BEIJING, Aug. 15, 2014 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a primary focus on high
growth cities in China, today
announced its unaudited financial results for the second quarter
2014.
Highlights for the Second Quarter 2014
- Total gross floor area ("GFA") sales were 149,600 square
meters, a 17.7% increase from 127,100 square meters sold in the
first quarter of 2014, and a 1.6% increase from 147,200 square
meters sold in the second quarter of 2013.
- Total second quarter revenues were US$166.8 million, a 26.3% decrease from
US$226.4 million recorded in the
first quarter of 2014 and a 16.0% decrease from US$198.5 million reported in the second quarter
of 2013. Contract sales totaled US$198.7
million, a 27.4% decrease from US$273.9 million recorded in the first quarter of
2014 and a 1.4% increase from US$196.0
million recorded in the second quarter of 2013.
- Selling, General, and Administrative ("SG&A") expenses as a
percent of total revenue totaled 21.4% compared to 10.7% in the
first quarter of 2014 and 7.4% in the second quarter of 2013.
- Net income was US$6.8 million, a
32.0% decrease from US$10.1 million
in the first quarter of 2014 and an 82.6% decrease from
US$39.4 million reported in the
second quarter of 2013.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.08, compared to diluted net earnings per ADS
of US$0.12 in the first quarter of
2014 and US$0.54 per ADS in the
second quarter of 2013.
- Cash and cash equivalents, including restricted cash, increased
by US$28.5 million to US$683.5 million as of June 30, 2014 from US$655.0 million as of March 31, 2014. Short and long term debt
increased by US$363.6 million from
US$947.2 million as of March 31, 2014 to US$1,310.8 million as of June 30, 2014.
- The Company repurchased 0.91 million ADSs at a total cost of
approximately US$3.8 million in the
second quarter.
Mr. Yong Zhang, Xinyuan's
Chairman, said, "Overall,
China's real estate market slowed
down in the second quarter due to credit tightening and adjustment
in the property market after two years of strong returns for
developers. We experienced a sequential and year over year GFA
sales increase in the second quarter in a challenging environment.
While we did not reduce the price of any of our existing main
projects in the second quarter, we experienced lower ASP's due to
the lower price of our three newly launched projects in
Zhengzhou, Xingyang and
Jinan, each of which is in line
with its respective locations. These new projects which commenced
pre-sales in the second quarter, contributed approximately 41% of
GFA sales in the quarter. We did not acquire any new land parcels
during the second quarter however we recently announced a land
acquisition in early August."
"In the second half of the year, we expect to remain active with
our project activity. We have five new projects that are scheduled
to launch during the remainder of this year. Consequently, we
expect our sales revenue and profit recognition for the full year
to be back-end loaded," concluded Mr. Zhang.
Financial Results for the Second Quarter 2014
Contract Sales
Contract sales totaled US$198.7
million in the second quarter compared to US$273.9 million in the first quarter of 2014 and
US$196.0 million in the second
quarter of 2013. The Company's GFA sales were 149,600 square meters
in the second quarter of 2014 versus 127,100 square meters in the
first quarter of 2014 and 147,200 square meters in the second
quarter of 2013. The average selling price ("ASP") per square meter
sold was RMB8,155 (US$1,329) in the second quarter of 2014 versus
RMB13,181 (US$2,155) in the first quarter of 2014 and
RMB8,312 (US$1,332) in the second quarter of 2013.
Three new projects became available for sale in the second
quarter of 2014, Xingyang Splendid I with sellable GFA of 117,195
square meters, Zhengzhou Thriving Family with sellable GFA of
142,487 square meters and Jinan Royal Palace with sellable GFA of
448,135 square meters. These three projects contributed
approximately 40.7% of XIN's GFA sales in the quarter. In addition,
our Suzhou Lake Royal Palace project obtained its sales permit in
late June and will recognize sales and revenue beginning July,
2014.
