BEIJING, May 23, 2019 /PRNewswire/ -- Xinyuan Real Estate
Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed
real estate developer and property manager operating primarily in
China and in other countries,
today announced its unaudited financial results for the first
quarter ended March 31, 2019.
First Quarter 2019 Highlights
- Contract sales increased 26.0% to US$479.7 million from US$380.7 million in the first quarter of 2018 and
decreased 33.7% from US$724.0 million
in the fourth quarter of 2018.
- Total revenue increased 169.3% to US$468.9 million from US$174.1 million in the first quarter of 2018 and
decreased 57.1% from US$1,092.2
million in the fourth quarter of 2018.
- Gross profit increased 238.5% to US$131.0 million, or 28.0% of total revenue, from
US$38.7 million, or 22.2% of total
revenue, in the first quarter of 2018 and decreased 58.8% from
US$318.2 million, or 29.1% of total
revenue, in the fourth quarter of 2018.
- Selling, General and Administrative ("SG&A") expenses as a
percentage of total revenue decreased to 12.0% from 22.8% in the
first quarter of 2018 and increased from 9.7% in the fourth quarter
of 2018.
- Net income was US$18.2 million
compared to net loss of US$12.7
million in the first quarter of 2018 and net income of
US$104.1 million in the fourth
quarter of 2018.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.33 compared to diluted net loss of
US$0.16 per ADS in the first quarter
of 2018 and diluted net earnings of US$1.13 per ADS in the fourth quarter of
2018.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "We are pleased that Xinyuan has maintained
strong growth despite the downward pressure on sales across the
industry. Our contract sales in the first quarter of 2019 increased
26.0% from the first quarter of last year. In addition, we
commenced pre-sales on one new project in China."
"The macro economic environment and restrictive government
policies still pose certain challenges for our industry. However,
Xinyuan's operating strategy and strong execution capabilities
continue to drive our steady growth. We will remain focused on
selecting quality tier-one and tier-two city projects and will
supplement our core business with value-added services in a
thoughtful way to solidify our leading market position. We maintain
our commitment to controlling our financial leverage and maximizing
Xinyuan's financial health. We are optimistic in the outlook for
our industry and long-term growth. We are also pleased to offer
another quarterly dividend payment to our shareholders," concluded
Mr. Zhang.
First Quarter 2019 Financial Results
Contract Sales
Contract sales in China totaled
US$478.9 million in the first
quarter compared to US$375.5
million in the first quarter of
2018 and US$724.0 million in the fourth quarter
of 2018.
The Company's GFA sales in China were 211,400 square meters
in the first quarter of 2019 compared to 149,800 square
meters in the first quarter of 2018 and 355,000 square
meters in the fourth quarter of 2018.
The average selling price ("ASP") per square meter sold in
China was RMB15,269 (US$2,264) in the first quarter of 2019
compared to RMB15,932 (US$2,506) in the first quarter of 2018 and
RMB13,483 (US$2,039) in the
fourth quarter of 2018.
The Company commenced pre-sales of one new project in the first
