Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2019 Financial Results

文章來源:PR Newswire 美通社   發表時間:2019/08/16 瀏覽次數:1158

BEIJING, Aug. 16, 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 second quarter ended June 30, 2019.

Highlights

  • First half contract sales of 2019 increased 3.4% to RMB6,676.3 million from RMB6,457.0 million in the first half of 2018.
  • Contract sales decreased 20.0% to US$507.4 million from US$633.9 million in the second quarter of 2018 and increased 5.8% from US$479.7 million in the first quarter of 2019.
  • Total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018 and increased 30.0% from US$468.9 million in the first quarter of 2019.
  • Gross profit increased 45.5% to US$159.2 million from US$109.4 million in the second quarter of 2018 and increased 21.5% from US$131.0 million in the first quarter of 2019.
  • Selling, General and Administrative ("SG&A") expenses as a percentage of total revenue decreased to 10.3% from 13.2% in the second quarter of 2018 and decreased from 12.0% in the first quarter of 2019.
  • Net income was US$19.8 million compared to net loss of US$9.3 million in the second quarter of 2018 and net income of US$18.2 million in the first quarter of 2019.
  • Current debt outstanding decreased 33.8% to US$1,207.2 million, or 33.6% of the total debt, from US$1,823.7 million, or 51.9% of the total debt, in the first quarter of 2019.
  • Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.19 compared to diluted net loss of US$0.10 per ADS in the second quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of 2019.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "In the first half of 2019, Xinyuan maintained stable growth and commenced pre-sales of three new projects in China. The total value of contracts signed in the first half was RMB7,323.2 million, representing a 12.0% increase compared to RMB6,537.4 million in the first half of 2018. Thanks to the outstanding sales performance, the company has achieved top- and bottom-line growth despite downward pressure on sales across the industry. In the first half of 2019, total revenue increased 103.5% year over year. Moreover, we were able to reduce SG&A expenses as a percentage of total revenue to 11.0% in the first half from 16.4% in the first half of 2018. As a result, gross profit increased by 96.0% year over year, and net income was US$38.0 million compared to a net loss of US$22.0 million in the first half of 2018. Furthermore, our overseas projects continued to proceed as planned, and presales of our Manhattan project are expected to launch at the end of the fourth quarter of 2019.

"At the same time, we are seeing a lasting impact from changes in the macro-economic environment and stringent government restriction policies on the Chinese housing market. However, we believe that our strategic focus on high quality tier-one and tier-two city projects as well as our strong execution capabilities enable us to further solidify our leading market position and deliver sustainable long-term growth. We remain committed to controlling our financial leverage and maximizing Xinyuan's financial health. We are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang.

Second Quarter 2019 Financial Results

Contract Sales
Contract sales in China totaled US$507.4 million in the second quarter compared to US$630.3 million in the second quarter of 2018 and US$478.9 million in the first quarter of 2019.

The Company's GFA sales in China were 233,200 square meters in the second quarter of 2019 compared to 282,900 square meters in the second quarter of 2018 and 211,400 square meters in the first quarter of 2019.            

The average selling price ("ASP") per square meter sold in China was RMB14,755 (US$2,176) in the second quarter of 2019 compared to RMB14,173 (US$2,226) in the second quarter of 2018 and RMB15,269 (US$2,264) in the first quarter of 2019.

The Company commenced pre-sales of two new projects in the second quarter of 2019, Xinyang Splendid V, Suzhou Gusu Shade II. The presales contributed 5.9% and 3.6% of total GFA sales and total contract sales, respectively.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q2 2018

Q1 2019

Q2 2019

GFA

ASP

GFA

ASP

GFA

ASP

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

Xingyang Splendid II

0.3

9,939

10.2

7,478

3.6

7,330

Jinan Royal Palace

27.4

16,341

1.6

15,661

2.8

14,739

Xuzhou Colorful City

0.8

10,495

-

-

0.7

14,541

Chengdu Thriving Family

1.3

16,011

(0.1)