Breakdown of GFA Sales and ASP's by Project
|
Q2 2013
|
Q1 2014
|
Q2 2014
|
Unsold
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
Project
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
Zhengzhou Royal
Palace
|
18.6
|
9,269
|
0.4
|
33,539
|
-
|
-
|
0.5
|
Zhengzhou Century
East A
|
27.2
|
10,451
|
1.2
|
15,309
|
0.4
|
17,792
|
1.0
|
Zhengzhou Century
East B
|
3.9
|
15,030
|
0.2
|
9,147
|
0.1
|
9,200
|
0.6
|
Zhengzhou Xin
City
|
-
|
-
|
33.6
|
10,672
|
35.0
|
6,086
|
52.4
|
Zhengzhou Thriving
Family
|
-
|
-
|
-
|
-
|
33.0
|
7,196
|
109.6
|
Xingyang Splendid
I
|
-
|
-
|
-
|
-
|
24.5
|
5,250
|
92.7
|
Kunshan Royal
Palace
|
-
|
-
|
7.0
|
10,615
|
6.3
|
10,081
|
228.5
|
Suzhou Xin
City
|
-
|
-
|
19.4
|
9,369
|
10.8
|
10,040
|
15.2
|
Suzhou Lake Royal
Palace
|
-
|
-
|
-
|
-
|
-
|
-
|
169.2
|
Jinan Xinyuan
Splendid
|
91.0
|
7,062
|
23.8
|
9,746
|
25.8
|
8,895
|
74.1
|
Jinan Royal
Palace
|
-
|
-
|
-
|
-
|
3.5
|
6,856
|
444.6
|
Xuzhou Colorful
City
|
-
|
-
|
4.0
|
6,954
|
2.7
|
15,546
|
91.0
|
Beijing Xindo
Park
|
-
|
-
|
35.8
|
20,867
|
6.1
|
24,431
|
90.0
|
Others
|
6.5
|
|
1.7
|
|
1.4
|
|
4.7
|
Total
|
147.2
|
8,312
|
127.1
|
13,181
|
149.6
|
8,155
|
1,374.1
|
Revenue
In the second quarter of 2014, the Company's total revenue was
US$166.8 million compared to
US$226.4 million in the first quarter
of 2014 and US$198.5 million in the
second quarter of 2013.
Gross Profit
Gross profit for the second quarter of 2014 was US$43.3 million, or 25.9% of revenue, compared to
a gross profit of US$59.4 million, or
26.2% of revenue, in the first quarter of 2014 and a gross profit
of US$69.9 million, or 35.2% of
revenue, in the second quarter of 2013.
Selling, General and Administrative Expenses
SG&A expenses were US$35.6
million for the second quarter of 2014 compared to
US$24.3 million for the first quarter
of 2014 and US$14.7 million for the
second quarter of 2013. As a percentage of total revenue, SG&A
expenses were 21.4% compared to 10.7% in the first quarter of 2014
and 7.4% in the second quarter of 2013. The increase in SG&A
expenses compared to the 2014 first quarter was mainly due to
selling and marketing expenses related to newly launched projects,
and the payment of project bonus to senior management. Excluding
these items, SG&A remained at the same level as the first
quarter of 2014.
Net Income
Net income for the second quarter of 2014 was US$6.8 million compared to US$10.1 million for the first quarter of 2014 and
US$39.4 million for the same period
in 2013. Net margin was 4.1%, compared to 4.4% in the first quarter
of 2014 and 19.8% in the second quarter of 2013. Diluted earnings
per ADS were US$0.08, compared to
US$0.12 per ADS in the first quarter
of 2014 and to US$0.54 per ADS in the
same period in 2013.
Balance Sheet
As of June 30, 2014, the Company
reported US$683.5 million in cash and
cash equivalents (including restricted cash) compared to
US$655.0 million as of March 31, 2014. Total debt outstanding was
US$1,310.8 million, an increase of
US$363.6 million compared to
US$947.2 million at the end of the
first quarter of 2014. The balance of the Company's real estate
property under development at the end of the second quarter was
US$1,540.8 million compared to
US$868.7 million at the end of the
first quarter of 2014. The increase of property under development
was primarily due to the land premium of newly acquired four land
parcels in the first quarter recognized as property under
development after paying off all the land premium in the second
quarter.
