BEIJING, Aug.11, 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 second quarter
ended June 30, 2017.
Second Quarter 2017 Highlights
- Contract sales increased 54.4% to US$732.4 million from US$474.4 million in the second quarter of 2016
and increased 139.8% from US$305.4
million in the first quarter of 2017.
- Total revenue increased 29.6% to US$488.2 million from US$376.6 million in the second quarter of 2016
and increased 73.9% from US$280.7
million in the first quarter of 2017.
- Gross profit increased 39.6% to US$107.9
million (or 22.1% of total revenue) from US$77.3 million (or 20.5% of total revenue) in
the second quarter of 2016, and increased 72.4% from US$62.6 million (or 22.3% of total revenue) in
the first quarter of 2017.
- Selling, General and Administrative ("SG&A") expenses as a
percentage of total revenue decreased to 9.9% from 10.9% in the
second quarter of 2016 and decreased from 12.6% in the first
quarter of 2017.
- Net income was US$20.6 million,
compared to US$27.8 million in the
second quarter of 2016 and US$7.4
million in the first quarter of 2017.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.14, compared to US$0.39 in the second quarter of 2016 and
US$0.11 in the first quarter of
2017.
- The Company repurchased through its share repurchase program
952,231 ADSs at a total cost of approximately US$4.7 million in the second quarter of
2017.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "Our second quarter results were generally in
line with our expectations under the current government's
restrictive policies impacting China's overall housing market. We achieved
54.4% contract sales growth and 29.6% revenue growth compared to
the same quarter last year, which was attributable to strong and
solid performance of our active projects.
We were also pleased to increase our number of strategic land
acquisitions. During the second quarter, we increased our presence
in several existing markets where we have a sound track record,
including Zhengzhou, Xi'an and Kunshan, and established our
presence in a new market with national geographical
significance - Zhuhai, an
important location in the "Guangdong-Hong Kong-Macao Greater Bay Area". A
total of five new projects with an aggregate GFA of 795,000 square
meters were acquired in the second quarter, which we expect to
support our growth in the years to come.
Furthermore, we are pleased to pay our 22nd consecutive
quarterly dividend. The ongoing US$40
million share repurchase as well as the full redemption of
our outstanding US$200 million senior
notes in early July also demonstrate our commitment to delivering
value to our shareholders," concluded Mr. Zhang.
Second Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled
US$711.8 million in the second
quarter compared to US$474.4 million
in the second quarter of 2016 and US$240.8
million in the first quarter of 2017.
The Company's GFA sales in China were 409,700 square meters in the
second quarter of 2017 compared to 344,600 square meters in the
second quarter of 2016 and 140,300 square meters in the first
quarter of 2017.
The ASP per square meter sold in China was RMB11,946 (US$1,739) in the second quarter of 2017 compared
to RMB8,992 (US$1,377) in the second quarter of 2016 and
RMB11,820 (US$1,717) in the first quarter of 2017.
Contract sales in the United
States totaled US$20.6 million
in the second quarter of 2017.
