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Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results

In the news release, Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results, issued 27-Nov-2020 by Xinyuan Real Estate Co., Ltd. over PR Newswire, we are advised by the company that the information after the 2nd and the 3rd bullet points of [Third Quarter 2020 Highlights] need updates. The complete, corrected release follows:

Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results

BEIJING, Nov. 27, 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 third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

  • Total revenue in the third quarter of 2020 increased 130.5% to US$ 655.4 million from US$284.4 million in the second quarter of 2020.
  • Net income in the third quarter of 2020 was US$ 29.5 million, compared to net loss of US$30.1 million in the second quarter of 2020.
  • Diluted net income per ADS attributable to shareholders in the third quarter of 2020 was US$0.46, compared to diluted net loss of US$0.49 in the second quarter of 2020.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "I am glad to share our third quarter business results, in which we made remarkable progress from last quarter. We believe that consumer spending has broadly been restored across China, driving better business conditions. Our contract sales recovered with several major projects in Zhengzhou and Qingdao launched for presale as planned, reaching around 11.8 billion RMB or US$1.68 billion accumulatively by the end of third quarter. We also made encouraging progress on projects in Beijing and Xi'an, which should be able to launch in the fourth quarter. With a burgeoning pipeline in Tier-1 and Tier-2 cities, we are confident that Xinyuan can withstand market fluctuations and capitalize on opportunities."

Mr. Zhang continued: "Balance sheet optimization has always been our top mission. In this quarter, we further reduced the proportion of short-term debt from 46% in December 2019 to 37% in September 2020, a $240 million reduction from $1.49 billion to $1.25 billion, and it's fully covered by our cash position. Liquidity improved due to ample cash collection and issuance of offshore bonds in third quarter, and recently further strengthened after the landing of RMB 900 million onshore corporate bonds. Stronger balance sheet brings additional resources needed to drive our growth strategy and to build a diverse and dynamic real estate ecosystem."

Third Quarter 2020 Financial Results

Revenue

In the third quarter of 2020, the Company's total revenue increased 31.7% to US$ 655.4 million from US$497.6 million in the third quarter of 2019 and increased 130.5% from US$284.4 million in the second quarter of 2020.

Gross Profit

Gross profit for the third quarter of 2020 was US$ 105.3 million, compared to gross profit of US$123.5 million in the third quarter of 2019 and a gross profit of US$19.2 million in the second quarter of 2020.

Selling, General and Administrative Expenses

SG&A expenses were US$ 57.9 million for the third quarter of 2020, compared to US$57.6 million for the third quarter of 2019 and US$51.4 million for the second quarter of 2020. As a percentage of total revenue, SG&A expenses were 8.8% compared to 11.6% in the third quarter of 2019 and 18.1% in the second quarter of 2020.

Net Income

Net income for the third quarter of 2020 was US$ 29.5 million, compared to net income of US$5.4 million for the third quarter of 2019 and net loss of US$30.1 million for the second quarter of 2020. Net margin was 4.5% compared to 1.1% in the third quarter of 2019 and negative 10.6% in the second quarter of 2020. Diluted net earnings per ADS was US$0.46, compared to diluted net earnings of US$0.07 per ADS in the third quarter of 2019 and diluted net loss of US$0.49 per ADS in the second quarter of 2020.

Balance Sheet

As of September 30, 2020, the Company's cash and restricted cash was US$ 1,252.0 million, which reflects an increase of US$ 252.2 million from US$ 999.8 million as of June 30, 2020.

As of September 30, 2020, short term debt outstanding was US$ 1,255.6 million, total debt outstanding was US$ 3,374.6 million.

The balance of the Company's real estate properties under development at the end of the third quarter of 2020 was US$ 2,592.0 million compared to US$ 3,094.9 million at the end of the second quarter of 2020.

Real Estate Project Status in China

The Company commenced pre-sales of two new project in the third quarter of 2020, Zhengzhou Xinyuan Palace I and Qingdao Lingshan Bay Dragon Seal.

Below is a summary table of projects that were active and available for sale in the third quarter of 2020.

