BEIJING, June 5, 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 first
quarter ended March 31,
2020.
First Quarter 2020 Highlights
- Total revenue was US$125.8
million in the first quarter of 2020 compared to
US$468.9 million in the first quarter
of 2019.
- Net loss was US$39.1 million in
the first quarter of 2020 compared to net income of US$18.2 million in the first quarter of
2019.
- Diluted net loss per ADS attributable to shareholders were
US$0.73 in the first quarter of 2020
compared to diluted net income of US$0.33 in the first quarter of 2019.
Xinyuan's Chairman Yong Zhang
commented, "First quarter results were heavily affected by the
COVID-19 outbreak. Project construction and pre-sales were delayed
by the nationwide lock-down, which disrupted our supply chain.
Suppliers and engineering firms resumed operations toward the end
of March, an early sign of economic recovery as China gradually re-opens for business. We are
working closely with all suppliers and partners to restart
construction, and anticipate returning to normal business pace
early in the third quarter this year."
Mr. Zhang added, "Notably, our Hong
Kong-listed property management company performed well.
Property management is a recurring revenue business that is not
particularly impacted by outside factors such as pandemic, the
economy, or other forces. Recently, Xinyuan Property Management was
again recognized for its strong execution and leadership position.
In May 2020, we were designated as a
'2020 leading listed company of property management service in
business performance'. We are proud to achieve this honor."
Mr. Zhang concluded, "Despite the short-term challenges of this
unprecedented pandemic, our fundamental business strengths are
intact. We continue to streamline project construction, optimize
cost control, and expand sales channels. We ended the quarter with
a solid cash balance and ample liquidity. We fully redeemed the
US$200 million senior notes on
March 19. We will continue repurchase
our ADRs depending on market conditions. With the majority of our
projects in China, we remain
optimistic about our business outlook for this year. Our
high-quality residential projects and best-in-class property
services continue to attract our customers. We believe these
efforts will drive positive performance for the rest of 2020 and
beyond."
First Quarter 2020 Financial Results
Contract Sales
Contract sales in China totaled
US$153.3 million in the first quarter
of 2020 compared to US$478.9
million in the first quarter of 2019 and US$653.6
million in the fourth quarter of 2019.
The Company's GFA sales in China were 90,500 square meters in the
first quarter of 2020 compared to 211,400 square meters in the
first quarter of 2019 and 356,900 square meters in the fourth
quarter of 2019.
The average selling price ("ASP") per square meter sold in
China was RMB11,809 (US$1,693) in the first quarter of 2020
compared to RMB15,269 (US$2,264) in the first quarter of 2019 and
RMB12,628 (US$1,831) in the fourth quarter of 2019.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q1
2019
|
Q4
2019
|
Q1
2020
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