Project Status
Below is a summary table of projects that were active and
available for sale in the second quarter of 2014.
|
GFA
|
Contract
Sales
|
Project
Cost % Complete
|
(m2
000)
|
(US$
millions)
|
Project
|
Total
Active Projects
|
Sold to
date
|
Total
Active Projects
|
Sales to
date
|
% Sold
|
|
|
Zhengzhou Royal
Palace
|
132.4
|
131.9
|
240.9
|
238.2
|
98.9%
|
94.0%
|
Zhengzhou Century
East A
|
77.3
|
76.3
|
127.4
|
125.7
|
98.7%
|
95.4%
|
Zhengzhou Century
East B
|
166.5
|
165.9
|
246.3
|
245.3
|
99.6%
|
98.4%
|
Zhengzhou Xin
City
|
206.4
|
154.0
|
340.5
|
229.8
|
67.5%
|
69.7%
|
Zhengzhou Thriving
Family
|
142.5
|
32.9
|
150.3
|
38.6
|
25.7%
|
34.6%
|
Xingyang Splendid
I
|
117.2
|
24.5
|
93.8
|
20.9
|
22.3%
|
35.0%
|
Kunshan Royal
Palace
|
284.3
|
55.8
|
498.7
|
86.5
|
17.4%
|
41.4%
|
Suzhou Xin
City
|
127.3
|
112.1
|
186.5
|
159.8
|
85.7%
|
74.4%
|
Suzhou Lake Royal
Palace
|
169.2
|
0.0
|
394.4
|
0.0
|
0.0%
|
66.8%
|
Jinan Xinyuan
Splendid
|
574.9
|
500.8
|
811.1
|
704.6
|
86.9%
|
86.6%
|
Jinan Royal
Palace
|
448.1
|
3.5
|
682.4
|
3.9
|
0.6%
|
42.5%
|
Xuzhou Colorful
City
|
129.0
|
38.0
|
198.2
|
56.3
|
28.4%
|
49.4%
|
Beijing Xindo
Park
|
131.9
|
41.9
|
480.9
|
146.1
|
30.4%
|
72.0%
|
Others remaining
GFA
|
4.7
|
|
|
|
|
|
Total active
projects
|
2,711.7
|
1,337.6
|
4,451.4
|
2,055.7
|
46.2%
|
65.8%
|
As of August 15, 2014, the
Company's total sellable GFA was approximately 2,467,300 square
meters for active projects and under planning stage projects in
China. Below is a summary of all
of our planning stage projects:
|
Unsold
GFA
|
Pre sales
Scheduled
|
(m2
000)
|
Xingyang Splendid
II&III
|
113.4
|
Q4 2014
|
Chengdu Thriving
Family (Newly Acquired Chengdu Land)
|
206.2
|
Q3 2014
|
Sanya Yazhou Bay No.1
(Newly Acquired Sanya Land)
|
116.2
|
Q4 2014
|
Shanghai Royal Palace
(Newly Acquired Shanghai Land)
|
57.6
|
Q4 2014
|
Changsha Xinyuan
Splendid (Newly Acquired Changsha Land)
|
238.1
|
Q4 2014
|
Newly Acquired
Shaanxi Land
|
361.7
|
Q1 2015
|
Total projects
under planning
|
1093.2
|
|
Total active
projects
|
1,374.1
|
|
Total all Xinyuan
projects in China
|
2,467.3
|
|
The Company's New York Oosten project has a total GFA of 37,100
square meters. Its New York sales
gallery was opened on June 30. As of
the end of the second quarter, the Company began negotiating
contracts on select units with buyers.
Third Quarter Outlook
The Company expects contract sales in the third quarter of 2014
to reach approximately US$265 to US$280
million. Third quarter revenue is expected to total
US$220 to US$230 million while net
income is expected to reach US$7 to US$9
million.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 15,
2014 to discuss second quarter 2014 results. Listeners may
access the call by dialing 1-913-312-0868. A webcast will also be
available through the Company's investor relations website at
http://www.xyre.com. A replay of the call will be available through
August 22, 2014 by dialing
1-858-384-5517, access code: 1236931.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. In China, Xinyuan primarily focuses its
development projects in high growth cities, including Zhengzhou, Jinan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing, Changsha, Sanya, Xi'an and Hefei. The Company's U.S. development arm, XIN
Development Group International, Inc., is a pioneer amongst Chinese
real estate residential developers, entering the US market in 2012.