7,729

-

-

Changsha Xinyuan Splendid

3.7

15,869

-

-

0.1

18,658

Sanya Yazhou Bay No.1

12.0

25,758

0.4

25,615

0.3

38,158

Xi'an Metropolitan

4.5

7,480

0.6

11,253

0.1

12,896

Zhengzhou Xindo Park

0.4

7,560

-

-

0.7

8,661

Jinan Xin Central

9.2

14,073

0.1

13,170

0.1

18,954

Henan Xin Central I

1.0

15,342

0.1

14,887

0.7

7,942

Zhengzhou Fancy City I

1.2

10,989

(1.4)

15,073

0.5

13,714

Zhengzhou Fancy City II (South)

0.8

14,103

(0.1)

12,660

(0.1)

9,469

Tianjin Spring Royal Palace I

0.1

16,294

-

-

-

-

Zhengzhou International New City I

6.0

25,102

-

-

-

-

Henan Xin Central II

6.2

12,351

-

-

0.1

15,932

Xingyang Splendid III

13.2

7,934

0.4

7,046

0.3

8,091

Zhengzhou International New City II

1.7

13,671

-

-

0.5

18,997

Zhengzhou Fancy City II (North)

35.3

9,801

3.5

9,838

2.8

9,884

Tianjin Spring Royal Palace II

11.5

14,124

8.1

12,670

10.8

13,496

Zhengzhou International New City III D

29.6

14,282

(0.1)

14,461

0.6

14,045

Zhengzhou Hangmei International Wisdom
City I

16.2

7,195

2.3

7,144

1.8

6,845

Zhengzhou International New City III B

51.3

13,996

0.8

13,262

0.7

15,174

Chengdu Xinyuan City

-

-

33.1

9,511

2.7

7,585

Kunshan Xinyu Jiayuan

-

-

5.5

24,208

13.0

23,660

Xingyang Splendid IV

-

-

1.0

7,027

0.3

7,326

Suzhou Suhe Bay *

-

-

30.0

21,680

8.5

21,461

Zhengzhou Hangmei International Wisdom
City II

-

-

0.5

7,350

9.3

7,394

Qingdao Royal Dragon Bay

-

-

15.3

20,285

28.8

19,797

Jinan Royal Spring Bay

-

-

2.7

9,201

4.0

8,777

Xinyuan Golden Water View City-Zhengzhou

-

-

19.0

18,817

8.3

19,740

Zhengzhou Fancy City III

-

-

20.5

12,637

8.5

12,729

Zhengzhou International New City III C

-

-

17.3

12,260

15.7

12,459

Zhengzhou International New City IV A12

-

-

24.8

14,254

34.8

14,224

Zhengzhou International New City IV B10

-

-

7.9

13,969

15.5

10,698

Suzhou Galaxy Bay

-

-

2.4

13,790

34.6

14,227

Suzhou Gusu Shade I

-

-

0.8

36,262

5.6

37,678

Dalian International Health Technology
Town I

-

-

0.1

13,618

0.4

10,421

Xingyang Splendid V

-

-

-

-

13.1

7,629

Suzhou Gusu Shade II **

-

-

-

-

0.6

38,893

Others

49.2

-

4.1

-

2.4

-

Total

282.9

14,173

211.4

15,269

233.2

14,755








* The Company owns 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 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.

Revenue
In the second quarter of 2019, the Company's total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018 and increased 30.0% from US$468.9 million in the first quarter of 2019.

Gross Profit
Gross profit for the second quarter of 2019 was US$159.2million, or 26.1% of total revenue, compared to a gross profit of US$109.4 million, or 30.7% of total revenue, in the second quarter of 2018 and a gross profit of US$131.0 million, or 28.0% of total revenue, in the first quarter of 2019.

Selling, General and Administrative Expenses
SG&A expenses were US$63.0 million for the second quarter of 2019 compared to US$47.0 million for the second quarter of 2018 and US$56.1 million for the first quarter of 2019. As a percentage of total revenue, SG&A expenses were 10.3% compared to 13.2% in the second quarter of 2018 and 12.0% in the first quarter of 2019.