Xingyang Splendid
II
|
10.2
|
7,478
|
0.2
|
7,667
|
0.1
|
8,399
|
Jinan Royal
Palace
|
1.6
|
15,661
|
2.0
|
11,432
|
0.4
|
6,838
|
Xuzhou Colorful
City
|
-
|
-
|
-0.1
|
14,000
|
0.1
|
6,879
|
Chengdu Thriving
Family
|
-0.1
|
7,729
|
-
|
-
|
-
|
-
|
Sanya Yazhou Bay
No.1
|
0.4
|
25,615
|
12.8
|
14,411
|
0.5
|
22,816
|
Xi'an
Metropolitan
|
0.6
|
11,253
|
1.9
|
10,909
|
2.2
|
11,742
|
Jinan Xin
Central
|
0.1
|
13,170
|
2.9
|
10,382
|
0.8
|
30,644
|
Henan Xin Central
I
|
0.1
|
14,887
|
0.5
|
23,764
|
-1.1
|
9,828
|
Zhengzhou Fancy City
I
|
-1.4
|
15,073
|
-
|
-
|
-0.9
|
-
|
Zhengzhou Fancy City
II (South)
|
-0.1
|
12,660
|
-
|
-
|
-
|
-
|
Kunshan Xindo
Park
|
-
|
31,766
|
-
|
-
|
-
|
-
|
Zhengzhou
International New City I
|
-
|
-
|
6.2
|
19,541
|
0.4
|
27,968
|
Xingyang Splendid
III
|
0.4
|
7,046
|
1.5
|
13,652
|
-
|
40,922
|
Zhengzhou
International New City II
|
-
|
-
|
4.4
|
22,965
|
0.4
|
29,421
|
Zhengzhou
International New City III A
|
-0.2
|
14,713
|
-
|
-
|
-
|
-
|
Zhengzhou Fancy City
II (North)
|
3.5
|
9,838
|
6.7
|
9,594
|
-3.2
|
10,700
|
Tianjin Spring Royal
Palace II
|
8.1
|
12,670
|
1.4
|
12,615
|
4.8
|
14,250
|
Zhengzhou
International New City III D
|
-0.1
|
14,461
|
0.9
|
23,353
|
-
|
-
|
Zhengzhou Hangmei
International Wisdom
City I
|
2.3
|
7,144
|
0.8
|
6,699
|
-
|
7,090
|
Zhengzhou
International New City III B
|
0.8
|
13,262
|
0.1
|
12,947
|
-
|
-
|
Changsha Furong
Thriving Family
|
0.2
|
9,779
|
-0.1
|
9,730
|
0.1
|
9,632
|
Chengdu Xinyuan
City
|
33.1
|
9,511
|
80.0
|
10,499
|
39.0
|
10,849
|
Kunshan Xinyu
Jiayuan
|
5.5
|
24,208
|
6.4
|
23,443
|
1.6
|
23,826
|
Xingyang Splendid
IV
|
1.0
|
7,027
|
30.9
|
7,789
|
14.3
|
7,336
|
Suzhou Suhe Bay
*
|
30.0
|
21,680
|
-
|
-
|
-
|
-
|
Zhengzhou Hangmei
International Wisdom
City II
|
0.5
|
7,350
|
4.7
|
7,332
|
0.9
|
7,246
|
Qingdao Royal Dragon
Bay
|
15.3
|
20,285
|
21.5
|
19,769
|
3.8
|
22,854
|
Jinan Royal Spring
Bay
|
2.7
|
9,201
|
16.0
|
8,596
|
8.0
|
8,493
|
Xinyuan Golden Water
View
City-Zhengzhou
|
19.0
|
18,817
|
13.5
|
21,629
|
-0.2
|
19,744
|
Zhengzhou Fancy City
III
|
20.5
|
12,637
|
16.5
|
12,183
|
2.5
|
12,321
|
Zhengzhou
International New City III C
|
17.3
|
12,260
|
3.3
|
10,527
|
0.1
|
11,897
|
Zhengzhou
International New City IV A12
|
24.8
|
14,254
|
24.7
|
16,598
|
1.2
|
17,825
|
Zhengzhou
International New City IV B10
|
7.9
|
13,969
|
15.3
|
10,157
|
2.1
|
10,740
|
Suzhou Galaxy
Bay
|
2.4
|
13,790
|
0.6
|
19,157
|
0.2
|
24,328
|
Suzhou Gusu Shade
I
|
0.8
|
36,262
|
0.4
|
30,076
|
-
|
-
|
Dalian International
Health Technology
Town I
|
0.1
|
13,618
|
12.1
|
9,606
|
1.9
|
11,465
|
Xingyang Splendid
V
|
-
|
-
|
22.8
|
7,647
|
0.6
|
5,206
|
Suzhou Gusu Shade II
**
|
-
|
-
|
2.9
|
38,330
|
0.8
|
23,508
|
Zhengzhou
International New City V A04
|
-
|
-
|
21.8
|
14,082
|
5.3
|
13,576
|
Huzhou Silk Town
***
|
-
|
-
|
3.5
|
15,415
|
0.7
|
16,710
|
Foshan Xinchuang AI
International Science
and Technology Innovation Valley
|
-
|
-
|
12.7
|
10,795
|
2.4
|
10,533
|
Others
|
4.1
|
-
|
5.2
|
-
|
0.8
|
-
|
Total
|
211.4
|
15,269
|
356.9
|
12,628
|
90.5
|
11,809
|
* 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.
