My take from listening to the conference call is that a buyback is unlikely until they can see what monies are left after the land purchases and building costs as this year moves along. As they have stated this is a building and investment year with approximately 25% more land buying than last year. My read of mentioning the board of directors discussing the buyback program with TPG was a formality just to answer the question respectfully to all. IF it's a good year just maybe we'd see a buyback in the 3rd or 4th quarter. They seem to favor the 3rd quarter, but i'm guessing it is different this time .... imo .... long n strong
"........more color on the budget. For year 2013, we spend about RMB4 billion for land acquisition and for 2014, our plan is – for the land acquisition cost is probably in the range of RMB6 billion to RMB7 billion."
XIN needs to consult TPG because of the restrictive covenants.
"And for the TPG deal, we believe we are going to initiate a change of the covenants too and it’s in process"
Right.. Can't tell for sure... just would expect a bit higher volume ( and larger block trades) ..if they were after shares. So here's a question.. they announced last year that they were going to do $60mil buyback to be completed by 2015. Are we to operate under the assumption that completion by 2015 year end is still their intent? I feel like if they are going in a different direction they should re-guide us on that at some point.