BEIJING, February 27, 2015 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), a residential real estate developer with a primary focus on high growth cities in China, today announced its unaudited financial results for the fourth quarter 2014.
Highlights for the Fourth Quarter 2014
Mr. Yong Zhang, Xinyuan's Chairman said, "We are pleased to end 2014 with a very strong fourth quarter performance, as measured by our year-over-year contract sales and revenue growth, as we experienced a general improvement in project demand. As we have indicated throughout the year, our anticipated revenue and profit recognition for 2014 was back-end loaded, with the fourth quarter alone contributing 39%, 39% and 49% to total 2014 revenue, contract sales and net income. Despite challenging market conditions for the year, we still managed revenue and contract sales growth over 2013. While it is still early to forecast how quickly China's overall real estate market recovers, we are encouraged with our improved performance and believe the macro real estate environment continues to stabilize. With our continued focus on development projects in high growth cities, solid execution and stringent cost controls, we believe 2015 can be a very productive year for our business."
"2014 was a year of adjustment for our company as we invested in resources for our future development and growth. Our operational highlights for the full year include launching presales of ten development projects, acquiring eight projects for a total GFA of 1.83 million square meters and selectively entering into new geographic areas. The balance of our real estate property under development at the end of the fourth quarter increased to US$1.7 billion from US$1.6 billion at the end of the third quarter of 2014, reflecting 18 active development projects with another six projects that are expected to commence pre-sales in 2015. As of December 31, 2014, our total sellable GFA was approximately 3.08 million square meters, representing both active projects and projects in the planning stage, reaching a new record for Xinyuan."
"Finally, we want to express gratitude to our long-term shareholders for standing with Xinyuan during these turbulent times. In 2014, the Company distributed a dividend payment of US$0.05 per ADS each quarter. We also repurchased 4.5 million ADS at total cost of US$ 17.6 million for the full year. We remain committed to rewarding our shareholders in 2015 as we further scale our operations and grow Xinyuan into a leading real estate developer in China," concluded Mr. Zhang.
Financial Results for the Fourth quarter 2014
Contract Sales
Contract sales totaled US$402.6 million in the fourth quarter compared to US$167.7 million in the third quarter of 2014 and US$377.5 million in the fourth quarter of 2013. The Company's GFA sales were 252,200 square meters in the fourth quarter of 2014 versus 100,300 square meters in the third quarter of 2014 and 241,700 square meters in the fourth quarter of 2013. The average selling price ("ASP") per square meter sold was RMB9,806 (US$1,596) in the fourth quarter of 2014 versus 10,272 (US$1,672) in the third quarter of 2014 and RMB9,678 (US$1,562) in the fourth quarter of 2013.
Breakdown of GFA Sales and ASP's by Project
Q4 2013 |
Q3 2014 |
Q4 2014 |
Unsold |
||||
GFA |
ASP |
GFA |
ASP |
GFA |
ASP |
GFA |
|
Project |
(m2 000) |
(Rmb) |
(m2 000) |
(Rmb) |
(m2 000) |
(Rmb) |
(m2 000) |
Zhengzhou Royal Palace |
1.2 |
23,351 |
- |
- |
3.8 |
7,502 |
- |
Zhengzhou Century East A |
1.9 |
13,319 |
- |
- |
- |
- |
1.0 |
Zhengzhou Century East B |
2.3 |
16,831 |
- |
- |
- |
- |
0.6 |
Zhengzhou Xin City |
53.7 |
9,972 |
8.4 |
11,484 |
27.9 |
14,206 |
18.3 |
Zhengzhou Thriving Family |
- |
- |
27.6 |
7,240 |
41.5 |
7,229 |
29.5 |
Xingyang Splendid I |
- |
- |
6.5 |
5,366 |
16.8 |
4,831 |
69.8 |
Xingyang Splendid II |
- |
- |
- |
- |
1.7 |
13,401 |
136.1 |
Kunshan Royal Palace |
42.5 |
9,265 |
6.6 |
8,875 |
23.0 |
8,843 |
198.9 |
Suzhou Xin City |
52.6 |
8,577 |
5.5 |
10,659 |
5.8 |
10,312 |
3.8 |
Suzhou Lake Royal Palace |
- |
- |
2.0 |
11,095 |
12.1 |
8,299 |
155.4 |
Jinan Xinyuan Splendid |
45.7 |
10,372 |
20.1 |
9,881 |
20.9 |
9,595 |
30.0 |
Jinan Royal Palace |
- |
- |
18.1 |
6,428 |
23.6 |
6,348 |
404.0 |
Xuzhou Colorful City |
31.3 |
8,820 |
-0.3 |
8,863 |
9.6 |
8,700 |
81.8 |
Beijing Xindo Park |
- |
- |
5.3 |
27,233 |
19.8 |
22,889 |
65.1 |
Chengdu Thriving Family |
- |
- |
0.4 |
5,296 |
15.5 |
5,498 |
198.9 |
Changsha Xinyuan Splendid |
- |
- |
- |
- |
10.6 |
5,139 |
242.1 |
Sanya Yazhou Bay No.1 |
- |
- |
- |
- |
6.5 |
14,750 |
110.4 |
Xi'an Metropolitan* |
- |
- |
- |
- |
6.2 |
6,362 |
286.8 |
Others |
10.5 |
0.1 |
6.9 |
3.7 |
|||
Total |
241.7 |
9,678 |
100.3 |
10,272 |
252.2 |
9,806 |
2,036.2 |
|
|||||||
Revenue
In the fourth quarter of 2014, the Company's total revenue was US$362.9 million compared to US$163.6 million in the third quarter of 2014 and US$289.2 million in the fourth quarter of 2013.