The Company commenced pre-sales of one new project in the second
quarter of 2017, Xingyang Splendid III, which contributed 3.8% of
total GFA sales.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q2
2016
|
Q1
2017
|
Q2
2017
|
Unsold
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
Zhengzhou Xin
City
|
-0.1
|
13,136
|
0.2
|
52,821
|
0.1
|
4,005
|
5.3
|
Zhengzhou Thriving
Family
|
0.1
|
10,446
|
0.3
|
5,913
|
-
|
-
|
15.7
|
Xingyang Splendid
I
|
2.1
|
5,281
|
6.2
|
6,626
|
0.4
|
7,115
|
28.9
|
Xingyang Splendid
II
|
8.6
|
5,253
|
8.6
|
6,710
|
15.4
|
5,265
|
58.8
|
Kunshan Royal
Palace
|
29.0
|
15,586
|
2.3
|
21,222
|
5.3
|
24,173
|
8.8
|
Suzhou Lake Royal
Palace
|
10.6
|
21,575
|
2.8
|
19,906
|
3.8
|
20,094
|
10.5
|
Jinan Xinyuan
Splendid
|
1.3
|
9,499
|
0.2
|
4,417
|
0.2
|
4,263
|
8.8
|
Jinan Royal
Palace
|
32.0
|
6,874
|
22.4
|
9,280
|
13.2
|
10,508
|
164.9
|
Xuzhou Colorful
City
|
2.9
|
9,895
|
1.7
|
15,131
|
2.8
|
13,385
|
47.1
|
Beijing Xindo
Park
|
-0.3
|
31,469
|
0.1
|
19,697
|
0.2
|
4,235
|
10.4
|
Chengdu Thriving
Family
|
30.7
|
5,639
|
4.7
|
11,277
|
6.0
|
19,194
|
54.6
|
Changsha Xinyuan
Splendid
|
39.2
|
6,355
|
9.7
|
9,050
|
28.2
|
9,521
|
24.6
|
Sanya Yazhou Bay
No.1
|
4.2
|
12,438
|
26.3
|
15,432
|
8.1
|
15,888
|
65.6
|
Xi'an
Metropolitan
|
21.7
|
7,133
|
3.1
|
8,889
|
9.5
|
9,553
|
65.3
|
Shanghai Royal
Palace
|
7.0
|
30,594
|
-0.1
|
28,707
|
-
|
-
|
11.4
|
Zhengzhou Xindo
Park
|
10.2
|
6,448
|
13.2
|
6,342
|
22.9
|
6,998
|
37.1
|
Jinan Xin
Central
|
11.9
|
10,793
|
6.8
|
11,777
|
8.3
|
13,928
|
65.0
|
Henan Xin Central
I
|
29.9
|
8,083
|
0.5
|
11,568
|
3.4
|
16,229
|
53.7
|
Zhengzhou Fancy City
I
|
29.0
|
8,970
|
0.8
|
21,739
|
2.6
|
19,015
|
29.2
|
Zhengzhou Fancy City
II (South)
|
5.6
|
8,897
|
10.1
|
12,394
|
7.6
|
12,649
|
13.3
|
Tianjin Spring Royal
Palace
|
68.5
|
7,429
|
-0.1
|
6,844
|
11.0
|
11,118
|
157.7
|
Kunshan Xindo
Park
|
-
|
-
|
4.4
|
18,244
|
10.6
|
20,523
|
42.5
|
Zhengzhou
International New City I
|
-
|
-
|
0.9
|
10,834
|
207.4
|
12,084
|
102.1
|
Henan Xin Central
II
|
-
|
-
|
15.0
|
10,955
|
27.2
|
11,293
|
58.6
|
Xingyang Splendid
III
|
-
|
-
|
-
|
-
|
15.5
|
6,981
|
108.1
|
Others
|
0.5
|
-
|
0.2
|
-
|
-
|
-
|
3.2
|
Total
|
344.6
|
8,992
|
140.3
|
11,820
|
409.7
|
11,946
|
1,251.2
|
Revenue
In the second quarter of 2017, the Company's total revenue
increased 29.6% to US$488.2 million
from US$376.6 million in the second
quarter of 2016 and increased 73.9% from US$280.7 million in the first quarter of
2017.
Gross Profit
Gross profit for the second quarter of 2017 was US$107.9 million, or 22.1% of revenue, compared
to a gross profit of US$77.3 million,
or 20.5% of revenue, in the second quarter of 2016 and a gross
profit of US$62.6 million, or 22.3%
of revenue, in the first quarter of 2017.
Selling, General and Administrative Expenses
SG&A expenses were US$48.2
million for the second quarter of 2017 compared to
US$41.0 million for the second
quarter of 2016 and US$35.5 million
for the first quarter of 2017. As a percentage of total revenue,
SG&A expenses were 9.9% compared to 10.9% in the second quarter
of 2016 and 12.6% in the first quarter of 2017.
Net Income
Net income for the second quarter of 2017 was US$20.6 million compared to US$27.8 million for the second quarter of 2016
and US$7.4 million for the first
quarter of 2017. Net margin was 4.2%, compared to 7.4% in the
second quarter of 2016 and 2.6% in the first quarter of 2017.
Diluted earnings per ADS were US$0.14, compared to US$0.39 per ADS in the second quarter of 2016 and
US$0.11 per ADS in the first quarter
of 2017.
