BEIJING, Sept. 2, 2020 /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 the U.S., today
announced its unaudited financial results for the second
quarter ended June 30, 2020.
Second Quarter 2020 Highlights
- Total revenue in the second quarter of 2020 increased 126.1% to
US$284.4 million from US$125.8 million in the first quarter of
2020.
- Net loss in the second quarter of 2020 decreased 23.0% to
US$30.1 million from net loss of
US$39.1 million in the first quarter
of 2020.
- Diluted net loss per ADS attributable to shareholders in the
second quarter of 2020 decreased 33.3% to US$0.49 from diluted net loss of US$0.73 in the first quarter of 2020.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "Though the COVID-19 effect still last in Q2
2020, we further strengthened the marketing efforts, with total
contract sales of the first half reaching around US$1.18 billion. With certain major projects
launched in Q3, we are now holding a more optimistic view toward
the full year sales result."
Mr. Zhang continued: "In this quarter, we also have further
optimized debt structure and controlled capital expenditure. Our
total debt decreased to US$3.0
billion as of June 30, 2020,
US$0.6 billion lower year on year.
Short term debt was US$1.2 billion,
41% of total debt. Compared with Q1, we have reduced our short-term debt by US$197 million, and total debt by US$32 million. In June and July 2020, we issued RMB160 million and RMB354.5 million of senior notes, respectively,
which are now traded on the Singapore Exchange. In July 2020, our HK-listed property management
subsidiary completed a follow-on offering, receiving about
HK$127.2 million of net proceeds.
These successful capital raises bring the additional resources
needed to drive our growth strategy and to build a diverse and
dynamic real estate ecosystem."
Second quarter 2020 Financial Results
Revenue
In the second quarter of 2020, the Company's total revenue
decreased 53.3% to US$284.4 million
from US$609.4 million in the second
quarter of 2019 and increased 126.1% from US$125.8 million in the first quarter of
2020.
Gross Profit
Gross profit for the second quarter of 2020 was US$19.2 million, or 6.8% of total revenue,
compared to gross profit of US$159.2
million, or 26.1% of total revenue, in the second quarter of
2019 and a gross profit of US$28.1
million, or 22.3% of total revenue, in the first quarter of
2020. Gross margin decreased dramatically from the previous
quarters, this is mainly because we made a prudent adjustment.
Considering the current market price affected by the epidemic, we
reduced the expected selling price of several projects, the
adjustment resulted in a significant reduction of gross margin.
Without the adjustment, gross margin for this quarter would be
22.5%.
Selling, General and Administrative Expenses
SG&A expenses were US$51.4
million for the second quarter of 2020 compared to
US$63.0 million for the second
quarter of 2019 and US$44.0 million
for the first quarter of 2020. As a percentage of total revenue,
SG&A expenses were 18.1% compared to 10.3% in the second
quarter of 2019 and 35.0% in the first quarter of 2020.
Net Income
Net loss for the second quarter of 2020 was US$30.1 million compared to net income of
US$19.8 million for the second
quarter of 2019 and net loss of US$39.1
million for the first quarter of 2020. Net margin was
negative 10.6% compared to 3.3% in the second quarter of 2019 and
negative 31.1% in the first quarter of 2020. Diluted net loss per
ADS was US$0.49 compared to diluted
net earnings of US$0.19 per ADS in
the second quarter of 2019 and diluted net loss of US$0.73 per ADS in the first quarter of 2020.
Balance Sheet
As of June 30, 2020, the Company's cash and restricted cash
increased to US$999.8 million from
US$933.1 million as of March 31, 2020.
Total debt outstanding was US$3,008.0
million, which reflects a decrease of US$31.6 million from US$3,039.6 million at the end of the first
quarter of 2020.
The balance of the Company's real estate properties under
development at the end of the second quarter of 2020 was
US$3,094.9 million compared to
US$3,176.4 million at the end of the
first quarter of 2020.
