Having completed the repurchase of approximately $12.6 million of the $20 million share buyback program started last year, Xinjuan Real Estate's (XIN -1.11%) 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."