Good day, ladies and gentlemen, thank you for standing by and welcome to the Xinyuan Real Estate Company Limited Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.
Now I'll turn the call over to Ms. Julia Qian, Managing Director of The Blueshirt Group Asia. Ms. Qian, please proceed.
Hello, everyone. Thank you all for joining us on today's conference call to discuss Xinyuan Real Estate Company's financial results. For the fourth quarter and the full year of 2019, we released the results early today. The press release is available on the company's website as well as from Newswire services.
Before we continue, please note that today's discussion will contain forward-looking statements made under safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectation expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filing with the SEC.
The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. On the call with me are Mr. Yong Zhang, Chairman and Chief Executive Officer; Mr. Li Shangrong, President; [Indecipherable] Vice President; and Mr. Brian Chen, Chief Financial Officer. Mr. Zhang will make comments on business results and strategies; Brian Chen will provide additional detail on the company's financial results and outlook.
Mr. Zhang, please go ahead.
Thank you, Julia, and hello, everyone. Thank you for joining our fourth quarter and full year 2019 earnings conference call. In 2019, China's holding market [Indecipherable] value and sell price. This was due to consistent regulatory effort by the central authorities and the local government to curb property at [Indecipherable]. We view this as healthy development and accord the government effort. We believe both customers and developers are better off to have both prices and new construction with [Phonetic] underlying demand. In that regard, we are still bullish on the long-term growth prospect in China. We believe the economics will continue to grow robustly, moving more and more families into the middle class. Similarly, we see the best economic opportunities for people in the large cities. So, urbanization should continue.
This has a massive revolution over the past decade, less than 16% of the population being in the cities. We expect that proportion to grow up to 70% in the next five to 10 years. The mass cities like Beijing, Shanghai, Guangzhou and Shenzhen are already extremely expensive. So, we think urban iteration will shift to other large expensive cities. We have positioned both capitalize on this [Indecipherable] with our focus our high quality home in Tier 2 -- Tier 1 and Tier 2 cities. 2019 reflects environment of [Indecipherable] hampered by the efforts to reduce the [Indecipherable]. Our full year revenue reached to $2.5 billion, up 11.9% year-over-year. This was
Director, Chairman of the Board and Chief Executive Officer
Chief Financial Officer
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