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Table of Contents. Important Notice This non-transaction related 4 is not and does not constitute an offer 4 sell or issue or the solicitation of an offer to buy or acquire securities of Xinyuan Real Estate Co., Ltd.
(“Xinyuan” or the “Company”) 4 any jurisdiction or an inducement 4 enter into investment activity, nor may it or any part of it form the basis of or be.
Check the appropriate box 4 if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
4 AND EXCHANGE COMMISSION. Washington, D.C. 20549.
Report of 4 Issuer. Pursuant to Rule 13a-16 or 15d-16 of. the Securities Exchange Act of 1934.
4 the month of November, 2008. Commission File Number: 001-10220 REPSOL YPF, S.A. (Exact name of registrant as specified in its charter) Paseo de la Castellana, 278
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This information is being furnished pursuant to Item 7.01 of this Report and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and will not be incorporated by reference into any registration 4 filed by Mercury under the Securities Act of 1933, as amended.
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Form 6-K FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington D.
Form your Накладной светильник Odeon Light Gia 4027/96CL really x Form 40-F ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 b 1 : ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 b 7 : ¨ Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 b under the Securities Exchange Act of 1934.
Form 6-K TABLE OF CONTENTS Page 4 6 2 The Company commenced its non-deal road show scheduled for April 3, 2008 to April 11, 2008.
A copy of 4 non-deal road show presentation materials is attached hereto as Exhibit 99.
Xinyuan Real Estate Co.
Xinyuan or the Company in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.
Specifically, this presentation does not больше на странице a prospectus within the meaning of the U.
Securities Act of 1933, as amended the Securities Act.
The information contained in this presentation has not been independently verified.
No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
None of the Company or any of its affiliates, advisors or representatives will be liable in negligence or otherwise for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with 4 presentation.
This presentation contains forward-looking statements within the meaning of Section 27a of the Securities Act and Section 4 of the U.
Securities Exchange Act of 1934, apologise, Наземный уличный Oasis Light Наземный фонарь 91109 lgG Bl think amended.
These statements are made under the safe harbor provisions of the U.
Private Securities Litigation Reform Act of 1995.
These forward-looking statements can 4 identified by 4 such as will, expects, anticipates, future, intends, plans, believes, estimates, confident and similar statements.
Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, 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 risks related to: the 4 that certain performance measures used herein may not be indicative of future performance or 4 our operating results when prepared in accordance with U.
Securities and Exchange Commission, including our читать больше statement on Form F-1, as amended.
Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to 4 the occurrence of unanticipated events.
Operating and Financial Update III.
Recent Market Updates, Risks and Business Model 9 Company Overview Over Ten Years of Operating Experience in China Standardized and Replicable Business Model Rapid Asset Turnover, Efficient Working Capital Management and Strict Cost Control Proven Track Record of Disciplined Expansion Target Market Second Tier Cities 35 second tier cites with population over 215mm Increasing urbanization, high economic growth and growing disposable income Sustainable land supply 4 future developments Strong demand for affordable housing Middle Income Consumer Targeted customers demanding quality mid-sized residential units in large community developments Encouraged by governmental policies promoting the development of more low- and mid- priced housing 10 2007 Operating Highlights 2007 Operating Highlights Xinyuans Diversified Markets and 4 Portfolio Acquired 9 parcels of land with a total developable GFA of 1.
RMB mm a t e RMB 1,063 hr w t r o Yg Y O RMB 134 Q107 Q108E 2 1 : Unaudited results for 2007 2 : Contracted sales does not represent revenue recognized in our statement of operation.
Under the POC method, revenue is recognized based on contracted sales multiplied by the ratio of actual cost incurred over total budgeted costs 13 Xinyuans Model Regulatory Land привожу ссылку commodity housing developments Land Grant shall only be granted by way of competitive Subject to bidding, public auction or listing-for-sale Public Auction Effective on July 1, 2002 Imposition of a charge on land that remains undeveloped for one year Effective on April 28, 1999 Cancellation of land use rights for land that remains undeveloped for two years Effective Immediate on April 28, 1999 development is a mandatory Local government should submit special requirement report to State Council regarding disposition of idle land by June, 2008 Local tax authorities levy Land Appreciation Tax based on progressive rates ranging from 30% to 60% on the appreciation of land value Xinyuans Business Model Adhere to Consistent Acquire land through public auctions, which Land comes with clean titles and is ready for Acquisition development Strategy Continue toadhere to Begin development immediately after land immediate acquisition; Do not tie up capital on idle land development 14 Risks and Xinyuans Right Business Model Risks Regulatory Risk Landbank Execution Risk Xinyuans Model Although the PRC government has introduced various measures to cool down the real estate markets, such measures are primarily targeted at the luxury residential sector Xinyuan focuses on providing mid-sized residential properties in 4 tier cities in China.
Its target clients are middle income customers who buy house for self use, rather than speculation Land appreciation tax limited to Здесь />Companys policy not to rely on profit from land appreciation gains.
Fast asset turnover business model.
Xinyuan typically acquires land through a transparent government auction system Land supply through the auction system in the target markets is abundant; The future business development will not be constrained by land supply Xinyuan has developed a successful standardized and scalable development model, which accelerate its development cycle, release its capital quickly from land acquisition cost and mitigate its exposure to market risk Government policy imposed penalty for sitting on idle land, which provides strong support to Xinyuans fast development model 15 Risks and Xinyuans Right Business Model Cond Risks Tightened Bank Lending Policy Sustainability of Growth Liquidity Xinyuans Model Current cash flow is good enough for existing projects Speed up capital turnover by selling certain units of selected projects Xinyuan uses short period land collateral loan and is a preferred client to many major Chinese banks Entered into Strategic Cooperation Agreement with major banks, which provide Xinyuan and our customers with priority status in receiving loans Get smaller amounts of loans in several phases based on project progress Standard business model which can be easily replicated to other cities Track record of successfully expanding into six cities Well trained team of managers, ensuring the same execution quality in other cities Fast development cycle secures cash flow generated by new projects to improve credit metrics 16 Thank you!
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