Xinyuan Real Estate announces listing of property management business on HSE
Xinyuan Real Estate announced the listing of its property management service entity, Xinyuan Property Management Service on the Hong Kong Stock Exchange. Launched in 1998, as the end of March 31, 2019, Xinyuan Service has a total of 30.01M quare meters of contracts signed across the country, including Zhengzhou, Jinan, Qingdao, Beijing, Shanghai, Tianjin, Kunshan, Suzhou, Guangzhou, Foshan, Zhuhai, Xi'an, Chengdu, Changsha, Dalian, Hefei, Sanya, Taicang, Xuzhou, Yancheng, Xinxiang, Jiaozuo, Rongyang, Gongyi, Sanmenxia, Hebi, Puyang, Shangqiu, Luohe, Xinyang, Zhumadian, Pingdingshan, Nanyang, Xinzheng, Zhoukou and Xuchang. Among the contracts signed, a total of 15.80 million square meters in 28 cities are currently under management. Xinyuan Service will trade on the HKEX under code '01895' beginning October 11, 2019, with 25% of the outstanding shares issued to new investors. The initial public offering price for each share was HK$2.08, resulting in a market valuation of HK$1.04 billion. After the listing, Xinyuan Real Estate will remain the largest shareholder with 60% of total shares held. Xinyuan Service will be consolidated on Xinyuan Real Estate's balance sheet when reporting future financial results.