quarter of 2019, Zhengzhou International New City IV B10, which
contributed 3.7% and 3.4% of total GFA sales and total contract
sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q1
2018
|
Q4
2018
|
Q1
2019
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
Xingyang Splendid
II
|
-
|
-
|
0.7
|
10,354
|
10.2
|
7,478
|
Jinan Royal
Palace
|
22.4
|
12,626
|
1.4
|
9,548
|
1.6
|
15,661
|
Xuzhou Colorful
City
|
3.6
|
10,265
|
1.9
|
29,363
|
-
|
-
|
Chengdu Thriving
Family
|
4.5
|
17,183
|
-
|
-
|
(0.1)
|
7,729
|
Changsha Xinyuan
Splendid
|
2.6
|
15,130
|
3.7
|
12,796
|
-
|
-
|
Sanya Yazhou Bay
No.1
|
30.9
|
23,197
|
0.2
|
4,995
|
0.4
|
25,615
|
Xi'an
Metropolitan
|
1.5
|
9,594
|
1.7
|
10,592
|
0.6
|
11,253
|
Zhengzhou Xindo
Park
|
0.1
|
10,000
|
0.1
|
8,651
|
-
|
-
|
Jinan Xin
Central
|
12.2
|
10,527
|
3.6
|
16,789
|
0.1
|
13,170
|
Henan Xin Central
I
|
0.3
|
18,486
|
-
|
-
|
0.1
|
14,887
|
Zhengzhou Fancy City
I
|
0.2
|
19,949
|
0.2
|
16,081
|
(1.4)
|
15,073
|
Zhengzhou Fancy City
II (South)
|
1.2
|
13,031
|
-
|
-
|
(0.1)
|
12,660
|
Tianjin Spring Royal
Palace I
|
1.1
|
14,631
|
0.3
|
-
|
-
|
-
|
Zhengzhou
International New City
I
|
2.4
|
13,322
|
0.2
|
25,544
|
-
|
-
|
Henan Xin Central
II
|
7.7
|
11,768
|
-
|
-
|
-
|
-
|
Xingyang Splendid
III
|
16.2
|
7,381
|
1.1
|
7,779
|
0.4
|
7,046
|
Zhengzhou
International New City
II
|
11.8
|
13,739
|
0.6
|
-
|
-
|
-
|
Zhengzhou Fancy City
II (North)
|
2.3
|
9,813
|
4.9
|
12,569
|
3.5
|
9,838
|
Tianjin Spring Royal
Palace II
|
2.7
|
13,412
|
15.3
|
13,583
|
8.1
|
12,670
|
Zhengzhou
International New City
III D
|
-
|
-
|
-
|
9,987
|
(0.1)
|
14,461
|
Zhengzhou Hangmei
International
Wisdom City I
|
-
|
-
|
15.9
|
7,115
|
2.3
|
7,144
|
Zhengzhou
International New City
III B
|
-
|
-
|
10.4
|
13,561
|
0.8
|
13,262
|
Chengdu Xinyuan
City
|
-
|
-
|
67.0
|
9,961
|
33.1
|
9,511
|
Kunshan Xinyu
Jiayuan
|
-
|
-
|
10.6
|
25,963
|
5.5
|
24,208
|
Xingyang Splendid
IV
|
-
|
-
|
6.1
|
7,455
|
1.0
|
7,027
|
Suzhou Suhe Bay
*
|
-
|
-
|
14.4
|
21,536
|
30.0
|
21,680
|
Zhengzhou Hangmei
International
Wisdom City II
|
-
|
-
|
14.2
|
7,313
|
0.5
|
7,350
|
Qingdao Royal Dragon
Bay
|
-
|
-
|
20.5
|
21,099
|
15.3
|
20,285
|
Jinan Royal Spring
Bay
|
-
|
-
|
18.2
|
9,160
|
2.7
|
9,201
|
Xinyuan Golden Water
View City
|
-
|
-
|
32.6
|
19,026
|
19.0
|
18,817
|
Zhengzhou Fancy City
III
|
-
|
-
|
16.8
|
12,850
|
20.5
|
12,637
|
Zhengzhou
International New City
III C
|
-
|
-
|
28.6
|
11,062
|
17.3
|
12,260
|
Zhengzhou
International New City
IV A12
|
-
|
-
|
9.3
|
14,109
|
24.8
|
14,254
|
Zhengzhou
International New City
IV B10
|
-
|
-
|
-
|
-
|
7.9
|
13,969
|
Suzhou Galaxy
Bay
|
-
|
-
|
24.3
|
13,868
|
2.4
|
13,790
|
Suzhou Gusu Shade
I
|
-
|
-
|
0.1
|
36,692
|
0.8
|
36,262
|
Dalian International
Health
Technology Town I
|
-
|
-
|
0.9
|
14,212
|
0.1
|
13,618
|
Others
|
26.1
|
-
|
29.2
|
-
|
4.1
|
-
|
Total
|
149.8
|
15,932
|
355.0
|
13,483
|
211.4
|
15,269
|
* The Company owns 16.66% equity interest in a joint venture,
Suzhou Hengwan Real Estate Co., Ltd. which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity
method.
Revenue
In the first quarter of 2019, the Company's total revenue
increased 169.3% to US$468.9 million
from US$174.1 million in the first
quarter of 2018 and decreased 57.1% from US$1,092.2 million in the fourth quarter of
2018.
