Xinyuan Real Estate Company Announces New Chief Financial Officer

2009-02-24 20:16 3166

- Tom Gurnee Named Chief Financial Officer -

- Frank Ng to Retire -

BEIJING, Feb. 24 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a focus on strategically selected Tier II cities in China, today announced the appointment of Thomas H.R. Gurnee as its Chief Financial Officer effective immediately.

Mr. Gurnee, a member of XIN’s Board of Directors, is a seasoned executive with 34 years of experience in accounting, finance, and general management. He has substantial experience in China, most recently at a privately held semiconductor contract manufacturer in China. Previously, he served as CFO of Sohu.com during its NASDAQ listing in 2000 and subsequently served five years on its board. He is currently an independent director of eLong, Inc. (LONG) and Longtop Financial Technologies (LFT), both China-based, NASDAQ-listed companies.

Prior to his experience in China, Mr. Gurnee served from 1995 until 1999 as USA President, COO, and CFO at Chartered Semiconductor (CHRT) based in Silicon Valley and Singapore. He was also previously a financial executive with Schlumberger Ltd. (NYSE:SLB) from 1982 until 1995 with assignments in Silicon Valley, Singapore, and Paris in the semiconductor, oil drilling, and metering businesses. Mr. Gurnee started his career with Varian Associates from 1974 until 1982 in the instrumentation, medical, and communications sectors including a three-year assignment in Brazil. Mr. Gurnee received a BA in economics from Stanford University and an MBA from Santa Clara University.

Mr. Gurnee replaces Frank Ng, the current CFO of XIN, who has indicated a desire to spend more time with his Hong Kong-based family. Mr. Ng will continue with XIN until March 31st, 2009 to provide a smooth transition for Mr. Gurnee and XIN.

Mr. Yong Zhang, Xinyuan’s Chairman and Chief Executive Officer commented, “We are pleased to add Tom to the CFO position. He has a broad range of knowledge about financial management and reporting, corporate finance, and the capital markets, which will allow us to more effectively and efficiently manage our operations. We look forward to his contributions in the months and years ahead. We would also like to express our deep thanks to Frank for his service and continued efforts through this transition period. We wish him the best in the future.”

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a fast-growing developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. Xinyuan focuses on China’s Tier II cities, characterized as larger, more developed urban areas with above average GDP and population growth rates. Xinyuan has expanded its network to cover a total population of over 34.5 million people in six strategically selected Tier II cities, comprising Hefei, Jinan, Kunshan, Suzhou, Zhengzhou and Chengdu. 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

For more information, please contact:

In China:

Mr. Tom Gurnee

Chief Financial Officer

Tel: +86-10-8588-9390

Email: Tom.Gurnee@xyre.com

Mr. Jacky Zhang

Deputy General Manager of Investor Relations

Tel: +86-10-8588-9262

Email: zhengang.zhang@xyre.com

Mr. Bill Zima

ICR, Beijing