The lower net income compared with the second quarter of 2016
was mainly due to (i) an increase in selling and distribution
expenses related to commercial sales under a more challenging
market environment, (ii) an increase in the un-capitalized portion
of the Company's interest expenses due to some debt not yet
allocated into real estate projects, and (iii) a one-time Land
Value-Added Tax (LVAT) refund of approximately US$9 million in the prior year period related to
a final settlement at one of the Company's projects.
Balance Sheet
As of June 30, 2017, the Company's
cash and cash equivalents (including restricted cash) increased to
US$1,276.8 million from US$1,245.9 million as of March 31, 2017. Total debt outstanding was
US$2,647.8 million, which reflected
an increase of US$320.7 million
compared to US$2,327.1 million at the
end of the first quarter of 2017. The balance of the Company's real
estate properties under development at the end of the second
quarter of 2017 was US$2,135.2
million, compared to US$1,848.5
million at the end of the first quarter of 2017.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the second quarter of 2017.
Project
|
GFA
|
Contract
Sales
|
Project Cost
% Complete
|
|
(m2
'000s)
|
(US$
millions)
|
|
Total Active
Project
|
Sold to
date
|
Total Active
Project
|
Sales to
date
|
%
Sold
|
|
|
Zhengzhou Xin
City
|
211.1
|
205.8
|
345.1
|
315.4
|
91.4%
|
98.2%
|
|
Zhengzhou Thriving
Family
|
131.5
|
115.8
|
148.3
|
122.4
|
82.5%
|
96.7%
|
|
Xingyang Splendid
I
|
117.4
|
88.5
|
90.7
|
68.8
|
75.9%
|
75.7%
|
|
Xingyang Splendid
II
|
137.2
|
78.4
|
137.3
|
67.1
|
48.9%
|
58.6%
|
|
Kunshan Royal
Palace
|
280.0
|
271.2
|
467.9
|
431.7
|
92.3%
|
95.2%
|
|
Suzhou Lake Royal
Palace
|
169.6
|
159.1
|
349.3
|
297.7
|
85.2%
|
99.6%
|
|
Jinan Xinyuan
Splendid
|
572.2
|
563.4
|
722.2
|
716.0
|
99.1%
|
99.5%
|
|
Jinan Royal
Palace
|
449.7
|
284.8
|
638.0
|
301.8
|
47.3%
|
76.2%
|
|
Xuzhou Colorful
City
|
130.2
|
83.1
|
193.1
|
115.7
|
59.9%
|
83.4%
|
|
Beijing Xindo
Park
|
133.1
|
122.7
|
435.8
|
364.7
|
83.7%
|
99.8%
|
|
Chengdu Thriving
Family
|
211.4
|
156.8
|
363.1
|
151.7
|
41.8%
|
96.5%
|
|
Changsha Xinyuan
Splendid
|
251.6
|
227.0
|
345.0
|
223.2
|
64.7%
|
90.0%
|
|
Sanya Yazhou Bay
No.1
|
117.2
|
51.6
|
288.3
|
109.3
|
37.9%
|
86.2%
|
|
Xi'an
Metropolitan
|
290.7
|
225.4
|
459.5
|
233.9
|
50.9%
|
97.4%
|
|
Shanghai Royal
Palace
|
57.8
|
46.4
|
273.0
|
170.5
|
62.5%
|
99.3%
|
|
Zhengzhou Xindo
Park
|
144.4
|
107.3
|
192.3
|
113.0
|
58.8%
|
84.5%
|
|
Jinan Xin
Central
|
194.7
|
129.7
|
347.8
|
191.7
|
55.1%
|
82.2%
|
|
Henan Xin Central
I
|
262.2
|
208.5
|
351.2
|
254.0
|
72.3%
|
75.7%
|
|
Zhengzhou Fancy City
I
|
166.8
|
137.6
|
229.6
|
180.2
|
78.5%
|
67.0%
|
|
Zhengzhou Fancy City
II (South)
|
84.1
|
70.8
|
142.2
|
109.7
|
77.1%
|
63.3%
|
|
Tianjin Spring Royal
Palace
|
278.6
|
120.9
|
484.5
|
141.7
|
29.2%
|
47.7%
|
|
Kunshan Xindo
Park
|
89.0
|
46.5
|
265.5
|
128.7
|
48.5%
|
68.7%
|
|
Zhengzhou
International New City I
|
360.5
|
258.4
|
648.5
|
444.2
|
68.5%
|
39.1%
|
|
Henan Xin Central
II
|
109.8
|
51.2
|
178.5
|
83.0
|
46.5%
|
53.6%
|
|
Xingyang Splendid
III
|
123.5
|
15.4
|
135.2
|
15.7
|
11.6%
|
33.7%
|
|
Others remaining
GFA
|
3.2
|
|
|
|
|
|
|
Total active
projects
|
5,077.5
|
3,826.3
|
8,231.9
|
5,351.8
|
65.0%
|
78.5%
|
|
As of June 30, 2017, the Company's