Xinyuan is the first real estate developer from China to be listed on the New York Stock
Exchange. 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, 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 into new geographic markets 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,
2013. 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:
Ms. Helen Zhang
Financial Controller
Tel: +86 (10) 8588-9398
Email: irmanager@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@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,
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Total
revenue
|
166,824
|
|
226,412
|
|
198,484
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
(123,565)
|
|
(167,043)
|
|
(128,598)
|
|
Gross
profit
|
43,259
|
|
59,369
|
|
69,886
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
(8,857)
|
|
(4,781)
|
|
(2,860)
|
|
General and
administrative expenses
|
(26,761)
|
|
(19,494)
|
|
(11,877)
|
|
|
|
|
|
|
|
|
Operating
income
|
7,641
|
|
35,094
|
|
55,149
|
|
|
|
|
|
|
|
|
Interest
income
|
1,355
|
|
1,531
|
|
2,877
|
|
Interest
expense
|
(7,467)
|
|
(8,641)
|
|
(4,844)
|
|
Other
income
|
3,109
|
|
-
|
|
-
|
|
Exchange
gains
|
50
|
|
-
|
|
-
|
|
Share of loss of an
equity investee
|
(201)
|
|
(217)
|
|
-
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
4,487
|
|
27,767
|
|
53,182
|
|
|
|
|
|
|
|
|
Income
taxes
|
2,345
|
|
(17,717)
|
|
(13,820)
|
|
|
|
|
|
|
|
|
Net
income
|
6,832
|
|
10,050
|
|
39,362
|
|
|
|
|
|
|
|
|
Net income attributable to Xinyuan Real Estate Co.,
Ltd. shareholders
|
6,832
|
|
10,050
|
|
39,362
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
Basic
|
0.09
|
|
0.13
|
|
0.55
|
|
Diluted
|
0.08
|
|
0.12
|
|
0.54
|
|
ADS used in
computation:
|
|
|
|
|
|
|
Basic
|
76,343
|
|
77,801
|
|
71,256
|
|
Diluted
|
89,272
|
|
90,810
|
|
72,242
|
|
XINYUAN REAL
ESTATE CO., LTD. AND 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,
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
393,236
|
|
367,913
|
|
|
|
|
Cost of
revenue
|
(290,608)
|
|
(242,360)
|
Gross
profit
|
102,628
|
|
125,553
|
|
|
|
|
Selling
expenses
|
(13,638)
|
|
(5,648)
|
General and
administrative expenses
|
(46,255)
|
|
(21,451)
|
|
|
|
|
Operating
income
|
42,735
|
|
98,454
|
|
|
|
|
Interest
income
|
2,886
|
|
4,512
|
Interest
expense
|
(16,108)
|
|
(4,844)
|
Other
income
|
3,109
|
|
-
|
Exchange
gains
|
50
|
|
-
|
Share of loss of an
equity investee
|
(418)
|
|
-
|
Income from
operations before income taxes
|
32,254
|
|
98,122
|
|
|
|
|
Income
taxes
|
(15,372)
|
|
(32,145)
|
|
|
|
|
Net
income
|
16,882
|
|
65,977
|
|
|
|
|
Net income attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
16,882
|
|
65,977
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
Basic
|
0.22
|
|
0.93
|
Diluted
|
0.20
|
|
0.91
|
ADS used in
computation:
|
|
|
|
Basic
|
77,068
|
|
71,219
|
Diluted
|
90,047
|
|
72,314
|
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,
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
377,468
|
|
348,096
|
|
587,119
|
Restricted
cash
|
|
306,069
|
|
306,857
|
|
250,098
|
Accounts
receivable
|
|
31,244
|
|
24,986
|
|
8,528
|
