Xinyuan Real Estate To Repurchase Additional $60 Mln Of Share

(RTTNews) - Xinyuan Real Estate Co., Ltd. (XIN) announced that, effective July 12, 2013, the Board of Directors has approved an additional US$60 million share repurchase program through 2015. This will be funded from available working capital.

The company said that through June 30, 2013 it had repurchased $12.6 million of its US$20 million share repurchase program originally announced on June 21, 2012.

Yong Zhang, Xinyuan's Chairman and Chief Executive Officer, said, " Our strong cash position and optimistic outlook in our business performance allow us to expand our share repurchase program. We expect to carry out the remainder of our $20 million share repurchase program in the near future and will continue to capitalize on our discounted valuation to buy back shares at attractive price levels with our newly approved $60 million repurchase program."