Net Income
Net income for the second quarter of 2019 was US$19.8 million compared to net loss of US$9.3 million for the second quarter of 2018 and net income of US$18.2 million for the first quarter of 2019. Net margin was 3.3% compared to negative 2.6% in the second quarter of 2018 and 3.9% in the first quarter of 2019. Diluted net earnings per ADS were US$0.19 compared to diluted net loss of US$0.10 per ADS in the second quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of 2019. 

Balance Sheet
As of June 30, 2019, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,021.8 million from US$1,127.2 million as of March 31, 2019.

Total debt outstanding was US$3,595.0 million, which reflects an increase of US$81.2 million from US$3,513.8 million at the end of the first quarter of 2019. The balance of the Company's real estate properties under development at the end of the second quarter of 2019 was US$3,844.0 million compared to US$4,002.0 million at the end of the first quarter of 2019.

Real Estate Project Status in China

Below is a summary table of projects that were active and available for sale in the second quarter of 2019.

Project

GFA

(m2 '000s)

Total Active Projects

Sold through
June 30, 2019

Unsold as of
June 30, 2019

Xingyang Splendid II

136.9

97.5

39.4

Jinan Royal Palace

449.6

431.7

17.9

Xuzhou Colorful City

130.8

122.2

8.6

Chengdu Thriving Family

203.4

198.0

5.4

Changsha Xinyuan Splendid

251.7

249.0

2.7

Sanya Yazhou Bay No.1

117.6

101.4

16.2

Xi'an Metropolitan

286.0

269.7

16.3

Zhengzhou Xindo Park

134.1

132.7

1.4

Jinan Xin Central

194.4

183.5

10.9

Henan Xin Central I

262.2

253.2

9.0

Zhengzhou Fancy City I

166.7

159.4

7.3

Zhengzhou Fancy City II (South)

84.1

81.7

2.4

Tianjin Spring Royal Palace I

139.7

131.3

8.4

Zhengzhou International New City I

360.7

338.5

22.2

Henan Xin Central II

109.5

103.9

5.6

Xingyang Splendid III

121.1

116.6

4.5

Zhengzhou International New City II

176.0

163.7

12.3

Zhengzhou Fancy City II (North)

108.7

90.9

17.8

Tianjin Spring Royal Palace II

144.6

72.1

72.5

Zhengzhou International New City III D

46.1

44.2

1.9

Zhengzhou Hangmei International Wisdom
City I

64.7

54.9

9.8

Zhengzhou International New City III B

118.8

117.7

1.1

Chengdu Xinyuan City

742.0

109.9

632.1

Kunshan Xinyu Jiayuan

107.9

42.1

65.8

Xingyang Splendid IV

22.0

22.0

-

Suzhou Suhe Bay *

62.6

62.5

0.1

Zhengzhou Hangmei International Wisdom
City II

68.8

24.0

44.8

Qingdao Royal Dragon Bay

157.3

64.6

92.7

Jinan Royal Spring Bay

116.8

24.9

91.9

Xinyuan Golden Water View
City-Zhengzhou

331.5

63.2

268.3

Zhengzhou Fancy City III

80.6

45.8

34.8

Zhengzhou International New City III C

79.9

61.6

18.3

Zhengzhou International New City IV A12

198.4

68.9

129.5

Zhengzhou International New City IV B10

92.3

23.4

68.9

Suzhou Galaxy Bay

76.5

61.3

15.2

Suzhou Gusu Shade I

12.0

6.6

5.4

Dalian International Health Technology
Town I

103.8

1.3

102.5

Xingyang Splendid V

80.5

13.1

67.4

Suzhou Gusu Shade II **

14.3

0.6

13.7

Others

42.1

-

42.1

Total active projects

6,196.7

4,209.6

1,987.1





* The Company owns 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 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.