Gross Profit
Gross profit for the first quarter of 2019 was US$131.0 million, or 27.9% of total revenue,
compared to a gross profit of US$38.7
million, or 22.2% of total revenue, in the first quarter of
2018 and a gross profit of US$318.2
million, or 29.1% of total revenue, in the fourth quarter of
2018.
Selling, General and Administrative Expenses
SG&A expenses were US$56.1 million for the first
quarter of 2019 compared to US$39.8 million for the first quarter of
2018 and US$105.6 million for the fourth quarter of
2018. As a percentage of total revenue, SG&A expenses were
12.0% compared to 22.8% in the first quarter of 2018 and 9.7%
in the fourth quarter of 2018.
Net Income
Net income for the first quarter of 2019 was US$18.2 million compared to net loss of
US$12.7 million for the first
quarter of 2018 and net income of US$104.1 million for the fourth quarter of
2018. Net margin was 3.9% compared to negative 7.3% in the
first quarter of 2018 and 9.5% in the fourth quarter of 2018.
Diluted net earnings per ADS were US$0.33 compared to diluted net loss of
US$0.16 per ADS in the first
quarter of 2018 and diluted net earnings of US$1.13 per ADS in the fourth quarter of
2018.
Balance Sheet
As of March 31, 2019, the Company's cash and cash
equivalents (including restricted cash) decreased to US$1,127.2 million from US$1,186.0 million as of December 31, 2018.
Total debt outstanding was US$3,513.8 million, which reflected an
increase of US$61.7 million
compared to US$3,452.1 million at the
end of the fourth quarter of 2018. The balance of the
Company's real estate properties under development at the end of
the first quarter of 2019 was US$4,002.0 million compared to US$4,068.7 million at the end of the
fourth quarter of 2018.
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 2019.
Project
|
GFA
|
(m2
'000s)
|
Total Active
Project
|
Sold to
date
|
Unsold to
date
|
Xingyang Splendid
II
|
136.9
|
93.8
|
43.1
|
Jinan Royal
Palace
|
449.6
|
428.8
|
20.8
|
Xuzhou Colorful
City
|
130.6
|
121.6
|
9.0
|
Chengdu Thriving
Family
|
203.4
|
198.0
|
5.4
|
Changsha Xinyuan
Splendid
|
251.7
|
248.9
|
2.8
|
Sanya Yazhou Bay
No.1
|
117.6
|
101.2
|
16.4
|
Xi'an
Metropolitan
|
286.0
|
269.6
|
16.4
|
Zhengzhou Xindo
Park
|
134.4
|
132.0
|
2.4
|
Jinan Xin
Central
|
194.4
|
183.3
|
11.1
|
Henan Xin Central
I
|
262.2
|
252.5
|
9.7
|
Zhengzhou Fancy City
I
|
166.7
|
158.9
|
7.8
|
Zhengzhou Fancy City
II (South)
|
84.1
|
81.8
|
2.3
|
Tianjin Spring Royal
Palace I
|
139.7
|
131.3
|
8.4
|
Zhengzhou
International New City I
|
360.7
|
338.4
|
22.3
|
Henan Xin Central
II
|
109.5
|
103.8
|
5.7
|
Xingyang Splendid
III
|
121.1
|
116.2
|
4.9
|
Zhengzhou
International New City II
|
176.0
|
163.2
|
12.8
|
Zhengzhou Fancy City
II (North)
|
108.7
|
88.1
|
20.6
|
Tianjin Spring Royal
Palace II
|
144.6
|
61.2
|
83.4
|
Zhengzhou
International New City III D
|
46.1
|
43.6
|
2.5
|
Zhengzhou Hangmei
International Wisdom
City I
|
64.7
|
53.2
|
11.5
|
Zhengzhou
International New City III B
|
118.8
|
117.0
|
1.8
|
Chengdu Xinyuan
City
|
742.7
|
107.2
|
635.5
|
Kunshan Xinyu
Jiayuan
|
107.9
|
29.2
|
78.7
|
Xingyang Splendid
IV
|
22.0
|
21.7
|
0.3
|
Suzhou Suhe Bay
*
|
62.6
|
54.0
|
8.6
|
Zhengzhou Hangmei
International Wisdom
City II
|
68.8
|
14.7
|
54.1
|
Qingdao Royal Dragon
Bay
|
157.3
|
35.8
|
121.5
|
Jinan Royal Spring
Bay
|
117.1
|
21.0
|
96.1
|
Xinyuan Golden Water
View City
|
338.7
|
54.8
|
283.9
|
Zhengzhou Fancy City
III
|
80.6
|
37.3
|
43.3
|
Zhengzhou
International New City III C
|
79.9
|
45.9
|
34.0
|
Zhengzhou
International New City IV A12
|
198.4
|
34.1
|
164.3
|
Zhengzhou
International New City IV B10
|
92.3
|
7.9
|
84.4
|
Suzhou Galaxy
Bay
|
76.5
|
26.7
|
49.8
|
Suzhou Gusu Shade
I
|
12.0
|
0.9
|
11.1
|
Dalian International
Health Technology
Town I
|
103.9
|
1.0
|
102.9
|
Others
|
44.5
|
-
|
44.5
|
Total active
projects
|
6,112.7
|
3,978.6
|
2,134.1
|
* The Company owns 16.66% equity interest in a joint venture,
Suzhou Hengwan Real Estate Co., Ltd. which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity
method.
