BEIJING, May 18, 2017 /PRNewswire/ -- Xinyuan Real Estate
Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed
real estate developer and property manager primarily in
China and recently in other
countries, today announced its unaudited financial results for the
first quarter ended March 31,
2017.
First Quarter 2017 Highlights
- Total first quarter revenue increased 19.2% to US$280.7 million from US$235.4 million in the first quarter of
2016.
- Contract sales increased 9.2% to US$305.4 million from US$279.6 million in the first quarter of
2016.
- Selling, General and Administrative ("SG&A") expenses as a
percent of total revenue decreased to 12.6% from 13.4% in the first
quarter of 2016.
- Net income was US$7.4 million,
compared to US$6.9 million in the
first quarter of 2016.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.11, compared to US$0.09 in the first quarter of 2016.
- The Company repurchased 1,367,400 ADSs at a total cost of
approximately US$7.2 million in the
first quarter of 2017.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "Our first quarter results were generally in line
with our expectations under the current government's restrictive
policies impacting China's overall
housing market. We achieved approximately 20% revenue growth which
was partially driven by improved average selling prices ("ASP") as
well as healthy sales from our Brooklyn,
New York-based Oosten project, which contributed over 20% to
our total sales this quarter. The majority of our development
projects in China performed in
line with our budget in the first quarter and we maintained a
cautious approach to unit sales volume and operating expenses given
the current environment. Among Xinyuan's U.S. projects, our Oosten
project has sold 38 units as of the end of the first quarter. Our
second New York project, located
in Manhattan, began excavation and
foundation work, and our third New
York project, located in Queens, continues to move through its planning
stage for development.
On the financing front, we closed our offering of US$300 million 7.75% senior notes due 2021 at the
end of February to further optimize our financial structure. This
transaction in the first quarter is reflective of our focus on
improving our debt structure and managing interest payments over
the longer term. In addition, our property management service
entity, Xinyuan Technology Service Co., Ltd., successfully listed
on National Equities Exchange and Quotations (NEEQ)
in China in this quarter, which we expect to provide better
financing opportunities in the future.
As we look ahead, we continue to develop our planning stage
projects more cautiously given the current environment. For the
remaining quarters of this year, our goal is to generate positive
cash flows from our operations, optimize pricing of our
China and U.S.-based unit sales,
commence pre-sales for four to five of our new planning stage
projects, complete select land acquisitions and move forward with
the next stages of development for our New York City-based projects. We are pleased
to pay our 21st consecutive quarterly dividend and our recent
$40 million share repurchase
announcement demonstrates our commitment to delivering value for
our shareholders," concluded Mr. Zhang.
First Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled
US$240.8 million in the first quarter
compared to US$279.6 million in the
first quarter of 2016. The Company's GFA sales in China were 140,300 square meters in the first
quarter of 2017 compared to 206,600 square meters in the first
quarter of 2016. The ASP per square meter sold in China was RMB11,820 (US$1,717) in the first quarter of 2017 compared
to RMB8,839 (US$1,354) in the first quarter of 2016. The ASP
increase was due to the product mix of units sold and the Company's
strategic adjustment efforts to maintain pricing stability.
Contract sales in the United
States totaled US$64.6 million
in the first quarter of 2017.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q1
