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In recent posts on Xinyuan (XIN), I have been cautious:
The Oosten units have stopped selling;
XIN’s tendency to get “off track, and
The TPG shares.
The first quarter results are in, and while there are still some worrying items, things look a lot better than they did three months ago.
The Numbers
The first quarter is usually the slowest for XIN. In fact, XIN lost money in the first quarter of 2018. The first quarter of 2019 is quite different: sales and revenues were