Xinyuan Real Estate's 2007 revenue more than doubled

NYSE-listed Xinyuan Real Estate Co., Ltd posts its 2007 revenue grew 117.6% year on year to reach US$309.7 million, according to the company's unaudited financial results released yesterday.

Net income for the whole year increased to US$42.5 million, up 163.8% over the previous year. Its gross margin was 32.8%, compared with 24% in 2006.

The company has attributed its strong growth to its active expansion in China's second-tier cities as well as its right strategy in the changing market conditions.

During the period, the company has acquired nine parcels of land with a total developable GFA of 1,721,695 sq m. It also launched six projects with a total developable GFA of 905,270 sq m and completed three projects with a total GFA of 416,656 sq m.

Founded in Zhengzhou China in 1997, Xinyuan Real Estate has a network covering more than 34 million people in five Tier II cities, including Chengdu, Hefei, Jinan, Suzhou and Zhengzhou.