2016
|
Q4
2016
|
Q1
2017
|
Unsold
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
(m2
000)
|
(RMB)
|
(m2
000)
|
(RMB)
|
(m2
000)
|
(RMB)
|
(m2
000)
|
Zhengzhou Xin
City
|
0.1
|
4,393
|
0.1
|
-
|
0.2
|
52,821
|
5.4
|
Zhengzhou Thriving
Family
|
0.2
|
6,169
|
0.1
|
36,188
|
0.3
|
5,913
|
15.7
|
Xingyang Splendid
I
|
0.5
|
5,249
|
3.4
|
7,221
|
6.2
|
6,626
|
29.2
|
Xingyang Splendid
II
|
0.9
|
5,599
|
21.4
|
6,213
|
8.6
|
6,710
|
74.1
|
Kunshan Royal
Palace
|
24.6
|
11,096
|
2.0
|
23,137
|
2.3
|
21,222
|
14.1
|
Suzhou Lake Royal
Palace
|
15.2
|
16,718
|
6.1
|
21,464
|
2.8
|
19,906
|
14.3
|
Jinan Xinyuan
Splendid
|
0.7
|
10,498
|
0.1
|
10,878
|
0.2
|
4,417
|
9.0
|
Jinan Royal
Palace
|
13.3
|
5,985
|
29.1
|
8,798
|
22.4
|
9,280
|
178.1
|
Xuzhou Colorful
City
|
2.0
|
11,256
|
2.5
|
11,791
|
1.7
|
15,131
|
49.9
|
Beijing Xindo
Park
|
-
|
-
|
1.8
|
29,098
|
0.1
|
19,697
|
10.6
|
Chengdu Thriving
Family
|
10.6
|
5,292
|
8.5
|
9,621
|
4.7
|
11,277
|
60.6
|
Changsha Xinyuan
Splendid
|
24.6
|
5,486
|
12.1
|
9,461
|
9.7
|
9,050
|
52.9
|
Sanya Yazhou Bay
No.1
|
-
|
-
|
2.7
|
12,723
|
26.3
|
15,432
|
73.7
|
Xi'an
Metropolitan
|
25.9
|
6,407
|
19.4
|
10,781
|
3.1
|
8,889
|
74.8
|
Shanghai Royal
Palace
|
5.2
|
24,649
|
1.9
|
37,475
|
-0.1
|
28,707
|
11.5
|
Zhengzhou Xindo
Park
|
2.0
|
7,504
|
22.8
|
6,419
|
13.2
|
6,342
|
60.0
|
Jinan Xin
Central
|
12.6
|
9,089
|
9.0
|
12,214
|
6.8
|
11,777
|
73.3
|
Henan Xin Central
I
|
26.2
|
7,730
|
5.5
|
9,673
|
0.5
|
11,568
|
57.2
|
Zhengzhou Fancy City
I
|
29.6
|
8,239
|
2.8
|
14,594
|
0.8
|
21,739
|
31.8
|
Zhengzhou Fancy City
II
(South)
|
-
|
-
|
9.6
|
12,353
|
10.1
|
12,394
|
20.9
|
Tianjin Spring Royal
Palace
|
12.8
|
9,032
|
2.4
|
6,934
|
-0.1
|
6,844
|
168.7
|
Kunshan Xindo
Park
|
-
|
-
|
0.6
|
19,060
|
4.4
|
18,244
|
53.1
|
Zhengzhou
International
New City I
|
-
|
-
|
48.6
|
10,717
|
0.9
|
10,834
|
309.8
|
Henan Xin Central
II
|
-
|
-
|
9.0
|
10,920
|
15.0
|
10,955
|
85.8
|
Others
|
-0.4
|
-
|
0.5
|
-
|
0.2
|
-
|
3.2
|
Total
|
206.6
|
8,839
|
222.0
|
10,401
|
140.3
|
11,820
|
1,537.7
|
Revenue
In the first quarter of 2017, the Company's total revenue
increased 19.2% to US$280.7 million
from US$235.4 million in the first
quarter of 2016.
Gross Profit
Gross profit for the first quarter of 2017 was US$62.6 million, or 22.3% of revenue, compared to
a gross profit of US$48.9 million, or
20.8% of revenue, in the first quarter of 2016. Gross profit growth
was driven by favorable sales at higher margin Zhengzhou Fancy City
II (South), Kunshan Xindo Park, Zhengzhou International New City I
and Henan Xin Central II projects which began pre-sale after the
first quarter of 2016.
Selling, General and Administrative Expenses
SG&A expenses were US$35.5
million for the first quarter of 2017 compared to
US$31.5 million for the first quarter
of 2016. As a percentage of total revenue, SG&A expenses were
12.6% compared to 13.4% in the first quarter of 2016. SG&A
expenses increased largely due to agency commissions related
to project delivery of New York Oosten.
Net Income
Net income for the first quarter of 2017 was US$7.4 million compared to US$6.9 million for the first quarter of 2016. Net
margin was 2.6%, compared to 2.9% in the first quarter of 2016.
Diluted earnings per ADS were US$0.11, compared to US$0.09 per ADS in the first quarter of 2016.
Balance Sheet
As of March 31, 2017, the
Company's cash and cash equivalents (including restricted cash)
increased to US$1,245.9 million from
US$906.7 million as of December 31, 2016. Total debt outstanding was
US$2,327.1 million, an increase of
US$233.2 million, compared to
US$2,093.9 million at the end of the
fourth quarter of 2016. The balance of the Company's real estate
property under development at the end of the first quarter of 2017
was US$1,848.5 million, compared to
US$1,719.1 million at the end of the
fourth quarter of 2016.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the first quarter of 2017.
