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Xinyuan Real Estate Co., Ltd. Announces Additional US$60 Million For Share Repurchase

Stock quotes in this article: XIN

In the news release, Xinyuan Real Estate Co., Ltd. Announces Additional US$60 Million for Share Repurchase, issued 16-Jul-2013 by Xinyuan Real Estate Co., Ltd. over PR Newswire, we are advised by the company that in the first paragraph, the first sentence, should read "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 and III cities in China, today announced that through June 30, 2013 it had repurchased $9.4 million of its US$20 million share repurchase program originally announced on June 21, 2012." rather than " 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 and III cities in China, today announced that through June 30, 2013 it had repurchased $12.6 million of its US$20 million share repurchase program originally announced on June 21, 2012." as originally issued inadvertently. The complete, corrected release follows:

Xinyuan Real Estate Co., Ltd. Announces Additional US$60 Million for Share Repurchase

BEIJING, July 16, 2013 /PRNewswire/ -- 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 and III cities in China, today announced that through June 30, 2013 it had repurchased $9.4 million of its US$20 million share repurchase program originally announced on June 21, 2012. Effective July 12, 2013, the Board of Directors has approved an additional US$60 million share repurchase program through 2015. This will be funded from available working capital.

Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer, stated, "Our first quarter 2013 results have once again demonstrated our ability to achieve and surpass corporate objectives and financial targets. Xinyuan's diverse development projects, solid balance sheet, and China's healthy housing market all bode well for our growth and profitability this year. Our strong cash position and optimistic outlook in our business performance allow us to expand our share repurchase program. We expect to carry out the remainder of our $20 million share repurchase program in the near future and will continue to capitalize on our discounted valuation to buy back shares at attractive price levels with our newly approved $60 million repurchase program."

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.

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