As of June 30, 2019, the Company's total saleable GFA was approximately 5,224,600 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, 2019

(m2 '000s)

Pre-sales

Scheduled




Tongzhou Xinyuan Royal Palace-Beijing

102.3

To be determined


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)

1,300.3

To be determined


Zhuhai Xin World

70.0

To be determined


Lingshan Bay Dragon Seal-Qingdao

380.0

To be determined


Zhengzhou Hangmei Project Land Bank (all land is grouped together and
will be developed gradually)

191.1

To be determined


Wuhan Hidden Dragon Royal Palace (old name: Wuhan Canglong Royal
Palace)

185.0

To be determined


Dalian International Health Technology Town II

34.4

To be determined


Huzhou Silk Town *

144.1

2019 Q3


Xingyang Splendid New Project

147.5

To be determined


Foshan Xinchuang AI International Science and Technology Innovation
Valley

456.8

To be determined


Total projects under planning

3,237.5



Total active projects

1,987.1



Total of all Xinyuan unsold projects in China

5,224.6







* The Company owns 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.

Update on Real Estate Projects in the United States

As of June 30, 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 second quarter, the Company completed superstructure construction and closed out 90% of the external wall and windows for the Hudson Garden project, BLOOM ON FORTY FIFTH, 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 have been leased to the U.S. department store retailer Target for a 20-year term. The offering plan was approved in the first quarter of 2019, and the launch of presales is expected to begin in the end of the fourth quarter of 2019.

The Company continued to execute on the planning, governmental approvals, and pre-development activities of its ground-up project, the RKO, in Flushing, New York City. During the past year, the Landmark Preservation Committee approved the Company's landmark protection plan relating to the landmarked theater on site and awarded the Company a Certificate of Appropriateness. Landmark artifact 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 second quarter of 2019, the structural frame of the Company's Madison project in London was completed, reaching a significant milestone for the delivery of the project. 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, 134 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 8:00 am ET on August 16, 2019, to discuss its second quarter 2019 results. Listeners may access the call by dialing:

US Toll Free:

1-800-458-4121

International:

1-323-794-2597

A webcast will also be available through the Company's investor relations website at http://ir.xyre.com.

A replay of the call will be available through August 23, 2019, by dialing:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

5806910

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 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. 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




June 30,



March 31,



June 30,




2019



2019



2018




(unaudited)



(unaudited)



(unaudited)















Total revenue



609,439




468,853




355,832















Total costs of revenue



(450,224)




(337,804)




(246,452)


Gross profit



159,215




131,049




109,380















Selling and distribution expenses



(20,633)




(19,406)




(14,135)


General and administrative expenses



(42,343)




(36,644)




(32,888)















Operating income



96,239




74,999




62,357















Interest income



4,964




4,085




7,100


Interest expense



(28,384)




(24,306)




(24,704)


Net realized (loss) /gain on short-term investments



(333)




1,171




474


Unrealized gain/ (loss) on short-term investments



838




-




(696)


Other (expense)/ income



(867)




94




(1,037)


Net loss on debt extinguishment



(1,955)




(4,589)




-


Exchange (loss)/ gain



(4,354)




3,545




(22,518)


Share of loss of equity investees



(1,702)




(1,600)




(3,227)















Income from operations before income taxes



64,446




53,399




17,749















Income taxes



(44,621)




(35,209)




(27,046)















Net income/(loss)



19,825




18,190




(9,297)


Net (income) /loss attributable to non-controlling interest



(9,171)




1,419




2,506


Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd.
shareholders



10,654




19,609




(6,791)















Earnings/(loss) per ADS:













Basic



0.19




0.33




(0.10)


Diluted



0.19




0.33




(0.10)


ADS used in computation:













Basic



57,003




58,911




64,803


Diluted



57,371




59,325




65,877


 

 

 

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,
2019


June 30,
2018


(unaudited)


(unaudited)





Total revenue

1,078,292


529,929





Total costs of revenue

(788,028)


(381,846)

Gross profit

290,264


148,083





Selling and distribution expenses

(40,039)


(26,309)

General and administrative expenses

(78,987)


(60,481)





Operating income

171,238


61,293





Interest income

9,049


13,450

Interest expense

(52,690)


(54,489)

Net realized gain on short-term investments

838


1,711

Unrealized gain/ (loss) on short-term investments

838


(937)