Gross Profit
Gross profit for the fourth quarter of 2014 was US$96.1 million, or 26.5% of revenue, compared to a gross profit of US$43.5 million, or 26.6% of revenue, in the third quarter of 2014 and a gross profit of US$94.9 million, or 32.8% of revenue, in the fourth quarter of 2013.
Selling, General and Administrative Expenses
SG&A expenses were US$53.1 million for the fourth quarter of 2014 compared to US$32.1 million for the third quarter of 2014 and US$35.1 million for the fourth quarter of 2013. As a percentage of total revenue, SG&A expenses were 14.6% compared to 19.6% in the third quarter of 2014 and 12.1% in the fourth quarter of 2013. The increase of SG&A expenses compared to the third quarter 2014 was mainly due to four new projects beginning presales and a year-end bonus accrual in the fourth quarter.
Net Income
Net income for the fourth quarter of 2014 was US$23.8 million compared to US$7.8 million for the third quarter of 2014 and US$31.6 million for the fourth quarter of 2013. Net margin was 6.6%, compared to 4.8% in the third quarter of 2014 and 10.9% in the fourth quarter of 2013. Diluted earnings per ADS were US$0.34, compared to US$0.10per ADS in the third quarter of 2014 and to US$0.36 per ADS in the fourth quarter of 2013.
Financial Results for the Full Year 2014
For the year ended December 31, 2014, total revenues increased by 2.5% to US$919.7 million from US$897.7 million in 2013. GFA sales decreased by 5.5% to 629,100 square meters from 665,600 square meters in 2013. Contract sales increased by 4.1% to US$1,041.6 million from US$1,000.2 million in 2013.
Gross profit was US$242.2 million, or 26.3% of revenue in 2014 compared to a gross profit of US$299.0 million, or of 33.3% of revenue in 2013. The Company commenced presales on ten projects in 2014, while certain projects' margins were lower given the softer market environment.
SG&A expenses were US$145.1 million, or 15.8% of revenue, compared to US$85.2 million, or 9.5% of revenue in 2013. The increase in SG&A was mainly due to new project promotions and an increase in headcount related to business expansion efforts.
Net income was US$48.5 million in 2014 compared to US$126.4 million in 2013. Diluted earnings per ADS were US$0.66 in 2014 compared to US$1.70 per ADS in 2013.
Balance Sheet
As of December 31, 2014, the Company reported US$509.4 million in cash and cash equivalents (including restricted cash) compared to US$553.0 million as of September 30, 2014. Total debt outstanding was US$1,508.8 million, an increase of US$117.3 million compared to US$1,391.5 million at the end of the third quarter of 2014. The balance of the Company's real estate property under development at the end of the fourth quarter was US$1,711.7 million compared to US$1,599.1 million at the end of the third quarter of 2014.
Project Status
Below is a summary table of projects that were active and available for sale in the fourth quarter of 2014.
