BEIJING, May 12, 2011 /PRNewswire-Asia/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a focus on high growth,
strategic Tier II cities in China,
today announced its unaudited financial results for the first
quarter of 2011.
Highlights for the First Quarter 2011
- First quarter results were impacted by additional restrictive
government policies issued in the quarter to curb speculation. Full
year outlook remains strong with healthy sales growth and solid
profits.
- Total first quarter revenues were US$91.8 million, a 17% decrease from US$110.7 million reported in the first quarter of
2010, and 33% below the US$137.2
million recorded in the fourth quarter of 2010.
- Contract sales totaled US$98.0
million, a 32% decrease from US$143.4
million recorded in the first quarter of 2010, and 50% below
the US$194.1 million recorded in the
fourth quarter of 2010.
- Total gross floor area ("GFA") sales were 81,600 square meters,
a 36% decrease from 126,900 square meters sold in the first quarter
of 2010 and 53% below the 173,200 square meters sold in the fourth
quarter of 2010.
- Selling, General, and Administrative ("SG&A") expenses
decreased by US$0.5 million in
absolute terms from the first quarter of 2010, but edged up as a
percent of total revenue to 8.0% from 7.1% in the first quarter of
2010.
- Net income was US$11.7 million, a
US$0.2 million decrease from
US$11.9 million reported in the first
quarter of 2010 and a US$9.9 million
decrease from US$21.6 million in the
fourth quarter of 2010.
- Diluted net earnings per share attributable to ordinary
shareholders were US$0.08, equivalent
to US$0.16 per American Depositary
Share ("ADS"), compared to diluted net earnings per share of
US$0.07, equivalent to US$0.14 per ADS in the first quarter of
2010.
- Cash and cash equivalents, including restricted cash, increased
by US$53 million to US$348.6 million
as of March 31, 2011 from
US$295.6 million as of December 31, 2010. Short and long term debt
increased by US$27.6 million to US$323.5
million compared to US$295.9
million as of December 31,
2010.
- Zhengzhou Yipinxiangshan II started pre-sales in March 2011, ahead of the original schedule of Q2
2011.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer commented, "Our first quarter
sales were below our expectations as buyers became increasingly
cautious due to new government measures to further curb housing
prices and speculation. At the end of January, the Beijing government issued purchase
restrictions which prohibit local residents from having more than
two dwellings. Purchase restrictions for non-local residents are
stricter. During February, municipal governments also issued their
specific purchase restrictions. This not only impacted individuals
and families who were looking to buy second homes to upgrade their
living condition, but also first time home buyers who are waiting
to see if there will be additional restrictive policies that might
impact their ability to purchase a home. Potential buyers are also
looking for indications that prices in certain regions are likely
to decline in the near future. While the new tightening measures
are having a negative impact on our sales, we believe that, as was
the case over the past year, consumers will eventually learn to
cope with these new policies. We have seen some encouraging
recovery signs since April."
"Though we cannot control the government's actions or policies,
we remain confident in our strategy to offer affordable
developments targeting homeowners in Tier II and III cities, where
speculation is far less prevalent than Tier I cities. The
urbanization rate in China for
2010 was approximately 47%, and is expected to reach 65% in 2030,
according to the Development Center of the State Council. We
believe our strategies and continued urbanization and migration
patterns will benefit the Company in the long run. We have a solid
balance sheet, an ample cash position, a low debt ratio, an
attractive land bank, and the Shandong project will start pre-sales in the
second quarter. All these factors contribute to our optimism about
our growth prospects," concluded Mr. Zhang.
Financial Results for the 2011 First
Quarter
Contract Sales
Contract sales totaled US$98.0
million in the first quarter compared to US$194.1 million in the fourth quarter of 2010.
The Company's GFA sales were 81,600 square meters in the first
quarter of 2011 versus 173,200 square meters in the fourth quarter
of 2010 and 126,900 square meters in the first quarter of 2010. The
average selling price per square meter sold increased by 4.3%
reaching RMB7,908 (US$1,201) versus RMB7,584 (US$1,120)
in the fourth quarter of 2010. The Company has not lowered the
price of any category of apartment in any project.
