omniture

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

2019-12-06 19:00 13638

BEIJING, Dec. 6, 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 third quarter ended September 30, 2019.

Highlights

  • Total revenue increased 40.0% to US$1,575.9 million for the nine months ended September 30, 2019, from US$1,125.4 million in the same period of the prior year. Total revenue decreased 16.4% to US$497.6 million in the third quarter of 2019 from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019.
  • Gross profit increased 39.2% to US$413.8 million for the nine months ended September 30, 2019, from US$297.3 million in the same period of the prior year. Gross profit decreased 17.2% to US$123.5 million in the third quarter of 2019 from US$149.2 million in the third quarter of 2018 and decreased 22.4% from US$159.2 million in the second quarter of 2019.
  • Net income was US$43.5 million for the nine months ended September 30, 2019, compared to US$1.8 million in the same period of the prior year. Net income was US$5.4 million in the third quarter of 2019 compared to US$23.9 million in the third quarter of 2018 and US$19.8 million in the second quarter of 2019.
  • Contract sales decreased 5.4% to US$1,479.3 million for the nine months ended September 30, 2019, from US$1,563.8 million in the same period of the prior year. Excluding the impact of change in exchange rate between RMB and the USD, contract sales remained flat compared to the same period of the prior year in RMB. Contract sales decreased 11.6% to US$504.8 million in the third quarter of 2019 from US$571.3 million in the third quarter of 2018 and decreased 0.5% from US$507.4 million in the second quarter of 2019.
  • Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.60 for the nine months ended September 30, 2019, compared to US$0.04 in the same period of the prior year. Diluted net earnings per ADS attributable to shareholders were US$0.07 in the third quarter of 2019 compared to US$0.31 in the third quarter of 2018 and US$0.19 in the second quarter of 2019.
  • Current debt outstanding at the end of the third quarter of 2019 decreased 18.8% to US$1,009.6 million, or 31.4% of total debt, from US$1,243.1 million, or 34.6% of total debt, at the end of the second quarter of 2019.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "This quarter, we remained profitable despite uncertainties in the macro-economic environment and stringent government restrictions on the Chinese housing market. These headwinds caused contract sales in the third quarter of 2019 to decrease compared to the same quarter in 2018, and total revenue decreased as well. However, we continued to see demand for our offerings and were able to commence pre-sales of two new projects, which contributed 7.3% and 9.1% of total GFA sales and contract sales, respectively."

"We continued to make progress in our overseas projects," added Mr. Zhang. "Our Hudson Garden project hard costs remained on track, and we received the Temporary Certification of Occupancy for Target's ground floor occupancy in early November. We engaged GKV Architects for our RKO project in Flushing to develop new architectural plans, and schematic designs are already complete. Our Madison project in the United Kingdom remains on course for completion in 2020."

Mr. Zhang continued, "In October, our Xinyuan Property Management Company was successfully listed on the Hong Kong Stock Exchange under the code '01895'. Our Xinyuan Property Management subsidiary has achieved rapid growth in recent years, and we believe that listing on a high-quality platform will benefit all of our shareholders."

"Although uncertainties persist in the market, we are confident in our long-term strategy. We are constantly seeking new opportunities to enhance the Company's overall performance and to further differentiate ourselves in the market with our auxiliary businesses and services. Furthermore, we are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang.

Third Quarter 2019 Financial Results

Contract Sales

Contract sales in China totaled US$504.8 million in the third quarter compared to US$571.3 million in the third quarter of 2018 and US$507.4 million in the second quarter of 2019.

The Company's GFA sales in China were 255,600 square meters in the third quarter of 2019 compared to 277,500 square meters in the third quarter of 2018 and 233,200 square meters in the second quarter of 2019.            

The average selling price ("ASP") per square meter sold in China was RMB13,531 (US$1,975) in the third quarter of 2019 compared to RMB13,406 (US$2,059) in the third quarter of 2018 and RMB14,755 (US$2,176) in the second quarter of 2019.