Revenue
In the first quarter of 2020, the Company's total revenue
decreased 73.2% to US$125.8 million
from US$468.9 million in the first
quarter of 2019 and decreased 86.1% from US$906.7 million in the fourth quarter of
2019.
Gross Profit
Gross profit for the first quarter of 2020 was US$28.1 million, or 22.3% of total revenue,
compared to gross profit of US$131.0
million, or 27.9% of total revenue, in the first quarter of
2019 and a gross profit of US$146.5
million, or 16.2% of total revenue, in the fourth quarter of
2019.
Selling, General and Administrative Expenses
SG&A expenses were US$44.0
million for the first quarter of 2020 compared to
US$56.1 million for the first quarter
of 2019 and US$73.8 million for the
fourth quarter of 2019. As a percentage of total revenue, SG&A
expenses were 35.0% compared to 12.0% in the first quarter of
2019 and 8.1% in the fourth quarter of 2019.
Net Income
Net loss for the first quarter of 2020 was US$39.1 million compared to net income of
US$18.2 million for the first quarter
of 2019 and net income of US$39.6
million for the fourth quarter of 2019. Net margin was
negative 31.1% compared to 3.9% in the first quarter of 2019 and
4.4% in the fourth quarter of 2019. Diluted net loss per ADS were
US$0.73 compared to diluted net
earnings of US$0.33 per ADS in the
first quarter of 2019 and diluted net earnings of US$0.62 per ADS in the fourth quarter of
2019.
Balance Sheet
As of March 31, 2020, the Company's cash and restricted
cash (including bank deposit for long-term debt) decreased to
US$933.1 million from US$1,102.6 million as of December 31, 2019.
Total debt outstanding was US$3,039.6
million, which reflects a decrease of US$175.5 million from US$3,215.1 million at the end of the fourth
quarter of 2019.
The balance of the Company's real estate properties under
development at the end of the first quarter of 2020 was
US$3,176.4 million compared to
US$3,254.4 million at the end of the
fourth 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 first quarter of 2020.
Project
|
GFA
|
(m2,
000s)
|
Total Active
Projects
as of March 31, 2020
|
Sold as of
March 31,
2020
|
Unsold as of
March 31,
2020
|
Xingyang Splendid
II
|
118.5
|
98.1
|
20.4
|
Jinan Royal
Palace
|
449.6
|
436.3
|
13.3
|
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
|
274.0
|
12.0
|
Jinan Xin
Central
|
194.4
|
187.7
|
6.7
|
Henan Xin Central
I
|
261.5
|
252.6
|
8.9
|
Zhengzhou Fancy City
I
|
166.7
|
158.3
|
8.4
|
Tianjin Spring Royal
Palace I
|
139.7
|
131.6
|
8.1
|
Zhengzhou
International New City I
|
356.6
|
351.1
|
5.5
|
Xingyang Splendid
III
|
120.9
|
118.8
|
2.1
|
Zhengzhou
International New City II
|
176.0
|
170.4
|
5.6
|
Zhengzhou Fancy City
II (North)
|
108.7
|
98.7
|
10.0
|
Tianjin Spring Royal
Palace II
|
144.6
|
86.4
|
58.2
|
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
|
118.0
|
0.8
|
Changsha Furong
Thriving Family
|
72.3
|
72.3
|
0.0
|
Chengdu Xinyuan
City
|
741.8
|
235.0
|
506.8
|
Kunshan Xinyu
Jiayuan
|
107.9
|
55.7
|
52.2
|
Xingyang Splendid
IV
|
151.8
|
75.1
|
76.7
|
Suzhou Suhe Bay
*
|
62.6
|
62.6
|
-
|
Zhengzhou Hangmei
International Wisdom City II
|
78.4
|
38.8
|
39.6
|
Qingdao Royal Dragon
Bay
|
156.5
|
96.7
|
59.8
|
Jinan Royal Spring
Bay
|
116.8
|
54.6
|
62.2
|
Xinyuan Golden Water
View City-Zhengzhou
|
331.4
|
77.9
|
253.5
|
Zhengzhou Fancy City
III
|
80.6
|
76.4
|
4.2
|
Zhengzhou
International New City III C
|
82.3
|
69.5
|
12.8
|
Zhengzhou
International New City IV A12
|
199.7
|
180.5
|
19.2
|
Zhengzhou
International New City IV B10
|
92.3
|
53.2
|
39.1
|
Suzhou Galaxy
Bay
|
76.5
|
72.9
|
3.6
|
Suzhou Gusu Shade
I
|
12.0
|
8.6
|
3.4
|
Dalian International
Health Technology Town I
|
103.8
|
34.9
|
68.9
|
Xingyang Splendid
V
|
80.5
|
54.9
|
25.6
|
Suzhou Gusu Shade II
**
|
14.3
|
7.7
|
6.6
|
Zhengzhou
International New City V A04
|
104.9
|
27.4
|
77.5
|
Huzhou Silk Town
***
|
141.4
|
22.6
|
118.8
|
Foshan Xinchuang AI
International Science and
Technology Innovation Valley
|
194.4
|
15.0
|
179.4
|
Others
|
59.0
|
-
|
59.0
|
Total active
projects
|
6,062.4
|
4,200.2
|
1,862.2
|
* 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.
