Xinjuan Real Estate Expands Buyback Initiative

Having completed the repurchase of approximately $12.6 million of the $20 million share buyback program started last year, Xinjuan Real Estate's (NYSE: XIN  ) board of directors has authorized the repurchase of an additional $60 million of outstanding stock, the company announced today.

The share buyback program should be completed in 2015, according to Xinjuan, and will be funded using "available working capital."

Chairman and CEO Yong Zhang said: "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."


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  • Report this Comment On July 19, 2013, at 4:02 PM, mtspace wrote:

    The market reaction to date has been negligible. The stock sells at a P/E of roughly 4 and sports a 5% dividend. It's as if nobody believes the half of Xinyuan's financial numbers. A large stock buyback program might just convince onlookers that the story deserves a bit more credit.

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