BEIJING, Nov. 10, 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 also in other countries,
today announced its unaudited financial results for the third
quarter ended September 30, 2017.
Third Quarter 2017 Highlights
- Contract sales increased 15.1% to US$604.5 million from US$525.4 million in the third quarter of 2016,
and also increased 28.4% to US$1.6
billion for the first nine months of 2017 compared to
US$1.3 billion in the same period of
2016.
- Total revenue increased 8.6% to US$482.4
million from US$444.3 million
in the third quarter of 2016, and also increased 18.5% to
US$1.3 billion for the first nine
months of 2017 compared to US$1.1
billion in the same period of 2016.
- Gross profit increased 3.6% to US$108.8
million, or 22.6% of total revenue, from US$105.0 million, or 23.6% of total revenue, in
the third quarter of 2016 and increased 0.8% from US$107.9 million, or 22.1% of total revenue, in
the second quarter of 2017.
- Selling, General and Administrative ("SG&A") expenses as a
percentage of total revenue decreased to 10.6% from 12.1% in the
third quarter of 2016 and increased from 9.8% in the second quarter
of 2017.
- Net income was US$16.5 million
compared to US$28.0 million in the
third quarter of 2016 and US$20.8
million in the second quarter of 2017.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.22 compared to US$0.41 in the third quarter of 2016 and
US$0.14 in the second quarter of
2017.
- The Company repurchased through its share repurchase program
421,292 ADSs at a total cost of approximately US$2.2 million in the third quarter of 2017.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "Our third quarter results were generally in line
with our expectations under the ongoing restrictive government
policies impacting China's overall
housing market. We achieved double-digit growth in contract sales
compared to the same quarter last year, thanks to steady demand of
our active projects. The increase in contract sales for the first
nine months of 2017 also met our growth target.
During the third quarter, we were pleased to commence pre-sales
of two new projects, Zhengzhou International New City II and
Changsha Mulian Royal Palace, and we look forward to beginning
pre-sales of two new projects in Zhengzhou in the fourth quarter. We have also
been reasonably increasing our land bank during the year, which
provides us with a good foundation for development and growth in
the coming quarters.
Finally, we were pleased to continue our commitment to our
shareholders by paying our 23rd consecutive quarterly dividend and
repurchasing shares during the third quarter," concluded Mr.
Zhang.
Third Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled
US$597.5 million in the third quarter
compared to US$525.4 million in the
third quarter of 2016 and US$711.8
million in the second quarter of 2017. Total Contract sales
in China for the first nine months
of 2017 totaled US$1.6 billion,
compared with US$1.3 billion for the
same period last year.
The Company's gross floor area ("GFA") sales in China were 369,500 square meters in the third
quarter of 2017 compared to 340,700 square meters in the third
quarter of 2016 and 409,700 square meters in the second quarter of
2017. GFA sales in China for the
first nine months of 2017 totaled 919,500 square meters, compared
with 891,900 square meters for the same period last year.
The average selling price ("ASP") per square meter sold in
China was RMB10,994 (US$1,616) in the third quarter of 2017 compared
to RMB10,140 (US$1,542) in the third quarter of 2016 and
RMB11,946 (US$1,739) in the second quarter of 2017. The
slight decrease in ASP was mainly due to product mix containing
affordable unit sales in the third quarter.
Contract sales in the United
States totaled US$7.0 million
in the third quarter of 2017.