Other
receivables
|
|
85,914
|
|
143,813
|
|
10,593
|
Restricted
deposit
|
|
11,409
|
|
11,411
|
|
11,514
|
Deposits for land use
right
|
|
220,737
|
|
480,739
|
|
297,389
|
Other deposits and
prepayments
|
|
115,193
|
|
106,026
|
|
103,790
|
Advances to
suppliers
|
|
25,367
|
|
20,175
|
|
15,317
|
Real estate property
held for sale
|
|
2,970
|
|
5,524
|
|
5,524
|
Real estate property development completed
|
|
13,969
|
|
17,036
|
|
21,260
|
Real estate property
under development
|
|
1,540,816
|
|
868,679
|
|
932,519
|
Amounts due from
related parties
|
|
2,113
|
|
1,301
|
|
820
|
Amounts due from
employees
|
|
713
|
|
586
|
|
59
|
Other current
assets
|
|
193
|
|
34
|
|
-
|
|
|
|
|
|
|
|
Total current
assets
|
|
2,734,175
|
|
2,335,263
|
|
2,244,530
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
62,970
|
|
61,534
|
|
60,410
|
Property and
equipment, net
|
|
46,089
|
|
45,688
|
|
46,706
|
Other long-term
investment
|
|
242
|
|
242
|
|
242
|
Investment in joint
venture
|
|
5,474
|
|
5,676
|
|
5,945
|
Deferred tax
assets
|
|
14,528
|
|
10,593
|
|
10,191
|
Deferred
charges
|
|
18,988
|
|
8,699
|
|
9,049
|
Other
assets
|
|
7,063
|
|
4,940
|
|
5,028
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
2,889,529
|
|
2,472,635
|
|
2,382,101
|
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,
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
250,675
|
|
171,161
|
|
194,403
|
Short-term bank loans
and other debt
|
|
170,654
|
|
113,782
|
|
23,291
|
Customer
deposits
|
|
93,927
|
|
81,805
|
|
75,285
|
Income tax
payable
|
|
57,296
|
|
106,833
|
|
121,642
|
Deferred tax
liabilities
|
|
105,402
|
|
85,821
|
|
78,958
|
Other payables and
accrued liabilities
|
|
65,945
|
|
79,881
|
|
73,446
|
Payroll and welfare
payable
|
|
3,980
|
|
4,610
|
|
19,638
|
Current portion of
long-term bank loans and other debt
|
424,712
|
|
231,015
|
|
217,964
|
Current maturities of
capital lease obligations
|
2,721
|
|
2,721
|
|
2,746
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
1,175,312
|
|
877,629
|
|
807,373
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
Long-term bank
loans
|
|
59,466
|
|
61,768
|
|
32,804
|
Other long term
debt
|
|
655,957
|
|
540,662
|
|
536,943
|
Deferred tax
liabilities
|
|
9,385
|
|
9,385
|
|
9,385
|
Unrecognized tax
benefits
|
|
16,165
|
|
16,167
|
|
16,314
|
Capital lease obligations, net of current maturities
|
|
25,057
|
|
25,742
|
|
26,646
|
Redeemable
non-controlling interests
|
|
2,836
|
|
-
|
|
-
|
TOTAL
LIABILITIES
|
|
1,944,178
|
|
1,531,353
|
|
1,429,465
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Common
shares
|
|
16
|
|
16
|
|
16
|
Treasury
shares
|
|
(14,507)
|
|
(10,696)
|
|
(3,085)
|
Additional paid-in
capital
|
|
540,048
|
|
535,169
|
|
534,937
|
Statutory
reserves
|
|
68,547
|
|
68,547
|
|
68,547
|
Retained
earnings
|
|
253,365
|
|
250,447
|
|
244,310
|
Accumulated other
comprehensive income
|
|
97,882
|
|
97,799
|
|
107,911
|
TOTAL
EQUITY
|
|
945,351
|
|
941,282
|
|
952,636
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND
SHAREHOLDERS' EQUITY
|
|
2,889,529
|
|
2,472,635
|
|
2,382,101
|
SOURCE Xinyuan Real Estate Co., Ltd.