total saleable GFA was approximately 2,947,100 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
'000s)
|
Pre-sales
Scheduled
|
|
|
|
Zhengzhou Fancy City
II(North)
|
119.6
|
Q3 2017
|
|
Zhengzhou
International New City II
|
175.7
|
Q3 2017
|
|
Beijing Liyuan
project
|
102.3
|
To be
determined
|
|
Changsha Mulian Royal
Palace
|
93.3
|
Q3 2017
|
|
Zhengzhou
International New City III
|
337.0
|
To be
determined
|
|
Changsha Renmin East
Road project
|
73.0
|
To be
determined
|
|
Xian Aerospace City
Project
|
226.0
|
To be
determined
|
|
Zhengzhou
Heizhuzhuang Project
|
340.0
|
To be
determined
|
|
Kunshan Zhongyu
Project
|
113.0
|
To be
determined
|
|
Zhengzhou
International New City IV
|
46.0
|
To be
determined
|
|
Zhuhai Prince
Project
|
70.0
|
To be
determined
|
|
Total projects
under planning
|
1,695.9
|
|
|
Total active
projects
|
1,251.2
|
|
|
Total of all
Xinyuan unsold projects in China
|
2,947.1
|
|
|
Real Estate Project Update in the
United States
In the second quarter of 2017, our Oosten project in
Brooklyn, New York recognized
revenue of approximately US$21
million. As of June 30, 2017,
we had sold and closed a total of 161 units out of 216 total units
and revenue from this project had reached US$238 million. The construction loan for this
project was fully paid off. As a testament to this project's
success in the New York market,
the Oosten project was recently awarded the "Best Residential
Condominium Building" award by the Brooklyn Chamber of Commerce at the 2017
Building Brooklyn Awards, which represents the first win by a
non-US-based developer in the award's history.
During the second quarter of 2017, local market demand and price
trends remained stable in both Manhattan and Brooklyn. Both saw modest year-on-year unit
price increases, with Brooklyn
enjoying slightly higher increases.
The Company is continuing its foundation work for its second
New York City project which is
located in midtown Manhattan.
The Company continues to execute its planning, governmental
approvals and pre-development of its ground-up development project
located in Queens, New York.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 11,
2017 to discuss second quarter 2017 results. Listeners may
access the call by dialing:
US Toll Free: 1-888-857-6931
China: +86-400-120-2694
International: 1-719-457-2601
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 August 18, 2017 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 4856564
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
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
488,165
|
|
|
|
280,714
|
|
|
|
376,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(380,242)
|
|
|
|
(218,147)
|
|
|
|
(299,317)
|
|
Gross
profit
|
|
|
107,923
|
|
|
|
62,567
|
|
|
|
77,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(18,219)
|
|
|
|
(10,488)
|
|
|
|
(8,801)
|
|
General and
administrative expenses
|
|
|
(29,965)
|
|
|
|
(25,017)
|
|
|
|
(32,197)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
59,739
|
|
|
|
27,062
|
|
|
|
36,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4,375
|
|
|
|
2,599
|
|
|
|
4,223
|
|
Interest
expense
|
|
|
(20,195)
|
|
|
|
(9,325)
|
|
|
|
(5,063)
|
|
Net realized gain on
short-term investments
|
|
|
2,257
|
|
|
|
588
|
|
|
|
807
|
|
Unrealized
gain/(loss) on short-term investments
