Xinyuan Real Estate Co., Ltd. Announces First Quarter 2020 F

|Jun 5|magazine54 min read

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: [email protected]

The Blueshirt Group

In U.S.: Ms. Julia Qian
Email: [email protected]

In China: Ms. Susie Wang
Mobile: +86 (138) 1081-7475
Email: [email protected]

 

 

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

 

 

Cision 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.