The Company commenced pre-sales of two new projects in the third
quarter of 2017, Changsha Mulian Royal Palace and Zhengzhou
International New City II, which contributed 27.5% and 32.0% of
total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q3
2016
|
Q2
2017
|
Q3
2017
|
Unsold
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
Xingyang Splendid
II
|
16.2
|
4,979
|
15.4
|
5,265
|
1.4
|
6,973
|
57.3
|
Kunshan Royal
Palace
|
8.4
|
21,099
|
5.3
|
24,173
|
6.2
|
25,987
|
2.6
|
Jinan Royal
Palace
|
28.2
|
7,501
|
13.2
|
10,508
|
29.7
|
12,457
|
136.8
|
Xuzhou Colorful
City
|
3.6
|
11,182
|
2.8
|
13,385
|
0.6
|
11,138
|
46.5
|
Chengdu Thriving
Family
|
31.9
|
6,703
|
6.0
|
19,194
|
10.2
|
15,061
|
45.9
|
Changsha Xinyuan
Splendid
|
29.8
|
7,439
|
28.2
|
9,521
|
7.4
|
13,726
|
17.1
|
Sanya Yazhou Bay
No.1
|
-1.2
|
22,139
|
8.1
|
15,888
|
1.6
|
15,313
|
64.0
|
Xi'an
Metropolitan
|
23.6
|
7,786
|
9.5
|
9,553
|
7.2
|
9,497
|
58.0
|
Zhengzhou Xindo
Park
|
4.4
|
6,590
|
22.9
|
6,998
|
8.1
|
8,552
|
29.0
|
Jinan Xin
Central
|
13.9
|
9,330
|
8.3
|
13,928
|
9.2
|
12,151
|
55.8
|
Henan Xin Central
I
|
65.7
|
8,775
|
3.4
|
16,229
|
28.5
|
4,093
|
25.2
|
Zhengzhou Fancy City
I
|
15.1
|
9,234
|
2.6
|
19,015
|
18.8
|
5,155
|
10.4
|
Zhengzhou Fancy City
II (South)
|
37.9
|
9,613
|
7.6
|
12,649
|
2.9
|
13,995
|
10.4
|
Tianjin Spring Royal
Palace
|
12.3
|
7,377
|
11.0
|
11,118
|
6.2
|
11,617
|
151.1
|
Kunshan Xindo
Park
|
30.9
|
18,612
|
10.6
|
20,523
|
11.5
|
22,198
|
31.0
|
Zhengzhou
International New
City I
|
1.4
|
10,662
|
207.4
|
12,084
|
35.3
|
10,141
|
66.9
|
Henan Xin Central
II
|
-
|
-
|
27.2
|
11,293
|
28.0
|
8,379
|
30.5
|
Xingyang Splendid
III
|
-
|
-
|
15.5
|
6,981
|
47.4
|
7,217
|
58.4
|
Changsha Mulian Royal
Palace
|
-
|
-
|
-
|
-
|
32.8
|
11,291
|
58.4
|
Zhengzhou
International New
City II
|
-
|
-
|
-
|
-
|
69.0
|
13,783
|
107.1
|
Others
|
18.6
|
-
|
4.7
|
-
|
7.5
|
-
|
86.9
|
Total
|
340.7
|
10,140
|
409.7
|
11,946
|
369.5
|
10,994
|
1,149.3
|
Revenue
In the third quarter of 2017, the Company's total revenue
increased 8.6% to US$482.4 million
from US$444.3 million in the third
quarter of 2016 and decreased 1.2% from US$488.2 million in the second quarter of 2017.
Revenue for the first nine months of 2017 totaled US$1.3 billion compared with US$1.1 billion for the same period last year.
Gross Profit
Gross profit for the third quarter of 2017 was US$108.8 million, or 22.6% of revenue, compared
to a gross profit of US$105.0
million, or 23.6% of revenue, in the third quarter of 2016
and a gross profit of US$107.9
million, or 22.1% of revenue, in the second quarter of
2017.
Selling, General and Administrative Expenses
SG&A expenses were US$51.0
million for the third quarter of 2017 compared to
US$53.8 million for the third quarter
of 2016 and US$47.9 million for the
second quarter of 2017. As a percentage of total revenue, SG&A
expenses were 10.6% compared to 12.1% in the third quarter of 2016
and 9.8% in the second quarter of 2017.
Net Income
Net income for the third quarter of 2017 was US$16.5 million compared to US$28.0 million for the third quarter of 2016 and
US$20.8 million for the second
quarter of 2017. Net margin was 3.4% compared to 6.3% in the third
quarter of 2016 and 4.3% in the second quarter of 2017. Diluted
earnings per ADS were US$0.22,
compared to US$0.41 per ADS in the
third quarter of 2016 and US$0.14 per
ADS in the second quarter of 2017.
The Net Income this quarter was negatively impacted by a
one-time US$13.0 million loss on
extinguishment of debt incurred upon the Company's debt redemption
in July 2017.
Balance Sheet
As of September 30, 2017, the
Company's cash and cash equivalents (including restricted cash)
decreased to US$1,187.2 million from
US$1,275.1 million as of June 30, 2017. Total debt outstanding was
US$2,492.4 million, which reflected a
decrease of US$155.4 million compared
to US$2,647.8 million at the end of
the second quarter of 2017. The balance of the Company's real
estate properties under development at the end of the third quarter
of 2017 was US$2,080.5 million
compared to US$2,135.2 million at the
end of the second quarter of 2017.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the third quarter of 2017.