|
|
|
524
|
|
|
|
1,254
|
|
|
|
(153)
|
|
Other
income
|
|
|
-
|
|
|
|
159
|
|
|
|
4,101
|
|
Exchange
(loss)/gains
|
|
|
(46)
|
|
|
|
(51)
|
|
|
|
182
|
|
Share of loss of
equity investees
|
|
|
(265)
|
|
|
|
(243)
|
|
|
|
(641)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
46,389
|
|
|
|
22,043
|
|
|
|
39,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(25,769)
|
|
|
|
(14,625)
|
|
|
|
(11,960)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
20,620
|
|
|
|
7,418
|
|
|
|
27,804
|
|
Net (income)/loss
attributable to non-controlling interest
|
|
|
(11,698)
|
|
|
|
42
|
|
|
|
(1,278)
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
8,922
|
|
|
|
7,460
|
|
|
|
26,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.14
|
|
|
|
0.12
|
|
|
|
0.40
|
|
Diluted
|
|
|
0.14
|
|
|
|
0.11
|
|
|
|
0.39
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
64,324
|
|
|
|
63,995
|
|
|
|
66,005
|
|
Diluted
|
|
|
65,622
|
|
|
|
64,944
|
|
|
|
68,164
|
|
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)
|
|
|
Six months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
768,879
|
|
|
|
612,007
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(598,389)
|
|
|
|
(485,807)
|
|
Gross
profit
|
|
|
170,490
|
|
|
|
126,200
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(28,707)
|
|
|
|
(16,922)
|
|
General and
administrative expenses
|
|
|
(54,982)
|
|
|
|
(55,605)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
86,801
|
|
|
|
53,673
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6,974
|
|
|
|
12,694
|
|
Interest
expense
|
|
|
(29,520)
|
|
|
|
(10,063)
|
|
Net realized gain on
short-term investments
|
|
|
2,845
|
|
|
|
916
|
|
Unrealized gain on
short-term investments
|
|
|
1,778
|
|
|
|
767
|
|
Other
income
|
|
|
159
|
|
|
|
4,108
|
|
Exchange
(loss)/gains
|
|
|
(97)
|
|
|
|
236
|
|
Share of loss of an
equity investee
|
|
|
(508)
|
|
|
|
(599)
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
68,432
|
|
|
|
61,732
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(40,394)
|
|
|
|
(27,033)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
28,038
|
|
|
|
34,699
|
|
Net income
attributable to non-controlling interest
|
|
|
(11,656)
|
|
|
|
(2,054)
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
16,382
|
|
|
|
32,645
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.26
|
|
|
|
0.49
|
|
Diluted
|
|
|
0.25
|
|
|
|
0.47
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
64,159
|
|
|
|
67,309
|
|
Diluted
|
|
|
65,779
|
|
|
|
69,492
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(All US$ amounts
and number of shares data in thousands)
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
955,209
|
|
|
|
916,029
|
|
|
|
578,244
|
|
Restricted
cash
|
|
|
321,615
|
|
|
|
329,909
|
|
|
|
328,499
|
|
Short-term
investments
|
|
|
49,686
|
|
|
|
41,113
|
|
|
|
39,311
|
|
Accounts
receivable
|
|
|
27,669
|
|
|
|
26,884
|
|
|
|
32,704
|
|
Other
receivables
|
|
|
38,714
|
|
|
|
31,804
|
|
|
|
31,822
|
|
Deposits for land use
rights
|
|
|
80,376
|
|
|
|
100,804
|
|
|
|
153,252
|
|
Other deposits and
prepayments
|
|
|
492,429
|
|
|
|
276,914
|
|
|
|
525,263
|
|
Advances to
suppliers
|
|
|
38,569
|
|
|
|
30,433
|
|
|
|
27,457
|
|
Real estate
properties development completed
|
|
|
381,238
|
|
|
|
429,254
|
|
|
|
477,179
|
|
Real estate