As of March 31, 2019, the
Company's total saleable GFA was approximately
5,511,200 square meters for active projects and under planning
stage projects in China. Below is
a summary of all of the Company's projects in China:
|
Unsold
GFA
(m2
'000s)
|
Pre-sales
Scheduled
|
|
|
|
Tongzhou Xinyuan
Royal Palace
|
102.3
|
To be
determined
|
|
Xinyuan Chang'an
Royal Palace
|
226.0
|
To be
determined
|
|
Zhengzhou
International New City Land Bank (all land is grouped together
and will be developed gradually)
|
1,300.8
|
To be
determined
|
|
Zhuhai Xin
World
|
70.0
|
To be
determined
|
|
Lingshan Bay Dragon
Seal
|
380.0
|
To be
determined
|
|
Zhengzhou Hangmei
Project Land Bank (all land is grouped together and
will be developed gradually)
|
192.7
|
2019
Q2
|
|
Wuhan Canglong Royal
Palace
|
185.0
|
To be
determined
|
|
Suzhou Gusu Shade
II
|
12.1
|
2019 Q2
|
|
Dalian International
Health Technology Town II
|
44.5
|
2019 Q2
|
|
Huzhou Silk
Town
|
134.9
|
To be
determined
|
|
Xingyang Splendid New
Project
|
228.0
|
2019 Q2
|
|
Foshan Xinchuang AI
International Science and Technology Innovation
Valley
|
500.8
|
To be
determined
|
|
Total projects
under planning
|
3,377.1
|
|
|
Total active
projects
|
2,134.1
|
|
|
Total of all
Xinyuan unsold projects in China
|
5,511.2
|
|
|
Update on Real Estate Projects in the United States
As of March 31, 2019, a total of
177 units out of 216 units were sold and closed at the Company's
Oosten project in Brooklyn, New
York City, with total revenue from this project reaching
US$260.1 million. During the first
quarter of 2019, revenues were US$0.8
million.
During the quarter, the Company completed pouring superstructure
up to the 6th floor for the Hudson Garden project in the Hell's
Kitchen area of Manhattan, New
York City. During the past year, the design drawings were
optimized, increasing the number of units from 82 to 92. Of the
38,000 square feet of retail/commercial space a total of 29,000
square feet were leased to the U.S. department store retailer
Target with a 20-year lease. The offering plan was approved in
the first quarter of 2019, and the launch of presales is expected
to begin in the end of second quarter of 2019.
The Company continued to execute on the planning, governmental
approvals, and pre-development activities of its ground-up project
in Flushing, New York City. During
the past year, the Landmark Preservation Committee approved the
Company's landmark protection plan relating to a landmarked theater
on site and awarded the Company a Certificate of Appropriateness.
Landmark artifacts removal was completed at the end of February 2019, and the artifacts are currently
stored in a warehouse for restoration work.
Real Estate Project Update in the United
Kingdom
During the first quarter of 2019, the structural core of the
Madison project was completed, and the structural frame is expected
to be completed in the second quarter of 2019. Construction remains
on track for completion in 2020.
Of the 423 residential units in The Madison, all of the 104
Affordable Housing apartments have been pre-sold to a regulated
affordable housing provider. Of the remaining 319 apartments, 133
apartments have been sold.
