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Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2018 Financial Results

BEIJING, Nov. 13, 2018 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and also in other countries, today announced its unaudited financial results for the third quarter ended September 30, 2018.

Third Quarter 2018 Highlights

  • On January 1, 2018, the Company adopted ASC 606 to recognize revenue for contracts executed after the adoption on an "over time" basis using costs incurred, an input measure. As such, third quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.
  • Contract sales decreased 5.5% to US$571.3 million from US$604.5 million in the third quarter of 2017 and decreased 9.9% from US$633.9 million in the second quarter of 2018.
  • Total revenue increased 23.4% to US$595.5 million from US$482.4 million in the third quarter of 2017 and increased 67.4% from US$355.8 million in the second quarter of 2018.
  • Gross profit increased 37.1% to US$149.2 million, or 25.1% of total revenue, from US$108.8 million, or 22.6% of total revenue, in the third quarter of 2017 and increased 36.4% from US$ 109.4 million, or 30.7% of total revenue, in the second quarter of 2018.
  • Selling, General and Administrative ("SG&A") expenses as a percentage of total revenue decreased to 8.0% from 10.6% in the third quarter of 2017 and 13.2% in the second quarter of 2018.
  • Net income increased 44.8% to US$23.9 million from US$16.5 million in the third quarter of 2017 and increased from a net loss of US$9.3 million in the second quarter of 2018.
  • Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.31 compared to diluted net earnings per ADS of US$0.22 in the third quarter of 2017 and net loss per ADS of US$0.10 in the second quarter of 2018.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "Contract sales during the third quarter of 2018 once again experienced downward pressure because of a slowing economy and continued tight regulations on China's property market. However, we were able to offset these market uncertainties due to our strategically located projects in tier-two cities and our strong operational execution, resulting in a 67.4% increase in our top line from the prior quarter and a 23.4% increase from the prior year period. This translated into bottom-line growth of 44.8% year-over-year."

Mr. Zhang added, "In the third quarter of 2018, we commenced pre-sales of four projects, mainly in tier-two cities where housing demand continues to be strong, including Changsha Furong Thriving Family, Chengdu Xinyuan City I, Kunshan Xinyu Jiayuan, and Xingyang Splendid IV. We were also able to expand our land bank with the strategic acquisition of Dalian International Health Technology Town. This acquisition helps unlock our growth potential in Northeastern area of China. With an enlarged land bank, and an expanded global footprint, we are well positioned for long-term growth.

"We remain optimistic about our revenue growth and contract sales for the fourth quarter and we remain focused on our strategic priorities of rolling out projects in tier-one and tier-two cities. Our effective execution will help strengthen our ability to meet our goals for the fourth quarter. We're also pleased to announce another quarterly dividend payment to shareholders," concluded Mr. Zhang.

Third Quarter 2018 Financial Results

Contract Sales

Contract sales in China totaled US$571.3 million in the third quarter compared to US$597.5 million in the third quarter of 2017 and US$630.3 million in the second quarter of 2018.

The Company's GFA sales in China were 277,500 square meters in the third quarter of 2018 compared to 369,500 square meters in the third quarter of 2017 and 282,900 square meters in the second quarter of 2018.

The average selling price ("ASP") per square meter sold in China was RMB13,406(US$2,059) in the third quarter of 2018 compared to RMB10,994(US$1,616) in the third quarter of 2017 and RMB14,173(US$2,226) in the second quarter of 2018.

The Company commenced pre-sales of four new projects in the third quarter of 2018, Changsha Furong Thriving Family, Chengdu Xinyuan City I, Kunshan Xinyu Jiayuan, and Xingyang Splendid IV, which contributed 37.2% and 32.0% of total GFA sales and total contract sales, respectively.