Real Estate Project Status in China
The Company commenced pre-sales of one new project in the second
quarter of 2020, Suzhou Linhu Lake.
Below is a summary table of projects that were active and
available for sale in the second quarter of 2020.
Project
|
GFA
|
(m2,
000s)
|
Total
Active Projects as
of
June 30, 2020
|
Sold as of
June 30, 2020
|
Unsold as of
June 30, 2020
|
Xingyang Splendid
II
|
118.5
|
98.1
|
20.4
|
Jinan Royal
Palace
|
449.8
|
440.6
|
9.2
|
Xuzhou Colorful
City
|
130.8
|
123.3
|
7.5
|
Sanya Yazhou Bay
No.1
|
117.6
|
117.3
|
0.3
|
Xi'an
Metropolitan
|
286.0
|
276.3
|
9.7
|
Jinan Xin
Central
|
194.6
|
190.2
|
4.4
|
Henan Xin Central
I
|
261.5
|
253.1
|
8.4
|
Zhengzhou Fancy City
I
|
166.7
|
160.9
|
5.8
|
Tianjin Spring Royal
Palace I
|
139.7
|
131.7
|
8.0
|
Zhengzhou
International New City I
|
356.6
|
351.6
|
5.0
|
Xingyang Splendid
III
|
120.9
|
119.0
|
1.9
|
Zhengzhou
International New City II
|
176.0
|
170.4
|
5.6
|
Zhengzhou Fancy City
II (North)
|
108.7
|
102.0
|
6.7
|
Tianjin Spring Royal
Palace II
|
144.6
|
86.6
|
58.0
|
Zhengzhou
International New City III D
|
46.1
|
45.2
|
0.9
|
Zhengzhou Hangmei
International Wisdom City I
|
64.7
|
56.3
|
8.4
|
Zhengzhou
International New City III B
|
118.8
|
118.5
|
0.3
|
Changsha Furong
Thriving Family
|
72.3
|
72.3
|
0.0
|
Chengdu Xinyuan
City
|
741.6
|
280.5
|
461.1
|
Kunshan Xinyu
Jiayuan
|
107.9
|
59.4
|
48.5
|
Xingyang Splendid
IV
|
151.8
|
84.1
|
67.7
|
Suzhou Suhe Bay
*
|
62.6
|
62.6
|
-
|
Zhengzhou Hangmei
International Wisdom City II
|
78.4
|
39.1
|
39.3
|
Qingdao Royal Dragon
Bay
|
162.2
|
104.3
|
57.9
|
Jinan Royal Spring
Bay
|
116.9
|
64.1
|
52.8
|
Xinyuan Golden Water
View City-Zhengzhou
|
331.4
|
100.7
|
230.7
|
Zhengzhou Fancy City
III
|
80.6
|
77.6
|
3.0
|
Zhengzhou
International New City III C
|
82.3
|
73.8
|
8.5
|
Zhengzhou
International New City IV A12
|
199.7
|
181.8
|
17.9
|
Zhengzhou
International New City IV B10
|
92.3
|
67.9
|
24.4
|
Suzhou Galaxy
Bay
|
76.5
|
73.3
|
3.2
|
Suzhou Gusu Shade
I
|
12.0
|
8.8
|
3.2
|
Dalian International
Health Technology Town I
|
103.8
|
44.7
|
59.1
|
Xingyang Splendid
V
|
80.5
|
61.6
|
18.9
|
Suzhou Gusu Shade II
**
|
14.3
|
8.4
|
5.9
|
Zhengzhou
International New City V A04
|
104.9
|
39.6
|
65.3
|
Huzhou Silk Town
***
|
141.4
|
22.6
|
118.8
|
Foshan Xinchuang AI
International Science and Technology Innovation Valley
|
194.4
|
20.4
|
174.0
|
Suzhou Linhu
Lake****
|
156.4
|
5.4
|
151.0
|
Others
|
57.5
|
-
|
57.5
|
Total active
projects
|
6,223.3
|
4,394.1
|
1,829.2
|
* The Company owns a
16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd..
which develops Suzhou Suhe Bay. The Company accounts for its
investment under the equity method.