The Company commenced pre-sales of two new projects in the third quarter of 2019, Zhengzhou International New City V A04 and Huzhou Silk Town. The presales contributed 7.3% and 9.1% of total GFA sales and total contract sales, respectively.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q3 2018

Q2 2019

Q3 2019

GFA

ASP

GFA

ASP

GFA

ASP

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

Xingyang Splendid II

1.2

13,900

3.6

7,330

0.4

13,048

Jinan Royal Palace

25.9

16,426

2.8

14,739

2.2

16,483

Xuzhou Colorful City

0.1

10,989

0.7

14,541

0.4

12,453

Sanya Yazhou Bay No.1

(0.9)

23,515

0.3

38,158

0.4

24,890

Xi'an Metropolitan

1.8

10,546

0.1

12,896

0.1

12,845

Jinan Xin Central

1.3

12,839

0.1

18,954

0.4

12,926

Henan Xin Central I

0.3

18,931

0.7

7,942

-

-

Zhengzhou Fancy City I

0.2

17,481

0.5

13,714

-

-

Zhengzhou Fancy City II (South)

0.4

17,780

(0.1)

9,469

-

-

Tianjin Spring Royal Palace I

-

-

-

-

0.3

11,468

Zhengzhou International New City I

2.3

25,725

-

-

5.9

14,784

Henan Xin Central II

0.2

16,913

0.1

15,932

-

-

Xingyang Splendid III

2.7

8,018

0.3

8,091

0.8

16,498

Zhengzhou International New City II

3.4

13,388

0.5

18,997

1.9

17,817

Zhengzhou Fancy City II (North)

2.5

9,567

2.8

9,884

4.3

9,148

Tianjin Spring Royal Palace II

23.6

12,691

10.8

13,496

8.1

13,403

Zhengzhou International New City III D

14.0

14,264

0.6

14,045

0.1

14,446

Zhengzhou Hangmei International Wisdom
City I

18.9

7,230

1.8

6,845

0.5

6,968

Zhengzhou International New City III B

54.5

14,135

0.7

15,174

0.1

13,874

Changsha Furong Thriving Family

68.4

9,773

-

-

0.2

9,568

Chengdu Xinyuan City

7.1

9,988

2.7

7,585

6.1

7,210

Kunshan Xinyu Jiayuan

13.1

26,108

13.0

23,660

5.6

23,878

Xingyang Splendid IV

14.7

7,576

0.3

7,326

7.9

7,629

Suzhou Suhe Bay *

9.6

21,722

8.5

21,461

-

-

Zhengzhou Hangmei International Wisdom
City II

-

-

9.3

7,394

9.2

7,391

Qingdao Royal Dragon Bay

-

-

28.8

19,797

6.9

22,162

Jinan Royal Spring Bay

-

-

4.0

8,777

5.8

8,547

Xinyuan Golden Water View City-
Zhengzhou

-

-

8.3

19,740

1.3

24,217

Zhengzhou Fancy City III

-

-

8.5

12,729

11.5

13,221

Zhengzhou International New City III C

-

-

15.7

12,459

4.6

13,157

Zhengzhou International New City IV A12

-

-

34.8

14,224

85.6

14,325

Zhengzhou International New City IV B10

-

-

15.5

10,698

12.5

9,996

Suzhou Galaxy Bay

-

-

34.6

14,227

10.8

14,591

Suzhou Gusu Shade I

-

-

5.6

37,678

1.6

37,563

Dalian International Health Technology
Town I

-

-

0.4

10,421

19.6

9,349

Xingyang Splendid V

-

-

13.1

7,629

18.4

7,635

Suzhou Gusu Shade II **

-

-

0.6

38,893

3.4

38,111

Zhengzhou International New City V A04

-

-

-

-

0.3

12,068

Huzhou Silk Town ***

-

-

-

-

18.4

16,840

Others

12.2

-

3.2

-

-

-

Total

277.5

13,406

233.2

14,755

255.6

13,531


* 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.

*** 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.

Revenue

In the third quarter of 2019, the Company's total revenue decreased 16.4% to US$497.6 million from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019.