Business Outlook
For the full year of 2019, the Company expects an increase in
contract sales of about 10% and an increase in consolidated net
income of 15% to 20% over 2018.
Conference Call Information
The Company will hold a conference call at 8:00am ET on May 23,
2019, to discuss its first quarter 2019 results. Listeners
may access the call by dialing:
US Toll
Free:
|
1-800-458-4121
|
International:
|
1-323-794-2093
|
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 31, 2019, by dialing:
US:
|
1-844-512-2921
|
International:
|
1-412-317-6671
|
Access
code:
|
6620456
|
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,
and Suzhou. 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,
2018. 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 differences between our audited financial
statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com
Media:
Mr. 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,
|
|
2019
|
|
2018
|
|
2018
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
468,853
|
|
|
1,092,162
|
|
|
174,097
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(337,804)
|
|
|
(773,943)
|
|
|
(135,394)
|
Gross
profit
|
|
131,049
|
|
|
318,219
|
|
|
38,703
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(19,406)
|
|
|
(45,000)
|
|
|
(12,174)
|
General and
administrative expenses
|
|
(36,644)
|
|
|
(60,562)
|
|
|
(27,592)
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss)
|
|
74,999
|
|
|
212,657
|
|
|
(1,063)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
4,085
|
|
|
9,692
|
|
|
6,350
|
Interest
expense
|
|
(24,306)
|
|
|
(22,980)
|
|
|
(29,785)
|
Net realized gain/
(loss) on short-term investments
|
|
1,171
|
|
|
(7,237)
|
|
|
1,237
|
Unrealized gain/
(loss) on short-term investments
|
|
-
|
|
|
3,208
|
|
|
(242)
|
Other
income
|
|
94
|
|
|
3,014
|
|
|
207
|
Net loss on debt
extinguishment
|
|
(4,589)
|
|
|
(21,444)
|
|
|
-
|
Exchange gain
|
|
3,545
|
|
|
652
|
|
|
11,639
|
Share of loss of
equity investees
|
|
(1,600)
|
|
|
(2,605)
|
|
|
(921)
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations before income taxes
|
|
53,399
|
|
|
174,957
|
|
|
(12,578)
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
(35,209)
|
|
|
(70,845)
|
|
|
(142)
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
18,190
|
|
|
104,112
|
|
|
(12,720)
|
Net loss/(income)
attributable to non-controlling interest
|
|
1,419
|
|
|
(34,009)
|
|
|
2,315
|
Net income/(loss)
attributable to Xinyuan Real Estate Co.,
Ltd. shareholders
|
|
19,609
|
|
|
70,103
|
|
|
(10,405)
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.33
|
|
|
1.15
|
|
|
(0.16)
|
Diluted
|
|
0.33
|
|
|
1.13
|
|
|
(0.16)
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
58,911
|
|
|
60,957
|
|
|
64,821
|
Diluted
|
|
59,325
|
|
|
61,894
|
|
|
65,805
|
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,
|
|
March 31,
|
|
2019
|
|
2018
|
|
2018
|
|
(unaudited)
|
|
(audited)
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
761,190
|
|
|
674,142
|
|
|
813,736
|
Restricted
cash
|
|
366,008
|
|
|
511,875
|
|
|
378,077
|
Short-term
investments
|
|
-
|
|
|
8,442
|
|
|
123,478
|
Accounts
receivable
|
|
44,473
|
|
|
64,130
|
|
|
10,912
|
Other
receivables
|
|
171,271
|
|
|
166,633
|
|
|
49,422
|
Deposits for land use
rights
|
|
46,038
|
|
|
42,254
|
|
|
97,669
|
Other deposits and
prepayments
|
|
258,490
|
|
|
257,288
|
|
|
674,320
|
Advances to
suppliers
|
|
47,909
|
|
|
46,983
|
|
|
45,524
|
Real estate
properties development completed