** The Company owns a
19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which
develops Suzhou Gusu Shade II. The Company accounts for its
investment under the equity method.
*** The Company owns
a 51% equity interest indirectly in Huzhou Xinhong Renju
Construction Development Co., Ltd., which develops Huzhou Silk
Town. Based on the articles of association, the company cannot
exercise control of Huzhou Silk Town, but has the ability to
exercise significant influence over Huzhou Silk Town's operating
and financial decisions and accounted for it as an equity method
investment.
**** The Company owns
a 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd.,
which develops Suzhou Linhu Lake. The Company accounts for its
investment under the equity method.
|
As of June 30, 2020, the Company's
total saleable GFA was approximately 4,279,200 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 as
of June 30, 2020
(m2, 000s)
|
Pre-sales
Scheduled
|
|
|
|
Tongzhou Xinyuan
Royal Palace-Beijing
|
102.3
|
Q3, 2020
|
|
Xinyuan Chang'an
Royal Palace-Xi'an
|
226.0
|
To be
determined
|
|
Zhengzhou
International New City Land Bank(all land is grouped together and
will be developed gradually)
|
879.3
|
To be
determined
|
|
Zhuhai Xin
World
|
70.0
|
To be
determined
|
|
Lingshan Bay Dragon
Seal-Qingdao
|
383.1
|
Q3, 2020
|
|
Zhengzhou Hangmei
Project Land Bank(all land is grouped together and will be
developed gradually)
|
181.5
|
To be
determined
|
|
Wuhan Hidden Dragon
Royal Palace
|
182.9
|
To be
determined
|
|
Dalian International
Health Technology Town II
|
34.4
|
To be
determined
|
|
Foshan Xinchuang AI
International Science and Technology Innovation Valley
II
|
262.4
|
To be
determined
|
|
Taizhou Yihe Yayuan
*
|
128.1
|
To be
determined
|
|
|
|
|
|
Total projects
under planning
|
2,450.0
|
|
|
Total active
projects
|
1,829.2
|
|
|
Total of all
Xinyuan unsold projects in China
|
4,279.2
|
|
|
|
|
|
|
* The Company owns
40% equity interest in Taizhou Yiju Real Estate Co., Ltd. which
develops Taizhou Yihe Yayuan.
|
Update on United States Real Estate Projects
At the Oosten project in Brooklyn, New
York City, as of June 30,
2020, a total of 179 units out of 216 units were sold. Total
revenue from this project has reached US$261.0 million. Of the remaining 37 unsold
units, 23 are rented with lease terms ranging from 12 months to 24
months.
At the Hudson Garden project, BLOOM ON FORTY FIFTH, in the
Hell's Kitchen area of Manhattan, New
York City, as of June 30,
2020, the Company had completed superstructure construction,
precast concrete facade, and windows installation. Of the total
sellable 34,903 square feet of retail/commercial space, a total of
28,090 square feet have been leased to the U.S. department store
retailer Target for a 20 year term and another 1,910 square feet
have been leased to a dermatologist's office for a 15 year lease
term.
The construction is currently ahead of schedule and under
budget. The onsite sales office and model apartments were fully
furnished during the second quarter 2020 and ready to show to
brokers and potential buyers. The residential unit sales
strategy started with a first phase launch in China during Q4 2019 in which we exhibited in
five Tier 1 and Tier 2 cities, leveraging Xinyuan's own client
database and established third-party channels. The start of the
second phase in New York City,
will depend on the progress of New York
City's re-opening from the pandemic.
At the RKO project in Flushing, New
York, the Company continued to execute on the planning,
governmental approvals, and pre-development activities. As of
June 30, 2020, we have engaged GKV
Architects to develop new architectural plans, and completed the
schematic design for the condo and hotel mixed-use development. The
demolition is expected to be completed by the end of November 2020.