Project
|
GFA
|
Contract
Sales
|
Project
Cost %
Complete
|
|
(m2
000)
|
(US$
millions)
|
|
Total
Active
Project
|
Sold to
date
|
Total
Active
Project
|
Sales
to date
|
%
Sold
|
|
|
Zhengzhou Xin
City
|
211.1
|
205.7
|
343.3
|
312.8
|
91.1%
|
98.0%
|
|
Zhengzhou Thriving
Family
|
131.5
|
115.8
|
148.0
|
122.0
|
82.4%
|
92.9%
|
|
Xingyang Splendid
I
|
117.3
|
88.1
|
90.2
|
68.2
|
75.6%
|
75.6%
|
|
Xingyang Splendid
II
|
137.2
|
63.1
|
137.0
|
55.2
|
40.3%
|
56.1%
|
|
Kunshan Royal
Palace
|
280.0
|
265.9
|
466.9
|
412.4
|
88.3%
|
94.3%
|
|
Suzhou Lake Royal
Palace
|
169.6
|
155.3
|
357.2
|
286.0
|
80.1%
|
99.8%
|
|
Jinan Xinyuan
Splendid
|
572.2
|
563.2
|
720.7
|
714.2
|
99.1%
|
99.5%
|
|
Jinan Royal
Palace
|
449.6
|
271.5
|
636.6
|
276.2
|
43.4%
|
73.6%
|
|
Xuzhou Colorful
City
|
130.2
|
80.3
|
192.7
|
110.0
|
57.1%
|
81.5%
|
|
Beijing Xindo
Park
|
133.1
|
122.5
|
434.9
|
363.6
|
83.6%
|
100.0%
|
|
Chengdu Thriving
Family
|
211.4
|
150.8
|
362.3
|
134.7
|
37.2%
|
95.5%
|
|
Changsha Xinyuan
Splendid
|
251.7
|
198.8
|
344.2
|
183.7
|
53.4%
|
89.6%
|
|
Sanya Yazhou Bay
No.1
|
117.2
|
43.5
|
287.7
|
90.5
|
31.5%
|
86.4%
|
|
Xi'an
Metropolitan
|
290.7
|
215.9
|
458.5
|
222.9
|
48.6%
|
97.1%
|
|
Shanghai Royal
Palace
|
57.8
|
46.3
|
272.4
|
169.6
|
62.3%
|
100.0%
|
|
Zhengzhou Xindo
Park
|
144.4
|
84.4
|
191.9
|
89.5
|
46.6%
|
82.1%
|
|
Jinan Xin
Central
|
194.7
|
121.4
|
347.1
|
174.6
|
50.3%
|
74.9%
|
|
Henan Xin Central
I
|
262.2
|
205.0
|
350.4
|
241.8
|
69.0%
|
68.9%
|
|
Zhengzhou Fancy City
I
|
166.8
|
135.0
|
229.1
|
168.8
|
73.7%
|
63.2%
|
|
Zhengzhou Fancy City
II
(South)
|
84.1
|
63.2
|
141.9
|
95.6
|
67.4%
|
58.4%
|
|
Tianjin Spring Royal
Palace
|
278.6
|
109.9
|
483.5
|
123.7
|
25.6%
|
39.4%
|
|
Kunshan Xindo
Park
|
89.0
|
35.9
|
265.0
|
96.9
|
36.6%
|
65.2%
|
|
Zhengzhou
International New
City I
|
360.7
|
50.9
|
647.1
|
79.3
|
12.3%
|
33.5%
|
|
Henan Xin Central
II
|
109.8
|
24.0
|
178.1
|
38.2
|
21.4%
|
47.5%
|
|
Others remaining
GFA
|
3.2
|
-
|
-
|
-
|
-
|
-
|
|
Total active
projects
|
4,954.1
|
3,416.4
|
8,086.7
|
4,630.4
|
57.3%
|
76.4%
|
|
As of March 31, 2017, the
Company's total sellable GFA was approximately 2,501,600 square
meters for active projects and under planning stage projects in
China. Below is a summary of all
of the Company's planning stage projects:
|
Unsold
GFA
(m2
000)
|
Pre-sales
Scheduled
|
|
|
|
Zhengzhou Fancy City
II (North)
|
119.6
|
Q3 2017
|
|
Zhengzhou
International New City II
|
175.7
|
Q3 2017
|
|
Xingyang Splendid
III
|
37.4
|
To be
determined
|
|
Beijing Liyuan
project
|
102.3
|
To be
determined
|
|
Changsha Mulian Royal
Palace (Changsha New project)
|
93.3
|
Q2 2017
|
|
Zhengzhou
International New City III
|
345.6
|
To be
determined
|
|
Changsha Renmin East
Road project
|
90.0
|
To be
determined
|
|
Total projects
under planning
|
963.9
|
|
|
Total active
projects
|
1,537.7
|
|
|
Total of all
Xinyuan projects in China
|
2,501.6
|
|
|
Real Estate Project Update in the
United States
In the first quarter of 2017, our Brooklyn, New York-based Oosten project
delivered 38 units with revenue of approximately $65 million. As of the end of March 2017, total units sold and revenue of this
project had reached 144 units and $217
million, respectively, and the construction loan had been
completely paid off. Most closed buyers had moved in. Also during
the first quarter, local market demand and price trends remained
healthy in both Manhattan and
Brooklyn. Both saw modest
year-on-year unit price increases with Brooklyn enjoying slightly higher increases.