Project

GFA

(m2, 000s)

Total Active
Projects as of
September 30,
2020

Sold as of
September 30,
2020

Unsold as of
September 30,
2020

Xingyang Splendid II

118.5

98.3

20.2

Jinan Royal Palace 

449.8

441.5

8.3

Xuzhou Colorful City

130.8

123.3

7.5

Sanya Yazhou Bay No.1

119.2

119.0

0.2

Xi'an Metropolitan

286.0

276.3

9.7

Jinan Xin Central

195.7

192.0

3.7

Henan Xin Central I

261.5

253.4

8.1

Zhengzhou Fancy City I

166.7

160.4

6.3

Tianjin Spring Royal Palace I

139.7

131.6

8.1

Zhengzhou International New City I

356.7

353.1

3.6

Xingyang Splendid III

120.9

119.2

1.7

Zhengzhou International New City II

176.0

170.3

5.7

Zhengzhou Fancy City II (North)

108.7

102.4

6.3

Tianjin Spring Royal Palace II

144.6

91.4

53.2

Zhengzhou International New City III D

46.1

45.2

0.9

Zhengzhou Hangmei International Wisdom City I

64.7

59.0

5.7

Zhengzhou International New City III B

118.8

118.5

0.3

Changsha Furong Thriving Family

72.0

72.0

0.0

Chengdu Xinyuan City

741.6

402.9

338.7

Kunshan Xinyu Jiayuan

107.9

64.2

43.7

Xingyang Splendid IV

151.8

107.8

44.0

Suzhou Suhe Bay *

62.6

62.6

-

Zhengzhou Hangmei International Wisdom City II

78.4

42.4

36.0

Qingdao Royal Dragon Bay

161.9

108.1

53.8

Jinan Royal Spring Bay

116.9

80.5

36.4

Xinyuan Golden Water View City-Zhengzhou

331.4

120.2

211.2

Zhengzhou Fancy City III

80.6

77.4

3.2

Zhengzhou International New City III C

82.3

75.7

6.6

Zhengzhou International New City IV A12

199.7

185.4

14.3

Zhengzhou International New City IV B10

92.3

69.5

22.8

Suzhou Galaxy Bay

76.5

73.4

3.1

Suzhou Gusu Shade I

12.0

9.4

2.6

Dalian International Health Technology Town I

103.8

63.8

40.0

Xingyang Splendid V

80.5

66.1

14.4

Suzhou Gusu Shade II **

14.3

10.0

4.3

Zhengzhou International New City V A04

104.9

51.3

53.6

Huzhou Silk Town ***

146.7

33.4

113.3

Foshan Xinchuang AI International Science and
Technology Innovation Valley

194.4

42.4

152.0

Suzhou Linhu Lake****

156.4

12.6

143.8

Zhengzhou Xinyuan Palace I

122.0

19.0

103.0

Qingdao Lingshan Bay Dragon Seal*****

381.2

25.5

355.7

Others

56.5

 

56.5

Total active projects

6,733.0

4,730.5

2,002.5

* 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.

**** The Company owns a 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd., which develops Suzhou Linhu Lake. The Company accounts for its investment under the equity method.

***** The Company owns a 49% equity interest in Qingdao Wisdom City Industry Development Co., Ltd. , which develops Qingdao Lingshan Bay Dragon Seal. The Company has the land use rights and property development and accounted for it as an equity method investment.

As of September 30, 2020, the Company's total saleable GFA was approximately 4,056,500 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
September 30,
2020

 (m2, 000s)

Pre-sales

Scheduled

 
   

Tongzhou Xinyuan Royal Palace-Beijing

102.3

Q4, 2020

 

Xinyuan Chang'an Royal Palace-Xi'an

226.0

Q4, 2020

 

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

862.4

To be determined

 

Zhuhai Xin World

70.0

To be determined

 

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

201.1

To be determined

 

Wuhan Hidden Dragon Royal Palace

182.9

To be determined

 

Dalian International Health Technology Town II

44.4

To be determined

 

Foshan Xinchuang AI International Science and Technology Innovation Valley II

236.8

To be determined

 

Taizhou Yihe Yayuan *

128.1

To be determined

 
       

Total projects under planning

2,054.0

   

Total active projects

2,002.5

   

Total of all Xinyuan unsold projects in China

4,056.5

   

* The Company owns 40% equity interest in Taizhou Yiju Real Estate Co., Ltd. which develops Taizhou Yihe Yayuan.

Update on United States Real Estate Projects

At the Oosten project in Brooklyn, New York City, as of September 30, 2020, a total of 179 units out of 216 units were sold. Total revenue from this project has reached US$261.0 million. Of the remaining 37 unsold units, 21 are rented with lease terms ranging from 12 months to 24 months.

At the Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City, as of September 30, 2020, the Company had completed superstructure construction, precast concrete facade, and windows installation. Of the total sellable 34,903 square feet of retail/commercial space, a total of 28,090 square feet have been leased to the U.S. department store retailer Target for a 20 year term and another 1,910 square feet have been leased to a dermatologist's office for a 15 year lease term. Target's grand opening was on October 25, 2020.

The substantial completion of construction is expected in December 2020 and under budget. The temporary certification of occupancy of entire building is expected by the end of December 2020. The onsite sales office and model apartments were fully furnished during the second quarter 2020. 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 second phase of sales was officially launched in New York City during Q3 2020.