Gross Profit

Gross profit for the third quarter of 2019 was US$123.5 million, or 24.8% of total revenue, compared to gross profit of US$149.2 million, or 25.1% of total revenue, in the third quarter of 2018 and a gross profit of US$159.2 million, or 26.1% of total revenue, in the second quarter of 2019.

Selling, General and Administrative Expenses

SG&A expenses were US$57.6 million for the third quarter of 2019 compared to US$47.7 million for the third quarter of 2018 and US$63.0 million for the second quarter of 2019. As a percentage of total revenue, SG&A expenses were 11.6% compared to 8.0% in the third quarter of 2018 and 10.3% in the second quarter of 2019.

Net Income

Net income for the third quarter of 2019 was US$5.4 million compared to US$23.9 million for the third quarter of 2018 and US$19.8 million for the second quarter of 2019. Net margin was 1.1% compared to 4.0% in the third quarter of 2018 and 3.3% in the second quarter of 2019. Diluted net earnings per ADS were US$0.07 compared to US$0.31 per ADS in the third quarter of 2018 and US$0.19 per ADS in the second quarter of 2019.

Balance Sheet

As of September 30, 2019, the Company's cash and cash equivalents (including restricted cash) decreased to US$688.4 million from US$1,021.8 million as of June 30, 2019.

Total debt outstanding was US$3,211.7 million, which reflects a decrease of US$383.3 million from US$3,595.0 million at the end of the second quarter of 2019. The balance of the Company's real estate properties under development at the end of the third quarter of 2019 was US$3,589.8 million compared to US$3,844.0 million at the end of the second 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 third quarter of 2019.

 

Project

GFA

(m2, 000s)

Total Active
Projects

Sold to date

Unsold to date

Xingyang Splendid II

118.5

97.8

20.7

Jinan Royal Palace

449.6

433.8

15.8

Xuzhou Colorful City

130.8

122.6

8.2

Sanya Yazhou Bay No.1

117.6

101.8

15.8

Xi'an Metropolitan

286.0

269.9

16.1

Jinan Xin Central

194.4

183.9

10.5

Henan Xin Central I

261.5

253.2

8.3

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

131.6

8.1

Zhengzhou International New City I

356.6

344.4

12.2

Henan Xin Central II

109.5

103.9

5.6

Xingyang Splendid III

121.1

117.3

3.8

Zhengzhou International New City II

176.0

165.6

10.4

Zhengzhou Fancy City II (North)

108.7

95.2

13.5

Tianjin Spring Royal Palace II

144.6

80.2

64.4

Zhengzhou International New City III D

46.1

44.3

1.8

Zhengzhou Hangmei International Wisdom City I

64.7

55.5

9.2

Zhengzhou International New City III B

118.8

117.9

0.9

Changsha Furong Thriving Family

72.3

72.3

-

Chengdu Xinyuan City

741.8

116.0

625.8

Kunshan Xinyu Jiayuan

107.9

47.7

60.2

Xingyang Splendid IV

151.8

29.9

121.9

Suzhou Suhe Bay *

62.6

62.6

-

Zhengzhou Hangmei International Wisdom City II

78.4

33.2

45.2

Qingdao Royal Dragon Bay

157.3

71.5

85.8

Jinan Royal Spring Bay

116.8

30.7

86.1

Xinyuan Golden Water View City-Zhengzhou

331.5

64.5

267.0

Zhengzhou Fancy City III

80.6

57.3

23.3

Zhengzhou International New City III C

82.3

66.2

16.1

Zhengzhou International New City IV A12

199.7

154.5

45.2

Zhengzhou International New City IV B10

92.3

35.9

56.4

Suzhou Galaxy Bay

76.5

72.1

4.4

Suzhou Gusu Shade I

12.0

8.2

3.8

Dalian International Health Technology Town I

103.8

20.9

82.9

Xingyang Splendid V

80.5

31.5

49.0

Suzhou Gusu Shade II **

14.3

4.0

10.3

Zhengzhou International New City V A04

104.9

0.3

104.6

Huzhou Silk Town ***

141.4

18.4

123.0

Others

51.4

-

51.4

Total active projects

6,055.1

3,957.7

2,097.4


* 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.