The sequential sales volume decrease was attributable to both
the seasonal effects of Chinese New
Year and the impact of new central government policy
pronouncements in late January 2011
and updated specific purchase restrictions in municipalities
throughout February.
Breakdown of GFA Sales and ASP's
by Project
|
|
|
Q1 2010
|
Q4 2010
|
Q1 2011
|
Unsold
|
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
|
Project
|
(m2 000)
|
(Rmb)
|
(m2 000)
|
(Rmb)
|
(m2 000)
|
(Rmb)
|
(m2
000)
|
|
Chengdu Splendid I
|
30.4
|
5,743
|
6.6
|
5,001
|
5.3
|
5,266
|
41.3
|
|
Chengdu Splendid II
|
-
|
-
|
53.8
|
6,680
|
28.3
|
7,045
|
103.4
|
|
Zhengzhou Colorful Garden
|
10.0
|
7,996
|
5.9
|
8,533
|
2.2
|
11,512
|
6.6
|
|
Zhengzhou Modern City
|
-
|
-
|
54.1
|
7,575
|
11.9
|
8,217
|
109.5
|
|
Kunshan Intl City Garden
|
76.9
|
8,011
|
11.8
|
9,422
|
4.0
|
11,336
|
145.4
|
|
Suzhou Intl City Garden
|
8.2
|
11,153
|
6.7
|
13,087
|
2.1
|
14,800
|
103.2
|
|
Xuzhou Colorful Garden
|
-
|
-
|
29.1
|
7,263
|
21.3
|
7,321
|
27.2
|
|
Zhengzhou Yipinxiangshan I
|
-
|
-
|
4.7
|
9,432
|
2.8
|
10,204
|
0.6
|
|
Zhengzhou Yipinxiangshan II
|
-
|
-
|
-
|
-
|
3.7
|
8,192
|
194.8
|
|
Others
|
1.4
|
11,992
|
0.5
|
12,922
|
-
|
-
|
4.6
|
|
Total
|
126.9
|
7,713
|
173.2
|
7,584
|
81.6
|
7,908
|
736.6
|
|
|
|
|
|
|
|
|
|
|
|
Revenue under the Percentage of Completion Method
In the first quarter of 2011, the Company's total revenue using
the percentage of completion method was US$91.8 million compared to US$137.2 million in the quarter ended
December 31, 2010 and US$110.7 million in the first quarter of
2010.
In the first quarter of 2011, the Company recorded contract
sales for Kunshan International City Garden of US$6.8 million for 41 apartments at an ASP per
square meter of Rmb11,336
(US$1,722). All contracts recorded in
the first quarter of 2011 are clearly executable under prevailing
government policies as of today, May 12,
2011. If future government policies further restrict
contracted purchasers to the extent those contracts become not
executable, it may be necessary to record further reversals. In our
other projects throughout China,
where over 90% of buyers are owner occupiers with no significant
mortgage availability problem, we have encountered no such reversal
issue.
Gross Profit
Gross profit for the first quarter of 2011 was US$25.1 million, or 27.3% of revenue, compared to
gross profit of US$24.7 million, or
22.3% of revenue, in the first quarter of 2010 and gross profit of
US$41.4 million, or 30.2% of revenue,
in the fourth quarter of 2010.
The Company revised total project cost and sales estimates for
certain projects such that US$3.4
million of cumulative gross profit was recognized in the
first quarter of 2011 under the percentage of completion method due
to changes in estimates. The first quarter impact was primarily
driven by one project: Yipinxiangshan I, a project acquired with
the Jiantou Xinyuan acquisition in November
2010. This project that is 97% sold and 97% complete
recorded higher than expected ASPs in the fourth quarter of 2010
and, more importantly, we were able to enjoy certain economies in
lowering our completed project cost estimates.
Through March 31, 2011 we have
amortized US$4.2million of a total
US$10.2 million purchase price
adjustment related to the acquisition of Jiantou Xinyuan made in
November 2010. The purchase price
adjustment was based on an independent appraisal of our
Yipinxiangshan I and II projects and the allocated amount by
project is being amortized over the remaining contract sales of
each project.