We also observed a meaningful drop in new condominium inventory
year-on-year and quarter-on-quarter in both Manhattan and Brooklyn. In particular, Brooklyn new development condo unit inventory
saw a 22% quarter-on-quarter decrease during the first quarter.
Xinyuan's second New York
project, located in midtown Manhattan, had completed demolition, and
excavation and foundation work had begun. In the first quarter, the
Company successfully closed a $108
million construction loan from a major commercial bank.
For our project located in Queens, New
York, the company has selected a general contractor and is
in the planning stage of the ground-up development. We are also in
discussions with several financial institutions regarding
construction financing in order to commence construction.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on May 18,
2017 to discuss first quarter 2017 results. Listeners may
access the call by dialing:
US:
|
1-877-723-9517
|
China:
|
86-400-120-2694
|
International:
|
1-719-325-4771
|
A webcast will also be available through the Company's investor
relations website at http://ir.xyre.com.
A replay of the call will be available through May 25, 2017 by dialing:
US:
|
1-844-512-2921
|
International:
|
1-412-317-6671
|
Access
code:
|
3753482
|
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real
estate developer and property manager primarily in China and recently in other countries. In
China, Xinyuan develops and
manages large scale, high quality real estate projects in over ten
tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an,
Suzhou, among others. Xinyuan was one of the first Chinese real
estate developers to enter the U.S. market and over the past few
years has been active in real estate development in New York. Xinyuan aims to provide comfortable
and convenient real estate related products and services to
middle-class consumers. For more information, please visit
http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements". These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements includes
statements about estimated financial performance and sales
performance and activity, among others, and can generally be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates" and similar
statements. Statements that are not historical statements 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,
but not limited to, our ability to continue to implement our
business model successfully; our ability to secure adequate
financing for our project development; our ability to successfully
sell or complete our property projects under construction and
planning; our ability to enter successfully into new geographic
markets and new business lines and expand our operations; the
marketing and sales ability of our third-party sales agents; the
performance of our third-party contractors; the impact of laws,
regulations and policies relating to real estate developers and the
real estate industry in the countries in which we operate; our
ability to obtain permits and licenses to carry on our business in
compliance with applicable laws and regulations; competition from
other real estate developers; the growth of the real estate
industry in the markets in which we operate; fluctuations in
general economic and business conditions in the markets in which we
operate; and other risks outlined in our public filings with the
Securities and Exchange Commission, including our annual report on
Form 20-F for the year ended December 31,
2016. Except as required by law, we undertake no obligation
to update or review publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statement is made.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year-end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between our audited
financial statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Joe Xu
Investor Relations Deputy Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
Media:
Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@icrinc.com
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All US$ amounts
and number of shares data in thousands, except per share
data)
|
|
|
Three months
ended
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
2017
|
|
2016
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
280,714
|
|
|
505,340
|
|
|
235,384
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(218,147)
|
|
|
(378,507)
|
|
|
(186,490)
|
Gross
profit
|
|
62,567
|
|
|
126,833
|
|
|
48,894
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(10,488)
|
|
|
(22,058)
|
|
|
(8,121)
|
General and