At the RKO project in Flushing, New York, the Company continued to execute on the planning, governmental approvals, and pre-development activities. As of September 30, 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 the first quarter 2021. The procurement of general contractor for the construction started during Q3 2020.

Update on the United Kingdom Real Estate Project

During the third quarter of 2020, work on site continued to progress, primarily focused on internal fit out, but completion will be delayed from the contract completion date of October 2020 due to the impact of Covid-19 on construction sites. Our current forecast is that construction will be completed in first quarter 2021, assuming no further restrictions on working conditions.

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, 151 apartments have been sold.

Business Outlook

We remain optimistic and positive for the remainder of 2020. But in light of future uncertainties relating to COVID-19 developments and economical fluctuations, as well as the government restrictions on the real estate industry, the Company expects 2020 contract sales of around RMB 18 billion.

Conference Call Information

The Company will hold a conference call at 8:00am ET on November 27, 2020, to discuss its third quarter 2020 results. Listeners may access the call by dialing:

US Toll Free:

1-800-458-4121

Toll/International:

1-323-794-2093

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 December 4, 2020:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

4456736

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, 2019. 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

 
   

September 30,

   

June 30,

   

September 30,

 
   

2020

   

2020

   

2019

 
   

(unaudited)

   

(unaudited)

   

(unaudited)

 
                         

Total revenue

   

655,412

     

284,361

     

497,638

 

Total costs of revenue

   

(550,074)

     

(265,143)

     

(374,134)

 

Gross profit

   

105,338

     

19,218

     

123,504

 
                         

Selling and distribution expenses

   

(20,327)

     

(15,943)

     

(21,067)

 

General and administrative expenses

   

(37,581)

     

(35,434)

     

(36,556)

 

Gain on disposal of property held for lease

   

82,806

     

-

     

-

 
                         

Operating income/(loss)

   

130,236

     

(32,159)

     

65,881

 
                         

Interest income

   

3,409

     

4,322

     

4,245

 

Interest expense

   

(36,496)

     

(30,434)

     

(31,338)

 

Gain on short-term investments

   

3,410

     

3,460

     

2,486

 

Other (loss)/gain

   

(330)

     

(1,114)

     

6,493

 

Net (loss)/income on debt extinguishment

   

(277)

     

332

     

(2,272)

 

Exchange gain/(loss)

   

1,656

     

(1,960)

     

(7,655)

 

Share of gain/(loss) of equity investees

   

8,851

     

473

     

(2,142)

 
                         

Income/(loss) from operations before income taxes

   

110,459

     

(57,080)

     

35,698

 
                         

Income tax (expenses)/benefits

   

(80,910)

     

27,021

     

(30,256)

 
                         

Net income/(loss)

   

29,549

     

(30,059)

     

5,442

 

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

   

(6,181)

     

3,819

     

(1,298)

 

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

   

23,368

     

(26,240)

     

4,144

 
                         

Earnings /(loss) per ADS:

                       

Basic

   

0.46

     

(0.49)

     

0.07

 

Diluted

   

0.46

     

(0.49)

     

0.07

 

ADS used in computation:

                       

Basic

   

53,588

     

53,639

     

56,329

 

Diluted

   

53,591

     

53,639

     

56,624

 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 
   

Nine months ended

 
       

September 30,

   

September 30,

 
       

2020

   

2019

 
       

(unaudited)

   

(unaudited)

 
                     

Total revenue

       

1,065,542

     

1,575,930

 

Total costs of revenue

       

(912,880)

     

(1,162,162)

 

Gross profit

       

152,662

     

413,768

 
                     

Selling and distribution expenses

       

(42,610)

     

(61,106)

 

General and administrative expenses

       

(110,693)

     

(115,543)

 

Gain on disposal of property held for lease

       

82,806

     

-

 
                     

Operating income/(Loss)

       

82,165

     

237,119

 
                     

Interest income

       

11,900

     

13,294

 

Interest expense

       

(97,193)

     

(84,028)

 

Gain on short-term investments

       

7,771

     

4,162

 

Other (expense)/income

       

(1,652)

     

5,720

 

Net loss on debt extinguishment

       

(1,055)

     

(8,816)

 

Exchange loss

       

(1,154)

     

(8,464)

 

Share of gain/(loss) of equity investees

       

8,300

     

(5,444)

 
                     

Income from operations before income taxes

       

9,082

     

153,543

 
                     

Income taxes

       

(48,732)

     

(110,086)

 
                     

Net (loss)/income

       

(39,650)

     

43,457

 

Net loss attributable to non-controlling interest

       

(2,745)

     

(9,050)

 

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

       

(42,395)

     

34,407

 
                     

(Loss)/earnings per ADS:

                   

Basic

       

(0.79)

     

0.60

 

Diluted

       

(0.79)

     