Selling, General, and Administrative Expenses
SG&A expenses were US$7.4
million for the first quarter of 2011 compared to
US$7.9 million for the first quarter
of 2010 and US$9.1 million for the
fourth quarter of 2010. As a percentage of total revenue, SG&A
expenses were 8.1% compared to 7.1% in the first quarter of 2010
and 6.7% in the fourth quarter of 2010.
Share-based Compensation
Share-based compensation was US$0.5
million for the first quarter of 2011 compared to
US$0.7 million for the first quarter
of 2010 and US$0.6 million for the
fourth quarter of 2010.
Net Income
Net income for the first quarter of 2011 was US$11.7 million compared to US$11.9 million for the same period in 2010 and
US$21.6 million in the fourth quarter
of 2010. Diluted earnings per share for the first quarter of 2011
were US$0.08, equivalent to
US$0.16 per ADS compared to a profit
of US$0.07 per share, equivalent to
US$0.14 per ADS for the same period
in 2010, and US$0.14, equivalent to
US$0.28 per ADS in the fourth quarter
of 2010.
Balance Sheet
As of March 31, 2011, the Company
reported US$348.6 million in cash and
cash equivalents (including restricted cash) compared to
US$295.6 million as of December 31, 2010. Total debt outstanding was
US$323.5 million, an increase of
US$27.6 million compared to
US$295.9 million at the end of the
fourth quarter of 2010. Real estate property under development was
US$669.1 million at first quarter end
compared to US$710.6 million at the
end of the fourth quarter of 2010.
Project Status
Below is a summary table of projects that were active in the
first quarter of 2011.
|
|
|
GFA
|
Contract Sales
|
Project
Cost %
Complete
|
|
|
(m2 000)
|
(US$ million)
|
|
|
Project
|
Total
Project
|
Sold to
date
|
Total
Project
|
Sales to
date
|
%
|
|
|
|
|
|
|
|
Sold
|
|
|
Chengdu Splendid I
|
230.9
|
189.6
|
184.1
|
144.7
|
78.6%
|
90.9%
|
|
Chengdu Splendid II
|
219.5
|
116.1
|
219.5
|
116.5
|
53.1%
|
67.8%
|
|
Zhengzhou Colorful Garden
|
191.9
|
185.3
|
193.9
|
184.0
|
94.9%
|
99.7%
|
|
Zhengzhou Modern City
|
255.4
|
145.9
|
318.1
|
164.5
|
51.7%
|
52.5%
|
|
Kunshan Intl City Garden
|
497.0
|
351.6
|
547.9
|
372.9
|
68.1%
|
79.7%
|
|
Suzhou Intl City Garden
|
205.6
|
102.4
|
310.2
|
147.2
|
47.5%
|
89.7%
|
|
Xuzhou Colorful Garden
|
102.1
|
74.9
|
109.1
|
81.2
|
74.4%
|
64.7%
|
|
Zhengzhou Yipinxiangshan I
|
94.4
|
93.8
|
92.9
|
90.1
|
97.0%
|
96.7%
|
|
Zhengzhou Yipinxiangshan II
|
198.5
|
3.7
|
187.6
|
4.6
|
2.5%
|
47.1%
|
|
Others remaining GFA
|
4.6
|
-
|
-
|
-
|
-
|
-
|
|
Total active projects
|
1,999.9
|
1,263.3
|
2,163.3
|
1,305.7
|
60.4%
|
77.4%
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2011, the
Company's total sellable GFA was approximately 1,650,000 square
meters for active projects and pre-revenue stage projects. Below is
a summary of all projects at Xinyuan that are in the planning
stage:
|
|
|
Unsold GFA
(m2 000)
|
First
Pre sales
Scheduled
|
|
|
|
|
|
Zhengzhou Royal Palace
|
134.2
|
Q3
2011
|
|
Zhengzhou Century East A
|
77.8
|
Q3
2011
|
|
Zhengzhou Century East B
|
174.1
|
Q3
2011
|
|
Jinan Splendid
|
527.0
|
Q2
2011
|
|
Total Xinyuan projects in planning
|
913.1
|
|
|
Total active projects
|
736.6
|
|
|
Total Xinyuan projects
|
1,649.7
|
|
|
|
|
|
|
|
Second Quarter and 2011
Outlook
The company launched Yipinxiangshan II at the end of March.