*** 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.

As of September 30, 2019, the Company's total saleable GFA was approximately 5,049,200 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-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)

1,187.9

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)

181.5

To be determined


Wuhan Hidden Dragon Royal Palace

185.0

To be determined


Dalian International Health Technology Town II

34.4

To be determined


Foshan Xinchuang AI International Science and Technology Innovation Valley

456.8

To be determined


Taizhou Yihe Yayuan

127.9

To be determined


Total projects under planning

2,951.8



Total active projects

2,097.4



Total of all Xinyuan unsold projects in China

5,049.2



Update on Real Estate Projects in the United States

As of September 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.

As of September 30, 2019, the Company had completed superstructure construction, precast concrete facade, and windows installation for its Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City. The project had also received permanent power from the electric utility provider. Hard costs remain under budget and trend on schedule. During the past year, the project's design drawings were optimized, increasing the number of residential units from 82 to 92. Of the total sellable 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 and another 1,910 square feet have been leased to a dermatologist's office for a 15 year term. Residential unit sales are slated to open in the first quarter of 2020. 

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. As of September 30, 2019, GKV Architects was engaged to develop new architectural plans, and the schematic design is 100% completed. 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 third quarter of 2019, construction progressed as expected on the Madison project in London. Cladding is slated for completion in the fourth quarter of 2019, and the internal fit out is progressing in earnest. The project remains on course 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 consolidated net income and contract sales to be similar to those of 2018.

Conference Call Information

The Company will hold a conference call at 8:00am ET on December 6, 2019, to discuss its third quarter 2019 results. Listeners may access the call by dialing:

US Toll Free:

1-888-394-8218

International:

1-323-794-2588

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 December 13, 2019, by dialing:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

8907992

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:

Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com

ICR, LLC
Investors:
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




September 30,



June 30,



September 30,




2019



2019



2018




(unaudited)



(unaudited)



(unaudited)















Total revenue



497,638




609,439




595,460















Total costs of revenue



(374,134)




(450,224)




(446,284)


Gross profit



123,504




159,215




149,176















Selling and distribution expenses



(21,067)




(20,633)




(12,282)


General and administrative expenses



(36,556)




(42,343)




(35,414)















Operating income



65,881




96,239




101,480















Interest income



4,245




4,964




8,084


Interest expense



(31,338)




(28,384)




(21,778)


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



3,297




(333)




2,119


Unrealized (loss) /gain on short-term investments



(811)




838




(1,121)


Other income/(expense)



6,493




(867)




(443)


Net loss on debt extinguishment



(2,272)




(1,955)




-


Exchange loss



(7,655)




(4,354)




(15,451)


Share of loss of equity investees



(2,142)




(1,702)




(2,620)















Income from operations before income taxes



35,698




64,446




70,270















Income taxes



(30,256)




(44,621)




(46,415)















Net income



5,442




19,825




23,855


Net income attributable to non-controlling interest



(1,298)




(9,171)




(3,729)


Net income attributable to Xinyuan Real Estate Co., Ltd.

shareholders



4,144




10,654




20,126















Earnings per ADS:













Basic



0.07




0.19




0.32


Diluted



0.07




0.19




0.31


ADS used in computation:













Basic



56,329




57,003




63,734


Diluted



56,624




57,371




64,472


 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All US$ amounts and number of shares data in thousands, except per share data)




Nine months ended






September 30,



September 30,






2019



2018






(unaudited)



(unaudited)













Total revenue





1,575,930




1,125,389













Total costs of revenue





(1,162,162)




(828,130)


Gross profit





413,768




297,259













Selling and distribution expenses





(61,106)




(38,592)


General and administrative expenses





(115,543)




(95,894)













Operating income





237,119




162,773













Interest income





13,294




21,534


Interest expense





(84,028)




(76,266)


Net realized gain on short-term investments





4,135




3,830


Unrealized gain/ (loss) on short-term investments





27




(2,058)


Other income/ (expense)





5,720




(1,272)


Net loss on debt extinguishment





(8,816)