As of March 31, 2020, the
Company's total saleable GFA was approximately 4,467,600 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
March 31, 2020
(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)
|
879.3
|
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)
|
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
II
|
262.4
|
To be
determined
|
Taizhou Yihe Yayuan
*
|
127.9
|
To be
determined
|
Suzhou He'an Garden
**
|
156.6
|
To be
determined
|
|
|
|
Total projects
under planning
|
2,605.4
|
|
Total active
projects
|
1,862.2
|
|
Total of all
Xinyuan unsold projects in China
|
4,467.6
|
|
* The Company owns 40% equity interest in Taizhou Yiju Real
Estate Co., Ltd. which develops Taizhou Yihe Yayuan.
** The Company owns 24% equity interest in Suzhou Kairongchen
Real Estate Co., Ltd. which develops Suzhou He'an Garden. The
Company accounts for its investment under the equity method. Based
on the articles of association, the company cannot exercise control
of Suzhou He'an Garden, but has the ability to exercise significant
influence over Suzhou He'an Garden 's operating and financial
decisions and accounted for it as an equity method investment.
Update on United States Real Estate Projects
As of March 31, 2020, we have sold
177 units out of 216 units at the Oosten project in Brooklyn, New York. Total revenue from this
project has reached US$260.1 million.
Of the remaining 38 unsold units, 26 are rented with lease terms
ranging from 12 months to 24 months.
Progress continues at the Hudson Garden project, BLOOM ON FORTY
FIFTH, in the Hell's Kitchen area of Manhattan, New York City. As of March 31, 2020, the Company had completed
superstructure construction, precast concrete facade, and window
installation. 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 34,903 square feet of
retail/commercial space, a total of 28,090 square feet has been
leased to the U.S. department store retailer Target for a 20-year
term. Another 1,910 square feet was leased to a dermatologist's
office for a 15-year term.
As of quarter end, construction is still ahead of schedule and
under budget. The onsite sales office and model apartments are
expected to be 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
March 31, 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 first quarter of 2020, works on site continue to
progress, primarily focused on internal fit out, but completion
will be delayed from the contract completion date of October
2020. At this stage it is still hard to accurately forecast
the extent of the delay. We are working closely with the main
contractor to establish a revised completion plan.
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, 136
apartments have been sold.
Business Outlook
The company strives to achieve contract sales of 20 billion to
22 billion RMB in 2020, with
consolidated net income in the range of $60
million to $80 million.
However, the company believes that the COVID-19 outbreak is
likely to have a material and extended adverse impact on its
operational and financial results for full year 2020. With that,
the above outlook may be subject to change in light of
uncertainties and situations related to how overall market develops
as well as company's business performance in the following
months.