0.60

 

ADS used in computation:

                   

Basic

       

53,710

     

57,404

 

Diluted

       

53,710

     

57,758

 

 

 

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,

 
   

2020

   

2020

   

2019

 
   

(unaudited)

   

(unaudited)

   

(audited)

 

ASSETS

                       

Current assets

                       

Cash and restricted cash

   

1,068,754

     

820,769

     

989,587

 

Short-term investments

   

22,431

     

5,850

     

5,596

 

Accounts receivable

   

95,474

     

88,103

     

97,912

 

Other receivables

   

412,095

     

330,833

     

287,300

 

Deposits for land use rights

   

29,956

     

28,816

     

26,375

 

Other deposits and prepayments

   

318,785

     

300,348

     

277,463

 

Advances to suppliers

   

75,029

     

66,317

     

44,358

 

Real estate properties development completed

   

657,079

     

415,430

     

458,205

 

Real estate properties under development

   

2,591,955

     

3,094,871

     

3,254,388

 

Amounts due from related parties

   

251,950

     

266,735

     

200,758

 

Amounts due from employees

   

3,480

     

1,594

     

2,351

 

Other current assets

   

5,279

     

18,186

     

772

 
                         

Total current assets

   

5,532,267

     

5,437,852

     

5,645,065

 
                         

Restricted cash, non-current

   

183,206

     

179,059

     

112,998

 

Real estate properties held for lease, net

   

490,391

     

511,800

     

515,869

 

Property and equipment, net

   

40,561

     

40,043

     

43,004

 

Long-term investment

   

614,611

     

593,547

     

613,620

 

Deferred tax assets

   

198,536

     

188,034

     

260,153

 

Deposits for land use rights and properties

   

33,773

     

32,488

     

32,969

 

Amounts due from related parties

   

41,188

     

39,465

     

82,687

 

Contract cost assets

   

21,945

     

20,703

     

23,093

 

Operating lease right-of-use assets

   

7,266

     

8,635

     

11,801

 

Other assets

   

85,855

     

76,415

     

80,405

 
                         

TOTAL ASSETS

   

7,249,599

     

7,128,041

     

7,421,664

 

 

 

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,

 
   

2020

   

2020

   

2019

 
   

(unaudited)

   

(unaudited)

   

(audited)

 

LIABILITIES AND

                       

SHAREHOLDERS' EQUITY

                       

Current liabilities

                       

Accounts payable and notes payable

   

902,557

     

992,679

     

1,166,660

 

Short-term bank loans and other debt

   

16,420

     

56,881

     

73,419

 

Customer deposits

   

973,004

     

1,224,998

     

1,106,099

 

Income tax payable

   

152,639

     

155,914

     

298,228

 

Other payables and accrued liabilities

   

455,920

     

530,436

     

323,164

 

Payroll and welfare payable

   

10,554

     

10,269

     

24,224

 

Current portion of long-term bank loans and other debt

   

1,239,211

     

1,177,657

     

1,418,955

 

Lease liability, current portion

   

6,412

     

7,143

     

11,284

 

Mandatorily redeemable non-controlling interests

   

7,326

     

6,981

     

8,857

 

Amounts due to related parties

   

88,302

     

53,667

     

53,682

 
                         

Total current liabilities

   

3,852,345

     

4,216,625

     

4,484,572

 
                         

Non-current liabilities

                       

Long-term bank loans

   

734,282

     

747,387

     

686,065

 

Other long-term debt

   

1,384,679

     

1,026,103

     

1,036,691

 

Deferred tax liabilities

   

377,434

     

299,468

     

338,593

 

Unrecognized tax benefits

   

116,309

     

114,085

     

73,605

 

Lease liability

   

2,574

     

3,373

     

10,187

 

Amounts due to related parties

   

-

     

24,853

     

-

 
                         

TOTAL LIABILITIES

   

6,467,623

     

6,431,894

     

6,629,713

 
                         

Shareholders' equity

                       

Common shares

   

16

     

16

     

16

 

Treasury shares

   

(115,091)

     

(114,454)

     

(113,720)

 

Additional paid-in capital

   

562,505

     

546,022

     

543,291

 

Statutory reserves

   

175,002

     

175,002

     

175,008

 

Retained earnings

   

77,247

     

37,301

     

135,873

 

Accumulated other comprehensive loss

   

(25,152)

     

(44,843)

     

(50,167)

 

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

   

674,527

     

599,044

     

690,301

 

Non-controlling interest

   

107,449

     

97,103

     

101,650

 

Total equity

   

781,976

     

696,147

     

791,951

 
                         

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

   

7,249,599

     

7,128,041

     

7,421,664

 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2020-financial-results-301181115.html

SOURCE Xinyuan Real Estate Co., Ltd.



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