|
|
623,871
|
|
|
632,360
|
|
|
813,542
|
Real estate
properties under development
|
|
4,001,981
|
|
|
4,068,716
|
|
|
3,457,139
|
Amounts due from
related parties
|
|
257,625
|
|
|
216,184
|
|
|
187,644
|
Amounts due from
employees
|
|
4,315
|
|
|
1,694
|
|
|
5,187
|
Other current
assets
|
|
602
|
|
|
520
|
|
|
454
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
6,583,773
|
|
|
6,691,221
|
|
|
6,657,104
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
305,897
|
|
|
302,764
|
|
|
287,457
|
Property and
equipment, net
|
|
37,512
|
|
|
38,114
|
|
|
32,707
|
Long-term
investment
|
|
566,816
|
|
|
564,340
|
|
|
982,714
|
Deferred tax
assets
|
|
241,823
|
|
|
230,453
|
|
|
153,558
|
Deposits for land use
rights
|
|
22,276
|
|
|
21,855
|
|
|
23,854
|
Amounts due from
related parties
|
|
27,289
|
|
|
26,122
|
|
|
30,871
|
Contract
assets
|
|
16,292
|
|
|
21,779
|
|
|
-
|
Right-of-use
assets
|
|
14,039
|
|
|
-
|
|
|
-
|
Other
assets
|
|
135,710
|
|
|
137,063
|
|
|
46,809
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
7,951,427
|
|
|
8,033,711
|
|
|
8,215,074
|
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,
|
|
March 31,
|
|
2019
|
|
2018
|
|
2018
|
|
(unaudited)
|
|
(audited)
|
|
(unaudited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
and notes payable
|
|
704,397
|
|
|
790,631
|
|
|
462,161
|
Short-term bank loans
and other debt
|
|
27,326
|
|
|
43,711
|
|
|
264,130
|
Customer
deposits
|
|
1,827,630
|
|
|
1,921,851
|
|
|
2,429,980
|
Income tax
payable
|
|
198,148
|
|
|
213,273
|
|
|
159,391
|
Other payables and
accrued liabilities
|
|
341,919
|
|
|
341,108
|
|
|
279,251
|
Payroll and welfare
payable
|
|
12,812
|
|
|
33,752
|
|
|
8,973
|
Current portion of
long-term bank loans and other debt
|
|
1,823,724
|
|
|
1,647,918
|
|
|
1,987,650
|
Current maturities of
lease obligations
|
|
12,604
|
|
|
6,562
|
|
|
4,647
|
Mandatorily
redeemable non-controlling interests
|
|
22,892
|
|
|
22,559
|
|
|
16,522
|
Amounts due to
related parties
|
|
41,204
|
|
|
48,502
|
|
|
140,993
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
5,012,656
|
|
|
5,069,867
|
|
|
5,753,698
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
790,267
|
|
|
720,039
|
|
|
100,523
|
Other long-term
debt
|
|
872,468
|
|
|
1,040,455
|
|
|
1,461,869
|
Deferred tax
liabilities
|
|
412,354
|
|
|
370,509
|
|
|
120,320
|
Unrecognized tax
benefits
|
|
45,939
|
|
|
45,939
|
|
|
31,231
|
Lease obligations,
net of current maturities
|
|
16,530
|
|
|
10,015
|
|
|
10,701
|
Amounts due to
related parties
|
|
32,537
|
|
|
31,242
|
|
|
31,831
|
TOTAL
LIABILITIES
|
|
7,182,751
|
|
|
7,288,066
|
|
|
7,510,173
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
shares
|
|
16
|
|
|
16
|
|
|
16
|
Treasury
shares
|
|
(97,934)
|
|
|
(87,639)
|
|
|
(67,792)
|
Additional paid-in
capital
|
|
532,641
|
|
|
532,117
|
|
|
544,911
|
Statutory
reserves
|
|
166,501
|
|
|
166,496
|
|
|
105,848
|
Retained
earnings
|
|
112,660
|
|
|
99,502
|
|
|
81,185
|
Accumulated other
comprehensive (loss)/ income
|
|
(10,409)
|
|
|
(30,122)
|
|
|
51,382
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
703,475
|
|
|
680,370
|
|
|
715,550
|
Non-controlling
interest
|
|
65,201
|
|
|
65,275
|
|
|
(10,649)
|
Total
equity
|
|
768,676
|
|
|
745,645
|
|
|
704,901
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
7,951,427
|
|
|
8,033,711
|
|
|
8,215,074
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2019-financial-results-300855758.html
SOURCE Xinyuan Real Estate Co., Ltd.