 

Breakdown of GFA Sales and ASPs by Project in China

Project

Q3 2017

Q2 2018

Q3 2018

GFA

ASP

GFA

ASP

GFA

ASP

(m2 '000s)

(RMB)

(m2 '000s)

(RMB)

(m2 '000s)

(RMB)

Xingyang Splendid II

1.4

6,973

0.3

9,939

1.2

13,900

Kunshan Royal Palace

6.2

25,987

0.2

22,313

-

-

Jinan Royal Palace

29.7

12,457

27.4

16,341

25.9

16,426

Xuzhou Colorful City

0.6

11,138

0.8

10,495

0.1

10,989

Chengdu Thriving Family

10.2

15,061

1.3

16,011

1.1

8,012

Changsha Xinyuan Splendid

7.4

13,726

3.7

15,869

0.2

19,771

Sanya Yazhou Bay No.1

1.6

15,313

12.0

25,758

-0.9

23,515

Xi'an Metropolitan

7.2

9,497

4.5

7,480

1.8

10,546

Zhengzhou Xindo Park

8.1

8,552

0.4

7,560

4.1

8,015

Jinan Xin Central

9.2

12,151

9.2

14,073

1.3

12,839

Henan Xin Central I

28.5

4,093

1.0

15,342

0.3

18,931

Zhengzhou Fancy City I

18.8

5,155

1.2

10,989

0.2

17,481

Zhengzhou Fancy City II (South)

2.9

13,995

0.8

14,103

0.4

17,780

Tianjin Spring Royal Palace I

6.2

11,617

0.1

16,294

-

-

Kunshan Xindo Park

11.5

22,198

4.3

23,585

2.4

24,014

Zhengzhou International New City I

35.3

10,141

6.0

25,102

2.3

25,725

Henan Xin Central II

28.0

8,379

6.2

12,351

0.2

16,913

Xingyang Splendid III

47.4

7,217

13.2

7,934

2.7

8,018

Changsha Mulian Royal Palace

32.8

11,291

29.2

10,188

4.0

14,445

Zhengzhou International New City II

69.0

13,783

1.7

13,671

3.4

13,388

Zhengzhou International New City III A

-

-

1.2

13,611

-0.1

14,150

Zhengzhou Fancy City II (North)

-

-

35.3

9,801

2.5

9,567

Tianjin Spring Royal Palace II

-

-

11.5

14,124

23.6

12,691

Zhengzhou International New City III D

-

-

29.6

14,282

14.0

14,264

Zhengzhou Hangmei International Wisdom City I

-

-

16.2

7,195

18.9

7,230

Zhengzhou International New City III B

-

-

51.3

13,996

54.5

14,135

Changsha Furong Thriving Family

-

-

-

-

68.4

9,773

Chengdu Xinyuan City I

-

-

-

-

7.1

9,988

Kunshan Xinyu Jiayuan

-

-

-

-

13.1

26,108

Xingyang Splendid IV

-

-

-

-

14.7

7,576

Suzhou Suhe Bay (Suzhou Wujiang New City) *

-

-

-

-

9.6

21,722

Others

7.5

-

14.3

-

0.5

-

Total

369.5

10,994

282.9

14,173

277.5

13,406

 

* The Company owns 16.66% equity interest in a joint venture, Suzhou Hengwan Real Estate Co., Ltd. which develops
Suzhou Suhe Bay. The Company accounts for its investment under the equity method.

 

Revenue

In the third quarter of 2018, the Company's total revenue increased 23.4% to US$595.5 million from US$482.4 million in the third quarter of 2017 and increased 67.4% from US$355.8 million in the second quarter of 2018.

Gross Profit

Gross profit for the third quarter of 2018 was US$149.2 million, or 25.1% of revenue, compared to a gross profit of US$108.8 million, or 22.6% of revenue, in the third quarter of 2017 and a gross profit of US$109.4 million, or 30.7% of revenue, in the second quarter of 2018.

Selling, General and Administrative Expenses

SG&A expenses were US$47.7 million for the third quarter of 2018 compared to US$51.0 million for the third quarter of 2017 and US$47.0 million for the second quarter of 2018. As a percentage of total revenue, SG&A expenses were 8.0% compared to 10.6% in the third quarter of 2017 and 13.2% in the second quarter of 2018.