Update on the United Kingdom Real Estate Project
During the second quarter of 2020, work on site continued to
progress, primarily focused on internal fit out, but completion
will be delayed from the contract completion date of October 2020 due to the impact of Covid-19 on
construction sites. Our current forecast is that construction will
be completed in first quarter 2021, assuming no further
restrictions on working conditions.
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, 144
apartments have been sold.
Business Outlook
The company expects 2020 contract sales of 20 to 22 billion RMB, with consolidated net income
similar to 2019.
However, the above outlook is based on information available as
of the date of this press release and reflects the Company's
current expectations, which may be subject to change in light of
uncertainties relating to future COVID-19 developments.
Conference Call Information
The Company will hold a conference call at 8:00am ET on September 2,
2020, to discuss its second quarter 2020 results. Listeners
may access the call by dialing:
US Toll Free: 1-866-575-6539
Toll/International: 1-323-994-2082
China National: 4001 209101
Hong Kong Toll Free: 800 961 105
United Kingdom Toll Free: 0800 358 6377
A webcast will also be available through the Company's investor
relations website at http://ir.xyre.com.
A replay of the conference call may be accessed by phone at the
following numbers until September 9,
2020:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 7000011
A live and archived webcast of the conference call will be
available at http://ir.xyre.com.
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 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, 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 City. 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
impact of the COVID-19 pandemic on the real estate markets and
economies of the cities and countries in which we operate; 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 significant differences between our audited
financial statements and this unaudited financial information.
For more information, please contact:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
The Blueshirt Group
In U.S.: Ms. Julia Qian
Email: Julia@blueshirtgroup.com
In China: Ms. Susie Wang
Mobile: +86 (138) 1081-7475
Email: susie@blueshirtgroup.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,
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
284,361
|
|
|
|
125,769
|
|
|
|
609,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(265,143)
|
|
|
|
(97,663)
|
|
|
|
(450,224)
|
|
Gross
profit
|
|
|
19,218
|
|
|
|
28,106
|
|
|
|
159,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(15,943)
|
|
|
|
(6,340)
|
|
|
|
(20,633)
|
|
General and
administrative expenses
|
|
|
(35,434)
|
|
|
|
(37,678)
|
|
|
|
(42,343)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
|
(32,159)
|
|
|
|
(15,912)
|
|
|
|
96,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4,322
|
|
|
|
4,169
|
|
|
|
4,964
|
|
Interest
expense
|
|
|
(30,434)
|
|
|
|
(30,263)
|
|
|
|
(28,384)
|
|
Gain on short-term
investments
|
|
|
3,460
|
|
|
|
901
|
|
|
|
505
|
|
Other loss
|
|
|
(1,114)
|
|
|
|
(208)
|
|
|
|
(867)
|
|
Net gain/(loss) on
debt extinguishment
|
|
|
332
|
|
|
|
(1,110)
|
|
|
|
(1,955)
|
|
Exchange
loss
|
|
|
(1,960)
|
|
|
|
(850)
|
|
|
|
(4,354)
|
|
Share of gain/(loss)
of equity investees
|
|
|
473