Conference Call Information
The Company will hold a conference call at 8:00am ET on June 5,
2020, to discuss its first quarter 2020 results. Listeners
may access the call by dialing:
US Toll
Free:
|
1-800-949-2175
|
Toll/International:
|
1-323-994-2131
|
Mainland
China:
|
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 June 12,
2020:
US:
|
1-844-512-2921
|
International:
|
1-412-317-6671
|
Access
code:
|
5689652
|
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
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
125,769
|
|
|
|
906,703
|
|
|
|
468,853
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(97,663)
|
|
|
|
(760,161)
|
|
|
|
(337,804)
|
Gross
profit
|
|
|
28,106
|
|
|
|
146,542
|
|
|
|
131,049
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(6,340)
|
|
|
|
(25,655)
|
|
|
|
(19,406)
|
General and
administrative expenses
|
|
|
(37,678)
|
|
|
|
(48,144)
|
|
|
|
(36,644)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
|
(15,912)
|
|
|
|
72,743
|
|
|
|
74,999
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4,169
|
|
|
|
38,200
|
|
|
|
4,085
|
Interest
expense
|
|
|
(30,263)
|
|
|
|
(29,747)
|
|
|
|
(24,306)
|
Gain/(loss) on
short-term investments
|
|
|
901
|
|
|
|
(2,711)
|
|
|
|
1,171
|
Other
(loss)/income
|
|
|
(208)
|
|
|
|
129
|
|
|
|
94
|
Net (loss)/gain on
debt extinguishment
|
|
|
(1,110)
|
|
|
|
235
|
|
|
|
(4,589)
|
Exchange
(loss)/gain
|
|
|
(850)
|
|
|
|
1,088
|
|
|
|
3,545
|
Share of (loss)/gain
of equity investees
|
|
|
(1,024)
|
|
|
|
28
|
|
|
|
(1,600)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations before income taxes
|
|
|
(44,297)
|
|
|
|
79,965
|
|
|
|
53,399
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
5,157
|
|
|
|
(40,392)
|
|
|
|
(35,209)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(39,140)
|
|
|
|
39,573
|
|
|
|
18,190
|
Net (income)/loss
attributable to non-controlling interest
|
|
|
(383)
|
|
|
|
(5,634)
|
|
|
|
1,419
|
Net (loss)/income
attributable to Xinyuan Real Estate Co.,
Ltd. shareholders
|
|
|
(39,523)
|
|
|
|
33,939
|
|
|
|
19,609
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.73)
|
|
|
|
0.62
|
|
|
|
0.33
|
Diluted
|
|
|
(0.73)
|
|
|
|
0.62
|
|
|
|
0.33
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
53,904
|
|
|
|
54,774
|
|
|
|
58,911
|
Diluted
|
|
|
53,904
|
|
|
|
54,936
|
|
|
|
59,325
|
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,
|
|
|
March 31,
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
(unaudited)
|
|
|
(audited)
|
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
|
794,076
|
|
|
|
989,587
|
|
|
|
1,127,198
|
Short-term
investments
|
|
|
7,060
|
|
|
|
5,596
|
|
|
|
-
|
Accounts
receivable
|
|
|
87,508
|
|
|
|
97,912
|
|
|
|
44,473
|
Other
receivables
|
|
|
273,866
|
|
|
|
287,300
|
|
|
|
171,271
|
Deposits for land use
rights
|
|
|
25,970
|
|
|
|
26,375
|
|
|
|
46,038
|
Other deposits and
prepayments
|
|
|
292,506
|
|
|
|
277,463
|
|
|
|
258,490
|
Advances to
suppliers
|
|
|
46,081
|
|
|
|
44,358
|
|
|
|
47,909
|
Real estate
properties development completed
|
|
|
434,478
|
|
|
|
458,205
|
|
|
|
623,871
|
Real estate
properties under development
|
|
|
3,176,368
|
|
|
|
3,254,388
|
|
|
|
4,001,981
|
Amounts due from
related parties
|
|
|
201,958
|
|
|
|
200,758
|
|
|
|
257,625
|
Amounts due from
employees
|
|
|
2,392
|
|
|
|
2,351
|
|
|
|
4,315
|
Other current
assets
|
|
|
13,999
|
|
|
|
772
|
|
|
|
602
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