Net Income/(loss)

Net income for the third quarter of 2018 was US$23.9 million compared to net income of US$16.5 million for the third quarter of 2017 and net loss of US$9.3 million for the second quarter of 2018. Net margin increased from 3.4% in the third quarter of 2017 and increased from negative 2.6% in the second quarter of 2018 to 4.0% for the third quarter of 2018. Diluted net earnings were US$0.31 per ADS in the third quarter of 2018 compared to diluted net earnings of US$0.22 per ADS in the third quarter of 2017 and diluted net loss of US$0.10 per ADS in the second quarter of 2018.

Balance Sheet

As of September 30, 2018, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,416.9 million from US$1,451.5 million as of June 30, 2018. Total debt outstanding was US$4,084.4 million, which reflected an increase of US$498.9 million compared to US$3,585.5 million at the end of the second quarter of 2018. The balance of the Company's real estate properties under development at the end of the third quarter of 2018 was US$4,469.1 million compared to US$3,694.8 million at the end of the second quarter of 2018.

Adoption of ASC606

On January 1, 2018, the Company adopted ASC 606: Revenue from Contracts with Customers ("ASC 606") issued by the Financial Accounting Standards Board. The Company adopted ASC 606 using the modified retrospective approach and applied the adoption only to contracts not completed as of the date of adoption, with no restatement of comparative periods, and a cumulative-effect adjustment to retained earnings recognized as of the date of adoption.

The following tables show the actual annual 2017 operating results and the annual 2017 operating results if the Company had adopted ASC 606 on January 1, 2017.

 

2017 Financial Results Prior to ASC 606


2017 Total

2017 Q1

2017 Q2

2017 Q3

2017 Q4

USD'000

USD'000

USD'000

USD'000

USD'000



(unaudited)

(unaudited)

(unaudited)

(unaudited)

Contract Sales

2,465,663

305,382

732,476

604,520

823,285

1. Revenue

1,976,907

280,714

488,165

482,373

725,655

Gross Profit

459,628

62,567

107,922

108,842

180,297

Gross Profit Margin

23.2%

22.3%

22.1%

22.6%

24.8%

 SG&A

212,568

35,505

47,894

50,976

78,193

 Interest Expense

66,153

9,325

20,195

11,418

25,215

2. Profit Before Income Taxes

193,228

22,042

46,678

38,895

85,613

Income Taxes

113,117

14,625

25,901

22,366

50,225

3. Net Profit

80,111

7,417

20,777

16,529

35,388

 

2017 Financial Results Adjusted for ASC 606 Adoption


2017 Total

2017 Q1

2017 Q2

2017 Q3

2017 Q4

USD'000

USD'000

USD'000

USD'000

USD'000


(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Contract Sales

2,465,663

305,382

732,476

604,520

823,285

1. Revenue

1,584,038

354,572

184,834

247,499

797,133

Gross Profit

346,635

70,098

31,576

49,599

195,362

Gross Profit Margin

21.9%

19.8%

17.1%

20.0%

24.5%

 SG&A

212,568

35,505

47,894

50,976

78,193

 Interest Expense

66,153

9,325

20,195

11,418

25,215

2. Profit Before Income Taxes

80,235

29,573

(29,669)

(20,347)

100,678

Income Taxes

75,653

19,295

890

7,991

47,477

3. Net Profit

4,582

10,278

(30,559)

(28,338)

53,201

 

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 2018.