|
|
|
|
(1,024)
|
|
|
|
(1,702)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations before income taxes
|
|
|
(57,080)
|
|
|
|
(44,297)
|
|
|
|
64,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefits/(expenses)
|
|
|
27,021
|
|
|
|
5,157
|
|
|
|
(44,621)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(30,059)
|
|
|
|
(39,140)
|
|
|
|
19,825
|
|
Net loss/(income)
attributable to non-controlling interest
|
|
|
3,819
|
|
|
|
(383)
|
|
|
|
(9,171)
|
|
Net (loss)/income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
(26,240)
|
|
|
|
(39,523)
|
|
|
|
10,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.49)
|
|
|
|
(0.73)
|
|
|
|
0.19
|
|
Diluted
|
|
|
(0.49)
|
|
|
|
(0.73)
|
|
|
|
0.19
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
53,639
|
|
|
|
53,904
|
|
|
|
57,003
|
|
Diluted
|
|
|
53,639
|
|
|
|
53,904
|
|
|
|
57,371
|
|
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,
|
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
|
|
410,130
|
|
|
|
1,078,292
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
|
|
(362,806)
|
|
|
|
(788,028)
|
|
Gross
profit
|
|
|
|
|
47,324
|
|
|
|
290,264
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
|
|
(22,283)
|
|
|
|
(40,039)
|
|
General and
administrative expenses
|
|
|
|
|
(73,112)
|
|
|
|
(78,987)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
|
|
|
(48,071)
|
|
|
|
171,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
8,491
|
|
|
|
9,049
|
|
Interest
expense
|
|
|
|
|
(60,697)
|
|
|
|
(52,690)
|
|
Gain on short-term
investments
|
|
|
|
|
4,361
|
|
|
|
1,676
|
|
Other
expense
|
|
|
|
|
(1,322)
|
|
|
|
(773)
|
|
Loss on
extinguishment of debt
|
|
|
|
|
(778)
|
|
|
|
(6,544)
|
|
Exchange loss
|
|
|
|
|
(2,810)
|
|
|
|
(809)
|
|
Share of loss of
equity investees
|
|
|
|
|
(551)
|
|
|
|
(3,302)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations before income taxes
|
|
|
|
|
(101,377)
|
|
|
|
117,845
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefits/(expenses)
|
|
|
|
|
32,178
|
|
|
|
(79,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
|
|
(69,199)
|
|
|
|
38,015
|
|
Net loss /(income)
attributable to non-controlling interest
|
|
|
|
|
3,436
|
|
|
|
(7,752)
|
|
Net (loss)/income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
|
|
(65,763)
|
|
|
|
30,263
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
(1.22)
|
|
|
|
0.52
|
|
Diluted
|
|
|
|
|
(1.22)
|
|
|
|
0.52
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
53,722
|
|
|
|
57,950
|
|
Diluted
|
|
|
|
|
53,722
|
|
|
|
58,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
|
820,769
|
|
|
|
794,076
|
|
|
|
989,587
|
|
Short-term
investments
|
|
|
5,850
|
|
|
|
7,060
|
|
|
|
5,596
|
|
Accounts
receivable
|
|
|
88,103
|
|
|
|
87,508
|
|
|
|
97,912
|
|
Other
receivables
|
|
|
330,833
|
|
|
|
273,866
|
|
|
|
287,300
|
|
Deposits for land use
rights
|
|
|
28,816
|
|
|
|
25,970
|
|
|
|
26,375
|
|
Other deposits and
prepayments
|
|
|
300,348
|
|
|
|
292,506
|
|
|
|
277,463
|
|
Advances to
suppliers
|
|
|
66,317
|
|
|
|
46,081
|
|
|
|
44,358
|
|
Real estate
properties development completed
|
|
|
415,430
|
|
|
|
434,478
|
|
|
|
458,205
|
|
Real estate
properties under development
|
|
|
3,094,871
|
|
|
|
3,176,368
|
|
|
|
3,254,388
|
|
Amounts due from
related parties
|
|
|
266,735
|
|
|
|
201,958
|
|
|
|
200,758
|
|
Amounts due from
employees
|
|
|
1,594
|
|
|
|
2,392
|
|
|
|
2,351
|
|
