Xinyuan Real Estate Co., Ltd. Announces Upcoming Retirement of CFO
BEIJING, May 21, 2013
BEIJING, May 21, 2013 /PRNewswire/ --Xinyuan Real Estate Co., Ltd. ("Xinyuan"
or "the Company") (NYSE: XIN), a residential real estate developer with a
focus on high growth, strategic Tier II and III cities in China, today
announced that Tom Gurnee, the Company's Chief Financial Officer for the past
four and a half years, plans to retire as CFO in August 2013. Mr. Gurnee will
remain on the Company's Board of Directors following his retirement as CFO.
The Company has formed a search committee, which includes members of the
Board's audit committee, to lead the effort to locate Mr. Gurnee's successor.
The Company plans to have a new CFO in place prior to Mr. Gurnee's retirement
in order to provide an orderly transition.
Mr. Zhang Yong, Xinyuan's Chairman and Chief Executive Officer, said, "Tom has
been an invaluable asset to Xinyuan in recent years and I want to thank him
for his contributions to the growth, development, and stability of our
business. Xinyuan has emerged much stronger and in a much better financial
position thanks to his efforts. We wish him well in his retirement. The
timing of his departure should allow for a smooth transition to a new CFO."
"It has been a privilege serving at Xinyuan and being enabled to build a
strong financial team. It has been gratifying to be a part of the Company's
strong growth and development over the years resulting in margin expansion,
and a markedly improved balance sheet", commented Mr. Gurnee. "Xinyuan is
well-positioned for growth in the years to come and I have a high level of
confidence that the current organization will perform admirably. I look
forward to assisting management as needed during this transition period."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. is a developer of large scale, high quality
residential real estate projects aimed at providing middle-income consumers
with a comfortable and convenient community lifestyle. Xinyuan primarily
focuses on China's Tier II and III cities. Xinyuan's U.S. development arm, XIN
Development Group International, Inc. is a pioneer among Chinese real estate
residential developers, entering the U.S. market in 2012. 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.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking
statements". These statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can generally be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Statements that are not historical
statements are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to differ
materially from those projected or anticipated, including, but not limited to,
Xinyuan's ability to continue to implement its business model successfully;
Xinyuan's ability to secure adequate financing for its project development;
Xinyuan's ability to successfully sell or complete property projects under
construction and planning; Xinyuan's ability to enter into new geographic
markets and expand its operations; the marketing and sales ability of
third-party sales agents; the performance of third-party contractors; the
impact of laws, regulations and policies relating to real estate developers
and the real estate industry in China and, to the extent the Company expands
operations into other countries, such as the U.S., the laws, regulations and
policies of such countries; Xinyuan's ability to obtain permits and licenses
to carry on its business in compliance with applicable laws and regulations;
competition from other real estate developers; the growth of the real estate
industry in China, particularly Tier II and Tier III cities, and in targeted
areas in the U.S.; fluctuations in general economic and business conditions in
China, and, to the extent the Company expands operation into other countries,
such as the U.S., the general economic and business conditions in such
countries; and other risks outlined in the Company's public filings with the
Securities and Exchange Commission, including the Company's annual report on
Form 20-F for the year ended December 31, 2012. Except as required by law,
the Company undertakes no obligation to update or review publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise, after the date on which the statement is made.
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86 (10) 8588-9390
Ms. Helen Zhang
Tel: +86 (10) 8588-9255
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
SOURCE Xinyuan Real Estate Co., Ltd.
Press spacebar to pause and continue. Press esc to stop.