Chinese developer Xinyuan sees revenues drop 26% in Q1

Xinyuan Real Estate, the Chinese developer behind Williamsburg’s Oosten project, was hit hard by China’s slumping housing market in the first quarter. Xinyuan’s revenues fell by 26.4 percent year-over-year to $166.7 million, and its profits declined by 55.4 percent to a mere $4.5 million, according to an earnings report released Friday morning. … [more]

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