Other expense

(773)


(830)

Loss on extinguishment of debt

(6,544)


-

Exchange loss

(809)


(10,879)

Share of loss of equity investees

(3,302)


(4,149)





Income from operations before income taxes

117,845


5,170





Income taxes

(79,830)


(27,187)





Net income/(loss)

38,015


(22,017)

Net (income)/ loss attributable to non-controlling interest

(7,752)


4,821

Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd.
shareholders

30,263


(17,196)





Earnings/(loss) per ADS:




Basic

0.52


(0.27)

Diluted

0.52


(0.26)

ADS used in computation:




Basic

57,950


64,803

Diluted

58,309


66,082

 

 

 

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,




2019



2019



2018




(unaudited)



(unaudited)



(audited)


ASSETS













Current assets













Cash and cash equivalents



666,057




761,190




674,142


Restricted cash



355,776




366,008




511,875


Short-term investments



838




-




8,442


Accounts receivable



73,158




44,473




64,130


Other receivables



176,299




171,271




166,633


Deposits for land use rights



22,546




46,038




42,254


Other deposits and prepayments



297,863




258,490




257,288


Advances to suppliers



51,550




47,909




46,983


Real estate properties development completed



714,651




623,871




632,360


Real estate properties under development



3,843,980




4,001,981




4,068,716


Amounts due from related parties



313,532




257,625




216,184


Amounts due from employees



2,955




4,315




1,694


Other current assets



1,334




602




520















Total current assets



6,520,539




6,583,773




6,691,221















Real estate properties held for lease, net



297,565




305,897




302,764


Property and equipment, net



35,725




37,512




38,114


Long-term investment



552,312




566,816




564,340


Deferred tax assets



206,511




241,823




230,453


Deposits for land use rights



21,819




22,276




21,855


Amounts due from related parties



24,632




27,289




26,122


Contract assets



20,316




16,292




21,779


Operating lease right-of-use assets



12,920




14,039




-


Other assets



131,910




135,710




137,063















TOTAL ASSETS



7,824,249




7,951,427




8,033,711


 

 

 

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,




2019



2019



2018




(unaudited)



(unaudited)



(audited)


LIABILITIES AND













SHAREHOLDERS' EQUITY













Current liabilities













Accounts payable and notes payable



833,073




704,397




790,631


Short-term bank loans and other debt



35,901




27,326




43,711


Customer deposits



1,573,859




1,827,630




1,921,851


Income tax payable



165,737




198,148




213,273


Other payables and accrued liabilities



340,145




341,919




341,108


Payroll and welfare payable



16,529




12,812




33,752


Current portion of long-term bank loans and other debt



1,207,191




1,823,724




1,647,918


Current maturities of lease obligations



12,320




12,604




6,562


Mandatorily redeemable non-controlling interests



6,905




22,892




22,559


Amounts due to related parties



32,224




41,204




48,502















Total current liabilities



4,223,884




5,012,656




5,069,867















Non-current liabilities













Long-term bank loans



732,874




790,267




720,039


Other long-term debt



1,619,007




872,468




1,040,455


Deferred tax liabilities



393,541




412,354




370,509


Unrecognized tax benefits



58,922




45,939




45,939


Lease obligations, net of current maturities



13,645




16,530




10,015


Amounts due to related parties



28,879




32,537




31,242


TOTAL LIABILITIES



7,070,752




7,182,751




7,288,066















Shareholders' equity













Common shares



16




16




16


Treasury shares



(104,233)




(97,934)




(87,639)


Additional paid-in capital



533,366




532,641




532,117


Statutory reserves



166,501




166,501




166,496


Retained earnings



117,904




112,660




99,502


Accumulated other comprehensive loss



(32,957)




(10,409)




(30,122)


Total Xinyuan Real Estate Co., Ltd. shareholders' equity



680,597




703,475




680,370


Non-controlling interest



72,900




65,201




65,275


Total equity



753,497




768,676




745,645















TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



7,824,249




7,951,427




8,033,711


 

 

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