Xinyuan Real Estate Co., Ltd. (NYSE:XIN) Q4 2019 Earnings Conference Call - Final Transcript
Apr 03, 2020 • 08:00 am ET
absolutely say, we saw 82% of the units in the Oosten project in Brooklyn. In Hudson Garden project, we increased the number of units can sell from 82 to 92 and leave a majority of the retail space to Target for 20 years timeline. We are now marketing the project in China -- both in China to the Chinese buyer and in US to the local buyer. At the RKO project in Flushing, we received approval for our landmark preservation plan, a key milestone for project with important historical value. We have completed the design work and plan to start construction by the end of 2020 or early next year.
In UK, the Madison project is on track. With construction on plan in Baxter, we intended to complete work this year. We had sold about half of the units in Madison as at this point. Looking forward, [Indecipherable] challenge in this space as we started this year. The first quarter will impact to some extent but because it comprise of only about 7% on our full-year budget, we think we can recover very likely 2% to 3% shortfall in the quarters to come. At this point, assuming the virus is under control and the world, at least in China -- within Chinese borders, slowly returned to normal. We anticipate the full year 2020 contract sales of about RMB20 billion to RMB22 billion. Consolidated net income would be around $18 million US dollar, which is similar to current year.
With that, let's open the call for questions. Mr. Zhang and I are available, along with our President Mr. Li and VP Finance [Indecipherable]. Operator, please proceed.