Project

GFA

(m2'000s)

Total Active Project

Sold to date

Unsold to date

Xingyang Splendid II

137.0

82.9

54.1

Kunshan Royal Palace

280.6

278.9

1.7

Jinan Royal Palace

449.5

425.8

23.7

Xuzhou Colorful City

130.7

119.7

11.0

Chengdu Thriving Family

203.4

198.1

5.3

Changsha Xinyuan Splendid

251.7

245.3

6.4

Sanya Yazhou Bay No.1

117.6

100.5

17.1

Xi'an Metropolitan

290.6

267.3

23.3

Zhengzhou Xindo Park

134.4

131.9

2.5

Jinan Xin Central

194.4

179.7

14.7

Henan Xin Central I

262.2

252.4

9.8

Zhengzhou Fancy City I

166.7

160.1

6.6

Zhengzhou Fancy City II (South)

84.1

81.9

2.2

Tianjin Spring Royal Palace I

139.2

131.0

8.2

Kunshan Xindo Park

89.0

82.8

6.2

Zhengzhou International New City I

360.7

338.2

22.5

Henan Xin Central II

109.5

103.8

5.7

Xingyang Splendid III

121.1

114.7

6.4

Changsha Mulian Royal Palace

91.1

89.5

1.6

Zhengzhou International New City II

176.0

162.6

13.4

Zhengzhou International New City III A

96.0

95.2

0.8

Zhengzhou Fancy City II (North)

108.5

79.8

28.7

Tianjin Spring Royal Palace II

144.6

37.8

106.8

Zhengzhou International New City III D

46.1

43.7

2.4

Zhengzhou Hangmei International Wisdom City I

64.7

35.0

29.7

Zhengzhou International New City III B

118.8

105.8

13.0

Changsha Furong Thriving Family

72.3

68.4

3.9

Chengdu Xinyuan City I

76.1

7.1

69.0

Kunshan Xinyu Jiayuan

108.2

13.1

95.1

Xingyang Splendid IV

22.0

14.6

7.4

Suzhou Suhe Bay (Suzhou Wujiang New City) *

62.6

9.6

53.0

Others

64.0

-

64.0

Total active projects

4,773.4

4,057.2

716.2

 

* The Company owns 16.66% equity interest in a joint venture, Suzhou Hengwan Real Estate Co., Ltd. which develops
Suzhou Suhe Bay. The Company accounts for its investment under the equity method.

 

As of September 30, 2018, the Company's total saleable GFA was approximately 5,874,300 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company's planning stage projects:

 


Unsold GFA

(m2'000s)

Pre-sales

Scheduled


Tongzhou Xinyuan Royal Palace

102.3

To be determined

Xinyuan Chang'an Royal Palace

226.0

To be determined

Xinyuan Golden Water View City

340.0

2018Q4

Zhengzhou International New City III C

76.2

2018Q4

Zhengzhou International New City IV

187.1

2018Q4

Zhengzhou International New City Land Bank(all land is grouped together
and will be developed gradually)

1,426.2

 To be determined

Zhuhai Xin World

70.0

To be determined

Lingshan Bay Dragon Seal

380.0

To be determined

Zhengzhou Fancy City III

83.0

2018Q4

Zhengzhou Hangmei International Wisdom City II

75.8

2018Q4

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

192.7

 To be determined

Zhengzhou Zhongmou Project

480.0

To be determined

Suzhou Galaxy Bay (Suzhou Yinhewan Project)

89.7

To be determined

Chengdu Xinyuan City(all land is grouped together and will be developed
gradually)

796.9

To be determined

Wuhan Canglong Royal Palace (Wuhan New Project)

185.0

To be determined

Jinan Royal Spring Bay (Jinan Zhangqiu Project)

118.0

2018Q4

Suzhou New Project

24.0

2018Q4

Qingdao Royal Dragon Bay (Qingdao West Coast Project)

155.0

2018Q4

Dalian International Health Technology Town(newly added)

150.2

2018Q4

Total projects under planning

5,158.1


Total active projects

716.2


Total of all Xinyuan unsold projects in China

5,874.3


 

Real Estate Project Update in the United States

As of September 30, 2018, a total of 176 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$259.3 million. During the first nine months of 2018, revenues were US$8.8 million.