Project
|
GFA
|
Contract
Sales
|
Project
Cost %
Complete
|
|
(m2
'000s)
|
(US$
millions)
|
|
Total Active
Project
|
Sold to
date
|
Total
Active
Project
|
Sales to
date
|
%
Sold
|
|
|
Xingyang Splendid
II
|
137.2
|
79.9
|
138.7
|
69.2
|
49.9%
|
67.9%
|
|
Kunshan Royal
Palace
|
280.0
|
277.4
|
472.5
|
459.7
|
97.3%
|
96.0%
|
|
Jinan Royal
Palace
|
451.3
|
314.5
|
644.3
|
359.2
|
55.8%
|
77.5%
|
|
Xuzhou Colorful
City
|
130.2
|
83.7
|
195.1
|
117.8
|
60.4%
|
85.1%
|
|
Chengdu Thriving
Family
|
213.0
|
167.1
|
366.7
|
175.9
|
48.0%
|
98.7%
|
|
Changsha Xinyuan
Splendid
|
251.6
|
234.5
|
348.4
|
240.4
|
69.0%
|
91.0%
|
|
Sanya Yazhou Bay
No.1
|
117.2
|
53.2
|
291.2
|
114.1
|
39.2%
|
89.6%
|
|
Xi'an
Metropolitan
|
290.6
|
232.6
|
464.1
|
246.4
|
53.1%
|
97.4%
|
|
Zhengzhou Xindo
Park
|
144.4
|
115.4
|
194.2
|
124.3
|
64.0%
|
85.7%
|
|
Jinan Xin
Central
|
194.7
|
138.9
|
351.3
|
210.1
|
59.8%
|
83.5%
|
|
Henan Xin Central
I
|
262.2
|
237.0
|
354.7
|
273.7
|
77.2%
|
85.0%
|
|
Zhengzhou Fancy City
I
|
166.7
|
156.3
|
231.9
|
196.3
|
84.6%
|
77.5%
|
|
Zhengzhou Fancy City
II (South)
|
84.1
|
73.7
|
143.6
|
116.7
|
81.3%
|
66.1%
|
|
Tianjin Spring Royal
Palace
|
278.2
|
127.1
|
489.4
|
153.8
|
31.4%
|
52.8%
|
|
Kunshan Xindo
Park
|
89.0
|
58.0
|
268.2
|
167.6
|
62.5%
|
73.7%
|
|
Zhengzhou
International New
City I
|
360.5
|
293.6
|
655.0
|
501.2
|
76.5%
|
42.2%
|
|
Henan Xin Central
II
|
109.7
|
79.2
|
180.2
|
118.3
|
65.6%
|
58.5%
|
|
Xingyang Splendid
III
|
121.3
|
62.9
|
129.5
|
66.2
|
51.1%
|
40.0%
|
|
Changsha Mulian Royal
Palace
|
91.2
|
32.8
|
160.2
|
54.4
|
34.0%
|
64.8%
|
|
Zhengzhou
International New
City II
|
176.0
|
68.9
|
378.2
|
139.7
|
36.9%
|
40.5%
|
|
Others remaining
GFA
|
86.9
|
-
|
-
|
-
|
-
|
-
|
|
Total active
projects
|
4,036.0
|
2,886.7
|
6,457.4
|
3,905.0
|
68.0%
|
78.9%
|
|
As of September 30, 2017, the
Company's total saleable GFA was approximately 3,030,300 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
|
Q4 2017
|
|
Beijing Liyuan
Project
|
102.3
|
To be
determined
|
|
Zhengzhou
International New City III
|
411.1
|
Q4 2017
|
|
Changsha Furong
Thriving Family (Changsha Renmin East Road
Project)
|
73.0
|
To be
determined
|
|
Xi'an Royal Palace
(Xi'an 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
|
|
Qingdao New
Project
|
380.0
|
To be
determined
|
|
Total projects
under planning
|
1,881.0
|
|
|
Total active
projects
|
1,149.3
|
|
|
Total of all
Xinyuan unsold projects in China
|
3,030.3
|
|
|
Real Estate Project Update in the
United States
In the third quarter of 2017, the Company's Oosten project in
Brooklyn, New York recognized
revenue of approximately US$7.0
million. As of September 30,
2017, a total of 167 units out of 216 total units were sold
and closed and total revenue from this project had reached
US$244 million.
During the third quarter of 2017, local market demand and price
trends remained stable in both Manhattan and Brooklyn. Both experienced modest
year-over-year unit price increases. However, "Days on Market", an
industry-wide metric for the average number of days to sell a
listed housing unit, increased modestly, which was reflected on the
slower sales of our Oosten project. The remaining larger units may
take more time than smaller units that have been sold and
delivered.
The Company is continuing its foundation work for its second
New York City project which is
located at the 10th Avenue, Manhattan, New York.