administrative expenses
|
|
(25,017)
|
|
|
(30,226)
|
|
|
(23,408)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
27,062
|
|
|
74,549
|
|
|
17,365
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
2,599
|
|
|
6,107
|
|
|
8,471
|
Interest
expense
|
|
(9,325)
|
|
|
(13,236)
|
|
|
(5,000)
|
Net realized gain on
short-term investments
|
|
588
|
|
|
198
|
|
|
109
|
Unrealized
gain/(loss) on short-term investments
|
|
1,254
|
|
|
(623)
|
|
|
920
|
Other
income
|
|
159
|
|
|
459
|
|
|
7
|
Loss on
extinguishment of debt
|
|
-
|
|
|
(12,124)
|
|
|
-
|
Exchange
(loss)/gains
|
|
(51)
|
|
|
261
|
|
|
54
|
Share of (loss)/gain
of equity investees
|
|
(243)
|
|
|
(138)
|
|
|
42
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
22,043
|
|
|
55,453
|
|
|
21,968
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
(14,625)
|
|
|
(38,735)
|
|
|
(15,073)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
7,418
|
|
|
16,718
|
|
|
6,895
|
Net income
attributable to non-controlling interest
|
|
42
|
|
|
(4,588)
|
|
|
(776)
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
7,460
|
|
|
12,130
|
|
|
6,119
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.12
|
|
|
0.18
|
|
|
0.09
|
Diluted
|
|
0.11
|
|
|
0.18
|
|
|
0.09
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
63,995
|
|
|
65,960
|
|
|
68,613
|
Diluted
|
|
64,944
|
|
|
68,928
|
|
|
71,345
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts
and number of shares data in thousands)
|
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
916,029
|
|
|
578,244
|
Restricted
cash
|
|
329,909
|
|
|
328,499
|
Short-term
investments
|
|
41,113
|
|
|
39,311
|
Accounts
receivable
|
|
26,884
|
|
|
32,704
|
Other
receivables
|
|
31,804
|
|
|
31,822
|
Deposits for land use
rights
|
|
100,804
|
|
|
153,252
|
Other deposits and
prepayments
|
|
276,914
|
|
|
525,263
|
Advances to
suppliers
|
|
30,433
|
|
|
27,457
|
Real estate
properties development completed
|
|
429,254
|
|
|
477,179
|
Real estate
properties under development
|
|
1,848,471
|
|
|
1,719,135
|
Amounts due from
related parties
|
|
20,284
|
|
|
17,732
|
Amounts due from
employees
|
|
2,277
|
|
|
621
|
Other current
assets
|
|
140
|
|
|
226
|
|
|
|
|
|
|
Total current
assets
|
|
4,054,316
|
|
|
3,931,445
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
163,541
|
|
|
159,874
|
Property and
equipment, net
|
|
33,610
|
|
|
34,090
|
Other long-term
investment
|
|
8,938
|
|
|
242
|
Investment in joint
ventures
|
|
7,541
|
|
|
7,556
|
Deferred tax
assets
|
|
49,701
|
|
|
49,690
|
Deposits for land use
rights
|
|
28,988
|
|
|
28,831
|
Other
assets
|
|
24,740
|
|
|
24,717
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
4,371,375
|
|
|
4,236,445
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts
and number of shares data in thousands)
|
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
423,413
|
|
|
524,663
|
Short-term bank loans
and other debt
|
|
130,448
|
|
|
178,576
|
Customer
deposits
|
|
168,829
|
|
|
150,545
|
Income tax
payable
|
|
106,396
|
|
|
120,573
|
Other payables and
accrued liabilities
|
|
208,466
|
|
|
199,661
|
Payroll and welfare
payable
|
|
4,626
|
|
|
19,522
|
Current portion of
long-term bank loans and other debt
|
|
574,802
|
|
|
704,695
|
Current maturities of
capital lease obligations
|
|
3,945
|
|
|
3,923
|
Mandatorily
redeemable non-controlling interests
|
|
-
|
|
|
12,614
|
Amounts due to
related parties
|
|
67,949
|
|
|
66,230
|
|
|
|
|
|
|
Total current
liabilities
|
|
1,688,874
|
|
|
1,981,002
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
Long-term bank
loans
|
|
350,887
|
|
|
235,885
|
Other long term
debt
|
|
1,270,978
|
|
|
974,791
|
Deferred tax
liabilities
|
|
105,086
|
|
|
93,107
|
Unrecognized tax
benefits
|
|
20,492
|
|
|
20,492
|
Capital lease
obligations, net of current maturities
|
|
14,876
|
|
|
15,016
|
TOTAL
LIABILITIES
|
|
3,451,193
|
|
|
3,320,293
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Common
shares
|
|
16
|
|
|
16
|
Treasury
shares
|
|
(60,915)
|
|
|
(53,734)
|
Additional paid-in
capital
|
|
539,763
|
|
|
538,414
|
Statutory
reserves
|
|
95,965
|
|
|
95,973
|
Retained
earnings
|
|
354,905
|
|
|
354,274
|
Accumulated other
comprehensive income
|
|
(30,652)
|
|
|
(34,683)
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
899,082
|
|
|
900,260
|
Non-controlling
interest
|
|
21,100
|
|
|
15,892
|
Total
equity
|
|
920,182
|
|
|
916,152
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
4,371,375
|
|
|
4,236,445
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2017-financial-results-300459837.html
SOURCE Xinyuan Real Estate Co., Ltd.