Introduction
In prior pieces, I have been bullish on Xinyuan's (XIN) prospects. Unfortunately, this last quarter was a step backwards. One only hopes XIN will continue to pay a 10¢ quarterly dividend.
The Numbers
Table 1 provides a summary of the latest numbers. The only positive news here is the debt reduction. However, even that is offset by the reduction in properties under development.
Table 1. - XIN's Financials
Source: XIN's Financial Reports
Xinyuan Service
Many of us thought that having XIN get into the property management business was a good move.