For the Company's third project, located in Flushing, Queens,
New York, it continues to execute its planning, governmental
approvals and pre-development of its ground-up development
project.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on November 10,
2017 to discuss third quarter 2017 results. Listeners may
access the call by dialing:
US Toll Free: 1-800-289-0438
China: +86-400-120-9101
International: 1-323-794-2423
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 November 17, 2017 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 3600225
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 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
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
2017
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
482,373
|
|
|
488,165
|
|
|
444,278
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(373,532)
|
|
|
(380,242)
|
|
|
(339,322)
|
Gross
profit
|
|
108,841
|
|
|
107,923
|
|
|
104,956
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(18,890)
|
|
|
(18,072)
|
|
|
(19,233)
|
General and
administrative expenses
|
|
(32,085)
|
|
|
(29,823)
|
|
|
(34,584)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
57,866
|
|
|
60,028
|
|
|
51,139
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
5,454
|
|
|
4,375
|
|
|
2,116
|
Interest
expense
|
|
(11,418)
|
|
|
(20,195)
|
|
|
(6,558)
|
Net realized gain on
short-term investments
|
|
1,017
|
|
|
2,257
|
|
|
1,392
|
Unrealized gain on
short-term investments
|
|
2,434
|
|
|
524
|
|
|
91
|
Other
expense
|
|
(3)
|
|
|
-
|
|
|
(27)
|
Loss on
extinguishment of debt
|
|
(15,880)
|
|
|
-
|
|
|
-
|
Exchange
loss
|
|
(189)
|
|
|
(46)
|
|
|
(37)
|
Share of (loss)/gain
of equity investees
|
|
(386)
|
|
|
(265)
|
|
|
412
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
38,895
|
|
|
46,678
|
|
|
48,528
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
(22,366)
|
|
|
(25,901)
|
|
|
(20,481)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
16,529
|
|
|
20,777
|
|
|
28,047
|
Net (income)/loss
attributable to non-controlling interest
|
|
(2,453)
|
|
|
(11,698)
|
|
|
157
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
14,076
|
|
|
9,079
|
|
|
28,204
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.22
|
|
|
0.14
|
|
|
0.43
|
Diluted
|
|
0.22
|
|
|
0.14
|
|
|
0.41
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
64,333
|
|
|
64,324
|
|
|
66,121
|
Diluted
|
|
65,347
|
|
|
65,622
|
|
|
69,329
|
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)
|
|
|
Nine months
ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Total
revenue
|
|
1,251,252
|
|
|
1,056,285
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(971,921)
|
|
|
(825,130)
|
Gross
profit
|
|
279,331
|
|
|
231,155
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(47,449)
|
|
|
(36,155)
|
General and
administrative expenses
|
|
(86,925)
|
|
|
(90,189)
|
|
|
|
|
|
|
Operating
income
|
|
144,957
|
|
|
104,811
|
|
|
|
|
|
|
Interest
income
|
|
12,428
|
|
|
14,810
|
Interest
expense
|
|
(40,938)
|
|
|
(16,621)
|
Net realized gain on
short-term investments
|
|
3,862
|
|
|
2,308
|
Unrealized gain on
short-term investments
|
|
4,212
|
|
|
858
|
Other
income
|
|
156
|
|
|
4,081
|
Loss on
extinguishment of debt
|
|
(15,880)
|
|
|
-
|
Exchange
(loss)/gains
|
|
(286)
|
|
|
198
|
Share of loss of an
equity investee
|
|
(894)
|
|
|
(186)
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
107,617
|
|
|
110,259
|
|
|
|
|
|
|
Income
taxes
|
|
(62,891)
|
|
|
(47,513)
|
|
|
|
|
|
|
Net income
|
|
44,726
|
|
|
62,746
|
Net income
attributable to non-controlling interest
|
|
(14,109)
|
|
|
(1,897)
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
30,617
|
|
|
60,849
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
Basic
|
|
0.48
|
|
|
0.91
|
Diluted
|
|
0.47
|
|
|
0.88
|
ADS used in
computation:
|
|
|
|
|
|
Basic
|
|
64,217
|
|
|
66,910
|
Diluted
|
|
65,618
|
|
|
69,090
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts
and number of shares data in thousands)
|
|
|
September
30,
|
|
June 30,
|
|
December
31,
|
|
2017
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
806,459
|
|
|
953,511
|
|
|
578,244
|
Restricted
cash
|
|
380,785
|
|
|
321,615
|
|
|
328,499
|
Short-term
investments
|
|
49,813
|
|
|
49,686
|
|
|
39,311
|
Accounts
receivable
|
|
53,294
|
|
|
27,669
|
|
|
32,704
|
Other
receivables
|
|
45,199
|
|
|
38,750
|
|
|
31,822
|
Deposits for land use
rights
|
|
82,041
|
|
|
80,376
|
|
|
153,252
|
Other deposits and
prepayments
|
|
501,284
|
|
|
492,218
|
|
|
525,263
|
Advances to
suppliers
|
|
47,235
|
|
|
38,465
|
|
|
27,457
|
Real estate
properties development completed
|
|
538,476
|
|
|
381,238
|
|
|
477,179
|
Real estate
properties under development
|
|
2,080,472
|
|
|
2,135,226
|
|
|
1,719,135
|
Amounts due from
related parties
|
|
30,134
|
|
|
24,584
|
|
|
17,732
|
Amounts due from
employees
|
|
3,399
|
|
|
1,482
|
|
|
621
|
Other current
assets
|
|
995
|
|
|
583
|
|
|
226
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
4,619,586
|
|
|
4,545,403
|
|
|
3,931,445
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
187,280
|
|
|
191,021
|
|
|
159,874
|
Property and
equipment, net
|
|
32,783
|
|
|
33,154
|
|
|
34,090
|
Other long-term
investment
|
|
12,671
|
|
|
9,099
|
|
|
242
|
Investment in joint
ventures
|
|
12,824
|
|
|
7,502
|
|
|
7,556
|
Deferred tax
assets
|
|
50,722
|
|
|
50,190
|
|
|
49,690
|
Deposits for land use
rights
|
|
22,601
|
|
|
29,523
|
|
|
28,831
|
Other
assets
|
|
71,193
|
|
|
40,976
|
|
|
24,717
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
5,009,660
|
|
|
4,906,868
|
|
|
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)
|
|
|
September
30,
|
|
June 30,
|
|
December
31,
|
|
2017
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
472,000
|
|
|
482,028
|
|
|
524,663
|
Short-term bank loans
and other debt
|
|
120,430
|
|
|
109,856
|
|
|
178,576
|
Customer
deposits
|
|
318,973
|
|
|
173,326
|
|
|
150,545
|
Income tax
payable
|
|
109,842
|
|
|
102,736
|
|
|
120,573
|
Other payables and
accrued liabilities
|
|
250,848
|
|
|
242,832
|
|
|
199,661
|
Payroll and welfare
payable
|
|
17,005
|
|
|
11,923
|
|
|
19,522
|
Current portion of
long-term bank loans and other debt
|
|
1,295,942
|
|
|
1,077,419
|
|
|
704,695
|
Current maturities of
capital lease obligations
|
|
4,403
|
|
|
4,314
|
|
|
3,923
|
Mandatorily
redeemable non-controlling interests
|
|
13,184
|
|
|
12,916
|
|
|
12,614
|
Amounts due to
related parties
|
|
105,931
|
|
|
69,308
|
|
|
66,230
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,708,558
|
|
|
2,286,658
|
|
|
1,981,002
|
|
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
-
|
|
|
360,945
|
|
|
235,885
|
Other long term
debt
|
|
1,076,066
|
|
|
1,099,563
|
|
|
974,791
|
Deferred tax
liabilities
|
|
179,789
|
|
|
172,894
|
|
|
93,107
|
Unrecognized tax
benefits
|
|
20,495
|
|
|
20,494
|
|
|
20,492
|
Capital lease
obligations, net of current maturities
|
|
12,314
|
|
|
13,093
|
|
|
15,016
|
Amounts due to
related parties
|
|
1,849
|
|
|
1,543
|
|
|
-
|
TOTAL
LIABILITIES
|
|
3,999,071
|
|
|
3,955,190
|
|
|
3,320,293
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
shares
|
|
16
|
|
|
16
|
|
|
16
|
Treasury
shares
|
|
(67,792)
|
|
|
(65,590)
|
|
|
(53,734)
|
Additional paid-in
capital
|
|
545,464
|
|
|
542,040
|
|
|
538,414
|
Statutory
reserves
|
|
96,371
|
|
|
95,965
|
|
|
95,973
|
Retained
earnings
|
|
365,336
|
|
|
357,147
|
|
|
354,274
|
Accumulated other
comprehensive loss/(income)
|
|
10,247
|
|
|
(11,256)
|
|
|
(34,683)
|
|
|
|
|
|
|
|
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
949,642
|
|
|
918,322
|
|
|
900,260
|
Non-controlling
interest
|
|
60,947
|
|
|
33,356
|
|
|
15,892
|
Total
equity
|
|
1,010,589
|
|
|
951,678
|
|
|
916,152
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
5,009,660
|
|
|
4,906,868
|
|
|
4,236,445
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2017-financial-results-300553757.html
SOURCE Xinyuan Real Estate Co., Ltd.