GFA |
Contract Sales |
Project Cost % Complete |
||||
(m2 000) |
(US$ millions) |
|||||
Project |
Total Active Projects |
Sold to date |
Total Active Projects |
Sales to date |
% Sold |
|
Zhengzhou Royal Palace |
135.7 |
135.7 |
251.0 |
250.8 |
99.9% |
96.7% |
Zhengzhou Century East A |
77.3 |
76.3 |
129.5 |
127.8 |
98.7% |
98.7% |
Zhengzhou Century East B |
166.5 |
165.9 |
254.1 |
253.2 |
99.6% |
98.5% |
Zhengzhou Xin City |
208.6 |
190.3 |
353.0 |
309.9 |
87.8% |
76.5% |
Zhengzhou Thriving Family |
131.5 |
102.0 |
145.9 |
120.0 |
82.2% |
55.0% |
Xingyang Splendid I |
117.6 |
47.8 |
92.1 |
39.9 |
43.3% |
47.2% |
Xingyang Splendid II |
137.8 |
1.7 |
133.2 |
3.7 |
2.8% |
32.4% |
Kunshan Royal Palace |
284.3 |
85.4 |
499.0 |
129.1 |
25.9% |
58.7% |
Suzhou Xin City |
127.3 |
123.5 |
186.9 |
179.0 |
95.8% |
89.9% |
Suzhou Lake Royal Palace |
169.6 |
14.2 |
365.7 |
20.0 |
5.5% |
76.1% |
Jinan Xinyuan Splendid |
571.7 |
541.7 |
807.6 |
769.0 |
95.2% |
92.0% |
Jinan Royal Palace |
449.2 |
45.2 |
696.5 |
47.2 |
6.8% |
48.5% |
Xuzhou Colorful City |
129.1 |
47.3 |
209.3 |
69.7 |
33.3% |
54.9% |
Beijing Xindo Park |
132.1 |
67.0 |
469.6 |
243.3 |
51.8% |
82.1% |
Chengdu Thriving Family |
214.8 |
15.9 |
360.7 |
14.2 |
3.9% |
65.4% |
Changsha Xinyuan Splendid |
252.7 |
10.6 |
369.0 |
8.9 |
2.4% |
49.0% |
Sanya Yazhou Bay No.1 |
116.9 |
6.5 |
305.9 |
15.5 |
5.1% |
45.0% |
Xi'an Metropolitan* |
293.0 |
6.2 |
486.4 |
6.4 |
1.3% |
32.5% |
Others remaining GFA |
3.7 |
|||||
Total active projects |
3,719.4 |
1,683.2 |
6115.4 |
2,607.6 |
42.6% |
66.2% |
* The Company owns 51% equity interest in a joint venture, Shaanxi Zhongmao Economy Development Co., Ltd. which develops Xi'an Metropolitan. The Company accounts for its investment under the equity method. |
||||||
As of December 31, 2014, the Company's total sellable GFA was approximately 3,080,000 square meters for active projects and under planning stage projects in China, up 21.5% from 2,534,100 square meters as of the Company's last reporting earnings date. Below is a summary of all of the Company's planning stage projects:
Unsold GFA |
Pre sales |
|
(m2 000) |
||
Xingyang Splendid III |
37.4 |
Q4 2015 |
Zhengzhou Xindo Park (commercial) |
146.2 |
Q1 2015 |
Shanghai Royal Palace |
57.8 |
Q1 2015 |
Newly Acquired Tianjin Land |
263.5 |
Q3 2015 |
Zhengzhou Jiaotong college project |
167.2 |
Q4 2015 |
Zhengzhou Nangangliu Project |
371.7 |
Q2 2015 |
Total projects under planning |
1,043.8 |
|
Total active projects |
2,036.2 |
|
Total all Xinyuan projects in China |
3,080.0 |
New York Oosten Project Update
The Company's New York Oosten project has a total GFA of 37,078 square meters. As of December 31, 2014, 75% of the concrete superstructure has been completed. Xinyuan is scheduled to top out the entire superstructure in the first quarter of 2015, while work on the mechanical, plumbing and electrical systems have been carried out simultaneously as planned. The Company started pre-sales on a limited scope in the third quarter 2014. Pre-sales are proceeding well at a smooth but controlled pace, while Xinyuan makes an effort to balance the number of contract sales with strategically planned price increases given the pricing uptrend in the New York City housing market. As of December 31, 2014, the total contracted amount was approximately $90 million.