Jinan Splendid is due to launch later this month, and Zhengzhou
Century East A may launch before the end of the second quarter,
although we do not include it in our second quarter forecast.
Because of these new projects, the continued strong performance of
our Chengdu Splendid II, Xuzhou Colorful Garden and Zhengzhou
Modern City projects, and an encouraging sales recovery in April,
the Company is able to provide performance guidance with reasonable
confidence.
In the second quarter of 2011 we expect a sequential contract
sales increase over the first quarter of at least 55% to
US$155 to US$160 million. Revenue
under the percentage of completion method is expected to range
between US$140 to US$150 million
while net income should exceed US$20
million.
For the full year 2011 the Company continues to expect healthy
sales growth due to our project pipeline. Contract sales are
expected to reach US$650 to US$675
million for the year while revenue under the percentage of
completion method should range from US$625
to US$650 million. Both figures are down slightly from
previous guidance due to our first quarter shortfall. Net income
guidance for the year remains unchanged at US$75 million.
Percentage of Completion Accounting
Xinyuan's projects recognize revenue under the percentage of
completion method. This requires the Company to re-evaluate its
estimates of future revenues and costs on a quarterly basis project
by project.
Cumulative revenue=
Cumulative contract sales
proceeds x Cumulative incurred cost
|
|
Total
estimated project cost
|
|
|
Cumulative cost of sales=
Cumulative contract sales x
Cumulative incurred cost
|
|
Total
estimated project revenue
|
|
|
Whenever Xinyuan makes changes to expected total project life
profit margins, a "catch-up" adjustment must be made in the quarter
of change to account for the difference between profits previously
recognized using the previous profit margin estimate and the
comparable profit using the new profit margin estimates. Further,
if the updated profit margin indicates that the Company will have
to sell units at a price less than its costs to develop them, it
must recognize the full expected gross loss over the life of the
project at that time regardless of whether the units have been
sold. Additionally for such unprofitable projects the Company must
also determine whether an impairment exists, and, if so, write down
the cost to the fair value of the project which, in turn, may be
less than the basis after recognizing the effect of future
losses.
Conference Call Information
Xinyuan's management will host an earnings conference call on
May 12, 2011 at 8:30 a.m. U.S. Eastern Time. Listeners may access
the call by dialing 1-719-325-4784. A webcast will also be
available through the Company's investor relations website at
http://www.xyre.com. Listeners may access the replay by dialing
1-858-384-5517, access code: 7197279.
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. Xinyuan focuses on
China's Tier II cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 44.7 million people in
seven strategically selected Tier II cities, comprising
Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. 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.
Safe Harbor Statement
This press release contains 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 can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, 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, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, 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, 2010. All information
provided in this press release is as of May
12, 2011. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
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:
|
|
Mr. Tom Gurnee
|
|
Chief Financial
Officer
|
|
Tel: +86 (10)
8588-9390
|
|
Email: tom.gurnee@xyre.com
|
|
|
|
Ms. Helen Zhang
|
|
Director of
Investor Relations
|
|
Tel: +86 (10)
8588-9255
|
|
Email: yuan.z@xyre.com
|
|
|
|
In the United
States:
|
|
Ms. Kate Messmer
|
|
ICR, Inc.
