinyuan Real Estate Co., Ltd.
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