The Company has completed excavation and foundation work for Hudson Garden project in the Hell's Kitchen area of Manhattan, New York City. The design drawings were optimized, increasing the number of units from 82 to 92. Of the 38,000 SF of retail/commercial space a total of 29,000 SF has been leased to the U.S. department store retailer Target with a 20-year lease. Soft launch of sales is scheduled to begin in the last quarter of 2018.

The Company continues to execute on the planning, governmental approvals, and pre-development activities of its ground-up project in Flushing, New York City. The Landmark Protection Committee approved the Company's landmark protection plan and awarded the Company a Certificate of Appropriateness. Transfer phase for landmarked artifacts is near to be completed by the end of 2018. Offsite restoration work will follow at a later date. 

Real Estate Project Update in the UnitedKingdom

During the third quarter of 2018, another 11 floors were added to the structural core of the Madison project, resulting in 34 out of 53 floors built. Construction remains on track for completion in 2020. While a slowing economy in the UK and heightened Brexit uncertainty caused a low sales conversion rate, international demand remains robust.

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, 131 apartments have been sold with more reservations during the period expected to yield sales in the fourth quarter.

Business Outlook

The 2018 business outlook reflects the modified retrospective adoption of ASC 606 and may not be comparable to prior year periods.

For the fourth quarter of 2018, the Company expects contract sales to be approximately US$1,158.0 million.

For 2018, the Company expects an increase in contract sales of about 10% and an increase in consolidated net income of 15% to 20% over 2017.

This guidance excludes any potential foreign currency translation impact.

Conference Call Information

The Company will hold a conference call at 8:00 am ET on November 13, 2018 to discuss third quarter 2018 results. Listeners may access the call by dialing:

 

US Toll Free:

1-888-256-1007

International:

1-323-994-2093

 

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 November 20, 2018 by dialing:

 

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

9099342

 

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, 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. 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, 2017. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.

Notes to Unaudited Financial Information

This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information.

For more information, please contact:

In China:

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

ICR, LLC
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com

Media:
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,



2018


2018


2017



(unaudited)


(unaudited)


(unaudited)











Total revenue



595,460



355,832



482,373











Total costs of revenue



(446,284)



(246,452)



(373,532)

Gross profit



149,176



109,380



108,841











Selling and distribution expenses



(12,282)



(14,135)



(18,890)

General and administrative expenses



(35,414)



(32,888)



(32,085)











Operating income



101,480



62,357



57,866











Interest income



8,084



7,100



5,454

Interest expense



(21,778)



(24,704)



(11,418)

Net realized gain on short-term investments



2,119



474



1,017

Unrealized (loss)/gain on short-term investments



(1,121)



(696)



2,434

Other expense



(443)



(1,037)



(3)

Loss on extinguishment of debt



-



-



(15,880)

Exchange loss



(15,451)



(22,518)



(189)

Share of loss of equity investees



(2,620)



(3,227)



(386)











Income from operations before income taxes



70,270



17,749



38,895











Income taxes



(46,415)



(27,046)



(22,366)











Net income/(loss)



23,855



(9,297)



16,529

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



(3,729)



2,506



(2,453)

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



20,126



(6,791)



14,076











Earnings/(loss) per ADS:










Basic



0.32



(0.10)



0.22

Diluted



0.31



(0.10)



0.22

ADS used in computation:










Basic



63,734



64,803



64,333

Diluted



64,472



65,877



65,347


 

 


Nine months ended



September 30,


September 30,


2018


2017


(unaudited)


(unaudited)







Total revenue


1,125,389



1,251,252







Total costs of revenue


(828,130)



(971,921)

Gross profit


297,259



279,331







Selling and distribution expenses


(38,592)



(47,449)

General and administrative expenses


(95,894)



(86,925)







Operating income


162,773



144,957







Interest income


21,534



12,428

Interest expense


(76,266)



(40,938)

Net realized gain on short-term investments


3,830



3,862

Unrealized (loss)/gain on short-term investments


(2,058)