Other current
assets
|
|
|
18,186
|
|
|
|
13,999
|
|
|
|
772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
5,437,852
|
|
|
|
5,356,262
|
|
|
|
5,645,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash,
non-current
|
|
|
179,059
|
|
|
|
138,975
|
|
|
|
112,998
|
|
Real estate
properties held for lease, net
|
|
|
511,800
|
|
|
|
516,158
|
|
|
|
515,869
|
|
Property and
equipment, net
|
|
|
40,043
|
|
|
|
41,086
|
|
|
|
43,004
|
|
Long-term
investment
|
|
|
593,547
|
|
|
|
602,224
|
|
|
|
613,620
|
|
Deferred tax
assets
|
|
|
188,034
|
|
|
|
267,021
|
|
|
|
260,153
|
|
Deposits for land use
rights and properties
|
|
|
32,488
|
|
|
|
32,463
|
|
|
|
32,969
|
|
Amounts due from
related parties
|
|
|
39,465
|
|
|
|
80,824
|
|
|
|
82,687
|
|
Contract cost
assets
|
|
|
20,703
|
|
|
|
22,239
|
|
|
|
23,093
|
|
Operating lease
right-of-use assets
|
|
|
8,635
|
|
|
|
9,563
|
|
|
|
11,801
|
|
Other
assets
|
|
|
76,415
|
|
|
|
77,628
|
|
|
|
80,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
7,128,041
|
|
|
|
7,144,443
|
|
|
|
7,421,664
|
|
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,
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
992,679
|
|
|
|
1,049,106
|
|
|
|
1,166,660
|
|
Short-term bank loans
and other debt
|
|
|
56,881
|
|
|
|
38,719
|
|
|
|
73,419
|
|
Customer
deposits
|
|
|
1,224,998
|
|
|
|
1,152,811
|
|
|
|
1,106,099
|
|
Income tax
payable
|
|
|
155,914
|
|
|
|
279,473
|
|
|
|
298,228
|
|
Other payables and
accrued liabilities
|
|
|
530,436
|
|
|
|
400,140
|
|
|
|
323,164
|
|
Payroll and welfare
payable
|
|
|
10,269
|
|
|
|
10,952
|
|
|
|
24,224
|
|
Current portion of
long-term bank loans and other debt
|
|
|
1,177,657
|
|
|
|
1,393,265
|
|
|
|
1,418,955
|
|
Lease liability,
current portion
|
|
|
7,143
|
|
|
|
12,033
|
|
|
|
11,284
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
6,981
|
|
|
|
6,856
|
|
|
|
8,857
|
|
Amounts due to
related parties
|
|
|
53,667
|
|
|
|
54,869
|
|
|
|
53,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
4,216,625
|
|
|
|
4,398,224
|
|
|
|
4,484,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
747,387
|
|
|
|
795,867
|
|
|
|
686,065
|
|
Other long-term
debt
|
|
|
1,026,103
|
|
|
|
811,717
|
|
|
|
1,036,691
|
|
Deferred tax
liabilities
|
|
|
299,468
|
|
|
|
337,366
|
|
|
|
338,593
|
|
Unrecognized tax
benefits
|
|
|
114,085
|
|
|
|
74,049
|
|
|
|
73,605
|
|
Lease
liability
|
|
|
3,373
|
|
|
|
6,233
|
|
|
|
10,187
|
|
Amounts due to
related parties
|
|
|
24,853
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
6,431,894
|
|
|
|
6,423,456
|
|
|
|
6,629,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(114,454)
|
|
|
|
(114,284)
|
|
|
|
(113,720)
|
|
Additional paid-in
capital
|
|
|
546,022
|
|
|
|
544,860
|
|
|
|
543,291
|
|
Statutory
reserves
|
|
|
175,002
|
|
|
|
175,020
|
|
|
|
175,008
|
|
Retained
earnings
|
|
|
37,301
|
|
|
|
85,286
|
|
|
|
135,873
|
|
Accumulated other
comprehensive loss
|
|
|
(44,843)
|
|
|
|
(70,745)
|
|
|
|
(50,167)
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
599,044
|
|
|
|
620,153
|
|
|
|
690,301
|
|
Non-controlling
interest
|
|
|
97,103
|
|
|
|
100,834
|
|
|
|
101,650
|
|
Total
equity
|
|
|
696,147
|
|
|
|
720,987
|
|
|
|
791,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
7,128,041
|
|
|
|
7,144,443
|
|
|
|
7,421,664
|
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2020-financial-results-301122854.html
SOURCE Xinyuan Real Estate Co., Ltd.