5,356,262
|
|
|
|
5,645,065
|
|
|
|
6,583,773
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash,
non-current
|
|
|
138,975
|
|
|
|
112,998
|
|
|
|
-
|
Real estate
properties held for lease, net
|
|
|
516,158
|
|
|
|
515,869
|
|
|
|
305,897
|
Property and
equipment, net
|
|
|
41,086
|
|
|
|
43,004
|
|
|
|
37,512
|
Long-term
investment
|
|
|
602,224
|
|
|
|
613,620
|
|
|
|
566,816
|
Deferred tax
assets
|
|
|
267,021
|
|
|
|
260,153
|
|
|
|
241,823
|
Deposits for land use
rights and properties
|
|
|
32,463
|
|
|
|
32,969
|
|
|
|
22,276
|
Amounts due from
related parties
|
|
|
80,824
|
|
|
|
82,687
|
|
|
|
27,289
|
Contract
assets
|
|
|
22,239
|
|
|
|
23,093
|
|
|
|
16,292
|
Operating lease
right-of-use assets
|
|
|
9,563
|
|
|
|
11,801
|
|
|
|
14,039
|
Other
assets
|
|
|
77,628
|
|
|
|
80,405
|
|
|
|
135,710
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
7,144,443
|
|
|
|
7,421,664
|
|
|
|
7,951,427
|
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,
|
|
|
March 31,
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
(unaudited)
|
|
|
(audited)
|
|
|
(unaudited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
1,049,106
|
|
|
|
1,166,660
|
|
|
|
704,397
|
Short-term bank loans
and other debt
|
|
|
38,719
|
|
|
|
73,419
|
|
|
|
27,326
|
Customer
deposits
|
|
|
1,152,811
|
|
|
|
1,106,099
|
|
|
|
1,827,630
|
Income tax
payable
|
|
|
279,473
|
|
|
|
298,228
|
|
|
|
198,148
|
Other payables and
accrued liabilities
|
|
|
400,140
|
|
|
|
323,164
|
|
|
|
341,919
|
Payroll and welfare
payable
|
|
|
10,952
|
|
|
|
24,224
|
|
|
|
12,812
|
Current portion of
long-term bank loans and other debt
|
|
|
1,393,265
|
|
|
|
1,418,955
|
|
|
|
1,823,724
|
Lease liability,
current portion
|
|
|
12,033
|
|
|
|
11,284
|
|
|
|
12,604
|
Mandatorily
redeemable non-controlling interests
|
|
|
6,856
|
|
|
|
8,857
|
|
|
|
22,892
|
Amounts due to
related parties
|
|
|
54,869
|
|
|
|
53,682
|
|
|
|
41,204
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
4,398,224
|
|
|
|
4,484,572
|
|
|
|
5,012,656
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
795,867
|
|
|
|
686,065
|
|
|
|
790,267
|
Other long-term
debt
|
|
|
811,717
|
|
|
|
1,036,691
|
|
|
|
872,468
|
Deferred tax
liabilities
|
|
|
337,366
|
|
|
|
338,593
|
|
|
|
412,354
|
Unrecognized tax
benefits
|
|
|
74,049
|
|
|
|
73,605
|
|
|
|
45,939
|
Lease
liability
|
|
|
6,233
|
|
|
|
10,187
|
|
|
|
16,530
|
Amounts due to
related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
32,537
|
|
|
|
-
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
6,423,456
|
|
|
|
6,629,713
|
|
|
|
7,182,751
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
Treasury
shares
|
|
|
(114,284)
|
|
|
|
(113,720)
|
|
|
|
(97,934)
|
Additional paid-in
capital
|
|
|
544,860
|
|
|
|
543,291
|
|
|
|
532,641
|
Statutory reserves
|
|
|
175,020
|
|
|
|
175,008
|
|
|
|
166,501
|
Retained
earnings
|
|
|
85,286
|
|
|
|
135,873
|
|
|
|
112,660
|
Accumulated other
comprehensive loss
|
|
|
(70,745)
|
|
|
|
(50,167)
|
|
|
|
(10,409)
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
620,153
|
|
|
|
690,301
|
|
|
|
703,475
|
Non-controlling
interest
|
|
|
100,834
|
|
|
|
101,650
|
|
|
|
65,201
|
Total
equity
|
|
|
720,987
|
|
|
|
791,951
|
|
|
|
768,676
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
7,144,443
|
|
|
|
7,421,664
|
|
|
|
7,951,427
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2020-financial-results-301071227.html
SOURCE Xinyuan Real Estate Co., Ltd.