4,212

Other (expense)/income


(1,272)



156

Loss on extinguishment of debt


-



(15,880)

Exchange loss


(26,330)



(286)

Share of loss of equity investees


(6,769)



(894)







Income from operations before income taxes


75,442



107,617







Income taxes


(73,602)



(62,891)







Net income


1,840



44,726

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


1,092



(14,109)

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


2,932



30,617







Earnings per ADS:






Basic


0.05



0.48

Diluted


0.04



0.47

ADS used in computation:






Basic


64,443



64,217

Diluted


65,489



65,618











 

 

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,




2018


2018


2017




(unaudited)


(unaudited)


(audited)


ASSETS











Current assets











Cash and cash equivalents



1,000,886



1,067,179



894,551


Restricted cash



416,060



384,276



566,676


Short-term investments



243,036



99,244



57,740


Accounts receivable



77,743



37,508



100,553


Other receivables



114,829



51,575



73,194


Deposits for land use rights



43,610



202,255



103,716


Other deposits and prepayments



316,974



169,105



272,022


Advances to suppliers



56,026



50,977



36,731


Real estate properties development completed



678,029



710,504



840,393


Real estate properties under development



4,469,128



3,694,817



1,996,001


Contract assets



18,517



16,990



-


Amounts due from related parties



157,422



136,287



125,662


Amounts due from employees



4,420



3,307



2,174


Other current assets



910



656



799













Total current assets



7,597,590



6,624,680



5,070,212













Real estate properties held for lease, net



272,526



286,689



277,933


Property and equipment, net



32,241



30,378



32,386


Long-term investment



612,901



842,508



829,773


Deferred tax assets



136,828



142,772



82,006


Deposits for land use rights



21,804



22,670



22,956


Amounts due from related parties



29,538



30,020



24,666


Other assets



134,920



169,103



44,502













TOTAL ASSETS



8,838,348



8,148,820



6,384,434


 

 

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,



2018


2018


2017



(unaudited)


(unaudited)


(audited)

LIABILITIES AND










SHAREHOLDERS' EQUITY










Current liabilities










Accounts payable and notes payable



626,425



491,159



690,839

Short-term bank loans and other debt



190,932



167,338



247,758

Customer deposits



2,490,508



2,639,504



438,342

Income tax payable



110,353



114,878



169,839

Other payables and accrued liabilities



496,956



266,547



300,120

Payroll and welfare payable



10,093



10,288



31,445

Current portion of long-term bank loans and other debt



2,105,469



1,690,379



1,648,233

Current maturities of capital lease obligations



4,629



5,059



4,472

Mandatorily redeemable non-controlling interests



14,159



15,853



15,593

Amounts due to related parties



70,044



119,190



128,178











Total current liabilities



6,119,568



5,520,195



3,674,819











Non-current liabilities










Long-term bank loans



622,849



297,524



11,019

Other long term debt



1,165,132



1,430,226



1,404,814

Deferred tax liabilities



202,878



141,404



164,204

Unrecognized tax benefits



31,231



31,231



31,231

Capital lease obligations, net of current maturities



8,409



8,408



11,415

Amounts due to related parties



30,702



30,964



29,919

TOTAL LIABILITIES



8,180,769



7,459,952



5,327,421











Shareholders' equity










Common shares



16



16



16

Treasury shares



(78,265)



(70,757)



(67,792)

Additional paid-in capital



543,253



546,238



543,338

Statutory reserves



105,844



105,848



105,660

Retained earnings



94,317



80,619



382,124

Accumulated other comprehensive (loss)/income



(29,068)



8,250



29,226











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



636,097



670,214



992,572

Non-controlling interest



21,482



18,654



64,441

Total equity



657,579



688,868



1,057,013











TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



8,838,348



8,148,820



6,384,434

 

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2018-financial-results-300748995.html

SOURCE Xinyuan Real Estate Co., Ltd.



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