Conference Call Information
The Company will hold a conference call at 7:30 am ET on February 27, 2015 to discuss fourth quarter 2014 results. Listeners may access the call by dialing 1-913-312-1447. A webcast will also be available through the Company's investor relations website at http://www.xyre.com. A replay of the call will be available through March 6, 2015 by dialing 1-858-384-5517, access code: 3273370.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. In China, Xinyuan primarily focuses its development projects in high growth cities, including Zhengzhou, Jinan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing, Tianjin, Changsha, Sanya, Xi'an and Hefei. The Company's U.S. development arm, XIN Development Group International, Inc., is a pioneer amongst Chinese real estate residential developers, entering the US market in 2012. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange. For more information, please visit http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance, sales performance and activity, among others and can generally be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter into new geographic markets and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2013. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Ms. Jing Ye
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irmanager@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(All US$ amounts and number of shares data in thousands, except per share data) |
|||||||
Three months ended |
|||||||
December 31, |
September 30, |
December 31, |
|||||
2014 |
2014 |
2013 |
|||||
(unaudited) |
(unaudited) |
(unaudited) |
|||||
Total revenue |
362,900 |
163,612 |
289,160 |
||||
Total costs of revenue |
(266,820) |
(120,154) |
(194,228) |
||||
Gross profit |
96,080 |
43,458 |
94,932 |
||||
Selling and distribution expenses |
(17,361) |
(8,495) |
(9,443) |
||||
General and administrative expenses |
(35,725) |
(23,642) |
(25,650) |
||||
Operating income |
42,994 |
11,321 |
59,839 |
||||
Interest income |
8,711 |
2,979 |
3,084 |
||||
Interest expense |
(6,189) |
(5,904) |
(6,411) |
||||
Net realized gain on short-term investments |
3,128 |
- |
- |
||||
Unrealized gain (loss) on short-term investments |
(1,983) |
2,105 |
- |
||||
Other income |
105 |
- |
1,539 |
||||
Loss on extinguishment of debt |
(9,849) |
- |
- |
||||
Exchange gains |
656 |
- |
- |
||||
Share of loss of an equity investee |
(1,047) |
(227) |
(117) |
||||
Income from operations before income taxes |
36,526 |
10,274 |
57,934 |
||||
Income taxes |
(12,685) |
(2,501) |
(26,303) |
||||
Net income |
23,841 |
7,773 |
31,631 |
||||
Net loss attributable to non-controlling interest |
1,528 |
- |
- |
||||
Net income attributable to Xinyuan Real Estate Co., |
25,369 |
7,773 |
31,631 |
||||
Earnings per ADS: |
|||||||
Basic |
0.34 |
0.10 |
0.41 |
||||
Diluted |
0.34 |
0.10 |
0.36 |
||||
ADS used in computation: |
|||||||
Basic |
74,446 |
75,325 |
77,616 |
||||
Diluted |
74,523 |
88,165 |
91,097 |
||||
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES |
|||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||
(All US$ amounts and number of shares data in thousands, except per share data) |
|||||
Twelve months ended |
|||||
December 31, |
December 31, |
||||
2014 |
2013 |
||||
(unaudited) |
(audited) |
||||
Revenue |
919,748 |
897,738 |
|||
Cost of revenue |
(677,582) |
(598,740) |
|||
Gross profit |
242,166 |
298,998 |
|||
Selling and distribution expenses |
(39,494) |
(20,724) |
|||
General and administrative expenses |
(105,622) |
(64,498) |
|||
Operating income |
97,050 |
213,776 |
|||
Interest income |
14,577 |
11,681 |
|||
Interest expense |
(28,201) |
(16,863) |
|||
Net realized gain on short-term investments |
3,128 |
- |
|||
Unrealized gain on short-term investments |
122 |
- |
|||
Other income |
3,213 |
1,539 |
|||
Loss on extinguishment of debt |
(9,849) |
- |
|||
Exchange gains |
706 |
- |
|||
Share of loss of an equity investee |
(1,692) |
(117) |
|||
Income from operations before income taxes |
79,054 |
210,016 |
|||
Income taxes |
(30,558) |
(83,660) |
|||
Net income |
48,496 |
126,356 |
|||
Net loss attributable to non-controlling interest |
1,528 |