-


Exchange loss





(8,464)




(26,330)


Share of loss of equity investees





(5,444)




(6,769)













Income from operations before income taxes





153,543




75,442













Income taxes





(110,086)




(73,602)













Net income





43,457




1,840


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





(9,050)




1,092


Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders





34,407




2,932













Earnings per ADS:











Basic





0.60




0.05


Diluted





0.60




0.04


ADS used in computation:











Basic





57,404




64,443


Diluted





57,758




65,489


 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(All US$ amounts and number of shares data in thousands)




September 30,



June 30,



December 31,




2019



2019



2018




(unaudited)



(unaudited)



(audited)


ASSETS













Current assets













Cash and cash equivalents



327,488




666,057




674,142


Restricted cash



220,487




355,776




511,875


Short-term investments



27




838




8,442


Accounts receivable



61,812




73,158




64,130


Other receivables



150,637




176,299




166,633


Deposits for land use rights



-




22,546




42,254


Other deposits and prepayments



321,107




297,863




257,288


Advances to suppliers



52,649




51,550




46,983


Real estate properties development completed



461,419




714,651




632,360


Real estate properties under development



3,589,814




3,843,980




4,068,716


Amounts due from related parties



317,151




313,532




216,184


Amounts due from employees



2,656




2,955




1,694


Other current assets



4,771




1,334




520















Total current assets



5,510,018




6,520,539




6,691,221















Restricted cash



140,392




-




-


Real estate properties held for lease, net



428,737




297,565




302,764


Property and equipment, net



43,394




35,725




38,114


Long-term investment



578,733




552,312




564,340


Deferred tax assets



205,633




206,511




230,453


Deposits for land use rights



21,208




21,819




21,855


Amounts due from related parties



24,587




24,632




26,122


Contract assets



21,118




20,316




21,779


Operating lease right-of-use assets



11,252




12,920




-


Other assets



121,355




131,910




137,063















TOTAL ASSETS



7,106,427




7,824,249




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)




September 30,



June 30,



December 31,




2019



2019



2018




(unaudited)



(unaudited)



(audited)


LIABILITIES AND













SHAREHOLDERS' EQUITY













Current liabilities













Accounts payable and notes payable



782,573




833,073




790,631


Short-term bank loans and other debt



28,383




35,901




43,711


Customer deposits



1,367,391




1,573,859




1,921,851


Income tax payable



165,489




165,737




213,273


Other payables and accrued liabilities



297,603




340,145




341,108


Payroll and welfare payable



18,717




16,529




33,752


Current portion of long-term bank loans and other debt



981,182




1,207,191




1,647,918


Current maturities of finance lease



6,322




6,504




6,562


Current maturities of operating lease



5,556




5,816




-


Mandatorily redeemable non-controlling interests



7,852




6,905




22,559


Amounts due to related parties



31,088




32,224




48,502















Total current liabilities



3,692,156




4,223,884




5,069,867















Non-current liabilities













Long-term bank loans



801,733




732,874




720,039


Other long-term debt



1,400,396




1,619,007




1,040,455


Deferred tax liabilities



403,125




393,541




370,509


Unrecognized tax benefits



59,820




58,922




45,939


Finance lease, net of current maturities



5,294




6,996




10,015


Operating lease, net of current maturities



5,511




6,649




-


Amounts due to related parties



28,764




28,879




31,242















TOTAL LIABILITIES



6,396,799




7,070,752




7,288,066















Shareholders' equity













Common shares



16




16




16


Treasury shares



(108,582)




(104,233)




(87,639)


Additional paid-in capital



531,549




533,366




532,117


Statutory reserves



166,501




166,501




166,496


Retained earnings



115,593




117,904




99,502


Accumulated other comprehensive loss



(66,261)




(32,957)




(30,122)


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



638,816




680,597




680,370


Non-controlling interest



70,812




72,900




65,275


Total equity



709,628




753,497




745,645















TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



7,106,427




7,824,249




8,033,711


 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2019-financial-results-300970555.html

Source: Xinyuan Real Estate Co., Ltd.
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