|
|
Tel: +1 (203)
682-8338
|
|
Email: kate.messmer@icrinc.com
|
|
|
(Financial Tables Follow)
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(All US$
amounts and number of shares data in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
2011
|
|
2010
|
|
2010
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
91,784
|
|
137,191
|
|
110,744
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
(66,711)
|
|
(95,806)
|
|
(86,032)
|
|
|
Gross profit
|
25,073
|
|
41,385
|
|
24,712
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution expenses
|
(1,887)
|
|
(3,328)
|
|
(2,390)
|
|
|
General and administrative expenses
|
(5,501)
|
|
(5,817)
|
|
(5,520)
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
17,685
|
|
32,240
|
|
16,802
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
604
|
|
665
|
|
650
|
|
|
Share of income in an equity investee
|
-
|
|
1,273
|
|
562
|
|
|
Exchange gains/ (losses)
|
33
|
|
1
|
|
20
|
|
|
Income from operations before income taxes
|
18,322
|
|
34,179
|
|
18,034
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
(6,661)
|
|
(12,572)
|
|
(6,134)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
11,661
|
|
21,607
|
|
11,900
|
|
|
Less: net income/(loss) attributable to non-controlling interest
|
13
|
|
(18)
|
|
-
|
|
|
Net income attributable to shareholders
|
11,648
|
|
21,625
|
|
11,900
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
Basic
|
0.08
|
|
0.14
|
|
0.08
|
|
|
Diluted
|
0.08
|
|
0.14
|
|
0.07
|
|
|
Shares used in computation:
|
|
|
|
|
|
|
|
Basic
|
153,228
|
|
153,186
|
|
151,512
|
|
|
Diluted
|
153,228
|
|
153,280
|
|
161,207
|
|
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(All US$
amounts and number of shares data in thousands)
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
(unaudited)
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
247,072
|
|
213,326
|
|
Restricted cash
|
|
|
101,521
|
|
82,305
|
|
Accounts receivable
|
|
|
5,562
|
|
3,511
|
|
Other receivables
|
|
|
8,956
|
|
6,462
|
|
Other deposits and prepayments
|
|
|
41,303
|
|
34,790
|
|
Advances to suppliers
|
|
|
32,946
|
|
21,933
|
|
Real estate property development completed
|
|
|
10,426
|
|
1,470
|
|
Real estate property under development
|
|
|
669,132
|
|
710,585
|
|
Other current assets
|
|
|
595
|
|
663
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
1,117,513
|
|
1,075,045
|
|
|
|
|
|
|
|
|
Real estate properties held for lease, net
|
|
|
19,755
|
|
19,876
|
|
Property and equipment, net
|
|
|
2,598
|
|
2,687
|
|
Other long-term investment
|
|
|
242
|
|
242
|
|
Deferred tax asset
|
|
|
1,471
|
|
1,925
|
|
Other assets
|
|
|
3,753
|
|
4,190
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
1,145,332
|
|
1,103,965
|
|
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(All US$
amounts and number of shares data in thousands)
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
(unaudited)
|
|
(audited)
|
|
LIABILITIES AND
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
131,541
|
|
150,670
|
|
Short-term bank loans
|
|
|
|
208,587
|
|
186,631
|
|
Customer deposits
|
|
|
|
38,820
|
|
22,789
|
|
Income tax payable
|
|
|
|
39,530
|
|
40,895
|
|
Deferred tax liabilities
|
|
|
|
22,333
|
|
18,731
|
|
Other payables and accrued liabilities
|
|
|
|
39,733
|
|
39,162
|
|
Payroll and welfare payable
|
|
|
|
1,616
|
|
4,539
|
|
Current portion of long-term debt
|
|
|
|
1,891
|
|
331
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
484,051
|
|
463,748
|
|
|
|
|
|
|
|
|
|
Non- current liabilities
|
|
|
|
|
|
|
|
Long-term bank loans
|
|
|
|
74,107
|
|
70,213
|
|
Unrecognized tax benefits
|
|
|
|
13,272
|
|
13,151
|
|
Other long-term debt
|
|
|
|
38,939
|
|
38,688
|
|
TOTAL LIABILITIES
|
|
|
|
610,369
|
|
585,800
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Common shares
|
|
|
|
15
|
|
15
|
|
Additional paid-in capital
|
|
|
|
508,489
|
|
507,973
|
|
Accumulated deficit
|
|
|
|
(1,483)
|
|
(17,749)
|
|
Statutory reserves
|
|
|
|
27,559
|
|
27,559
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
534,580
|
|
517,798
|
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
|
383
|
|
367
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
|
534,963
|
|
518,165
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
1,145,332
|
|
1,103,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.