properties under development
|
|
|
2,135,226
|
|
|
|
1,848,471
|
|
|
|
1,719,135
|
|
Amounts due from
related parties
|
|
|
6,155
|
|
|
|
20,284
|
|
|
|
17,732
|
|
Amounts due from
employees
|
|
|
1,582
|
|
|
|
2,277
|
|
|
|
621
|
|
Other current
assets
|
|
|
704
|
|
|
|
140
|
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
4,529,172
|
|
|
|
4,054,316
|
|
|
|
3,931,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
|
191,021
|
|
|
|
163,541
|
|
|
|
159,874
|
|
Property and
equipment, net
|
|
|
33,455
|
|
|
|
33,610
|
|
|
|
34,090
|
|
Other long-term
investment
|
|
|
9,099
|
|
|
|
8,938
|
|
|
|
242
|
|
Investment in joint
ventures
|
|
|
7,502
|
|
|
|
7,541
|
|
|
|
7,556
|
|
Deferred tax
assets
|
|
|
50,190
|
|
|
|
49,701
|
|
|
|
49,690
|
|
Deposits for land use
rights
|
|
|
29,523
|
|
|
|
28,988
|
|
|
|
28,831
|
|
Other
assets
|
|
|
57,060
|
|
|
|
24,740
|
|
|
|
24,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
4,907,022
|
|
|
|
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)
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
482,009
|
|
|
|
423,413
|
|
|
|
524,663
|
|
Short-term bank loans
and other debt
|
|
|
109,856
|
|
|
|
130,448
|
|
|
|
178,576
|
|
Customer
deposits
|
|
|
173,326
|
|
|
|
168,829
|
|
|
|
150,545
|
|
Income tax
payable
|
|
|
102,736
|
|
|
|
106,396
|
|
|
|
120,573
|
|
Other payables and
accrued liabilities
|
|
|
242,940
|
|
|
|
208,466
|
|
|
|
199,661
|
|
Payroll and welfare
payable
|
|
|
12,247
|
|
|
|
4,626
|
|
|
|
19,522
|
|
Current portion of
long-term bank loans and other debt
|
|
|
1,074,467
|
|
|
|
574,802
|
|
|
|
704,695
|
|
Current maturities of
capital lease obligations
|
|
|
4,314
|
|
|
|
3,945
|
|
|
|
3,923
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
12,916
|
|
|
|
-
|
|
|
|
12,614
|
|
Amounts due to
related parties
|
|
|
69,307
|
|
|
|
67,949
|
|
|
|
66,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
2,284,118
|
|
|
|
1,688,874
|
|
|
|
1,981,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
363,898
|
|
|
|
350,887
|
|
|
|
235,885
|
|
Other long term
debt
|
|
|
1,099,563
|
|
|
|
1,270,978
|
|
|
|
974,791
|
|
Deferred tax
liabilities
|
|
|
172,763
|
|
|
|
105,086
|
|
|
|
93,107
|
|
Unrecognized tax
benefits
|
|
|
20,494
|
|
|
|
20,492
|
|
|
|
20,492
|
|
Capital lease
obligations, net of current maturities
|
|
|
13,093
|
|
|
|
14,876
|
|
|
|
15,016
|
|
Due to related
parties
|
|
|
1,543
|
|
|
|
-
|
|
|
|
-
|
|
TOTAL
LIABILITIES
|
|
|
3,955,472
|
|
|
|
3,451,193
|
|
|
|
3,320,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(65,590)
|
|
|
|
(60,915)
|
|
|
|
(53,734)
|
|
Additional paid-in
capital
|
|
|
542,040
|
|
|
|
539,763
|
|
|
|
538,414
|
|
Statutory
reserves
|
|
|
95,965
|
|
|
|
95,965
|
|
|
|
95,973
|
|
Retained
earnings
|
|
|
356,990
|
|
|
|
354,905
|
|
|
|
354,274
|
|
Accumulated other
comprehensive income
|
|
|
(11,227)
|
|
|
|
(30,652)
|
|
|
|
(34,683)
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
918,194
|
|
|
|
899,082
|
|
|
|
900,260
|
|
Non-controlling
interest
|
|
|
33,356
|
|
|
|
21,100
|
|
|
|
15,892
|
|
Total
equity
|
|
|
951,550
|
|
|
|
920,182
|
|
|
|
916,152
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
4,907,022
|
|
|
|
4,371,375
|
|
|
|
4,236,445
|
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2017-financial-results-300503189.html
SOURCE Xinyuan Real Estate Co., Ltd.