- |
|||
Net income attributable to Xinyuan Real Estate Co., Ltd. |
50,024 |
126,356 |
|||
Earnings per ADS: |
|||||
Basic |
0.66 |
1.73 |
|||
Diluted |
0.66 |
1.70 |
|||
ADS used in computation: |
|||||
Basic |
75,968 |
72,867 |
|||
Diluted |
76,278 |
74,732 |
|||
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All US$ amounts and number of shares data in thousands) |
||||||
December 31, |
September 30, |
December 31, |
||||
2014 |
2014 |
2013 |
||||
(unaudited) |
(unaudited) |
(audited) |
||||
ASSETS |
||||||
Current assets |
||||||
Cash and cash equivalents |
209,852 |
319,443 |
587,119 |
|||
Restricted cash |
299,517 |
233,514 |
250,098 |
|||
Short-term investment |
6,008 |
5,029 |
- |
|||
Accounts receivable |
15,457 |
23,436 |
8,528 |
|||
Other receivables |
110,975 |
108,860 |
10,593 |
|||
Restricted deposit |
69,358 |
11,410 |
11,514 |
|||
Deposits for land use rights |
299,739 |
359,437 |
297,389 |
|||
Other deposits and prepayments |
176,816 |
122,189 |
103,790 |
|||
Advances to suppliers |
29,787 |
18,889 |
15,317 |
|||
Real estate property held for sale |
1,185 |
1,694 |
5,524 |
|||
Real estate property development completed |
12,309 |
12,629 |
21,260 |
|||
Real estate property under development |
1,711,679 |
1,599,106 |
932,519 |
|||
Amounts due from related parties |
125,374 |
12,017 |
820 |
|||
Amounts due from employees |
50 |
1,228 |
59 |
|||
Other current assets |
139 |
159 |
- |
|||
Total current assets |
3,068,245 |
2,829,040 |
2,244,530 |
|||
Real estate properties held for lease, net |
69,224 |
62,499 |
60,410 |
|||
Property and equipment, net |
46,476 |
46,697 |
46,706 |
|||
Other long-term investment |
242 |
242 |
242 |
|||
Investment in joint venture |
4,226 |
5,248 |
5,945 |
|||
Deferred tax assets |
13,642 |
14,796 |
10,191 |
|||
Deferred charges |
16,677 |
18,614 |
9,049 |
|||
Other assets |
10,582 |
7,968 |
5,028 |
|||
TOTAL ASSETS |
3,229,314 |
2,985,104 |
2,382,101 |
|||
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All US$ amounts and number of shares data in thousands) |
||||||
December 31, |
September 30, |
December 31, |
||||
2014 |
2014 |
2013 |
||||
(unaudited) |
(unaudited) |
(audited) |
||||
LIABILITIES AND |
||||||
SHAREHOLDERS' EQUITY |
||||||
Current liabilities |
||||||
Accounts payable |
351,506 |
254,731 |
194,403 |
|||
Short-term bank loans and other debt |
293,450 |
170,662 |
23,291 |
|||
Customer deposits |
107,163 |
106,803 |
75,285 |
|||
Income tax payable |
59,295 |
47,543 |
121,642 |
|||
Deferred tax liabilities |
95,399 |
103,428 |
78,958 |
|||
Other payables and accrued liabilities |
74,089 |
79,599 |
73,446 |
|||
Payroll and welfare payable |
18,457 |
7,342 |
19,638 |
|||
Current portion of long-term bank loans and other debt |
570,499 |
359,553 |
217,964 |
|||
Current maturities of capital lease obligations |
3,010 |
2,994 |
2,746 |
|||
Redeemable non-controlling interests |
3,424 |
- |
- |
|||
Total current liabilities |
1,576,292 |
1,132,655 |
807,373 |
|||
Non- current liabilities |
||||||
Long-term bank loans |
27,782 |
39,303 |
32,804 |
|||
Other long term debt |
617,061 |
821,982 |
536,943 |
|||
Deferred tax liabilities |
9,825 |
10,575 |
9,385 |
|||
Unrecognized tax benefits |
10,729 |
16,166 |
16,314 |
|||
Capital lease obligations, net of current maturities |
23,500 |
24,087 |
26,646 |
|||
Redeemable non-controlling interests |
1,999 |
2,836 |
- |
|||
TOTAL LIABILITIES |
2,267,188 |
2,047,604 |
1,429,465 |
|||
Shareholders' equity |
||||||
Common shares |
16 |
16 |
16 |
|||
Treasury shares |
(20,696) |
(16,773) |
(3,085) |
|||
Additional paid-in capital |
530,670 |
529,942 |
534,937 |
|||
Statutory reserves |
72,829 |
68,547 |
68,547 |
|||
Retained earnings |
274,763 |
257,435 |
244,310 |
|||
Accumulated other comprehensive income |
104,563 |
98,333 |
107,911 |
|||
Total Xinyuan Real Estate Co., Ltd. shareholders' equity |
962,145 |
937,500 |
952,636 |
|||
Non-controlling interest |
(19) |
- |
- |
|||
Total equity |
962,126 |
937,500 |
952,636 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
3,229,314 |
2,985,104 |
2,382,101 |
|||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-fourth-quarter-2014-financial-results-300042721.html
