UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
FOR THE MONTH OF AUGUST 2015
COMMISSION FILE NUMBER: 001-33863
XINYUAN REAL ESTATE CO., LTD.
27/F, China Central Place, Tower II
79 Jianguo Road, Chaoyang District
Beijing 100025
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
This Form 6-K is hereby incorporated by reference into the registration statements of Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) on Form S-8 (Registration Numbers 333-152637, 333-198525 and 333-205371) and on Form F-3 (Registration Number 333-192046) and any outstanding prospectus, offering circular or similar document issued or authorized by the Company that incorporates by reference any of the Company’s reports on Form 6-K that are incorporated into its registration statements filed with the Securities and Exchange Commission, and this Form 6-K shall be deemed a part of each such document from the date on which this Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
TABLE OF CONTENTS
| Page | |
| Signature | 2 |
| Exhibit Index | 3 |
| Exhibit 99.1 Xinyuan Real Estate Co., Ltd. Press Release dated August 12, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Xinyuan Real Estate Co., Ltd. | ||
| By: | /s/ Huaiyu Liu | |
| Name: | Huaiyu Liu | |
| Title: | Chief Financial Officer | |
Date: August 12, 2015
| 2 |
EXHIBIT INDEX
| Exhibit Number | Description | |
| Exhibit 99.1 | Xinyuan Real Estate Co., Ltd. Press Release dated August 12, 2015 |
| 3 |
Exhibit 99.1
Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2015 Financial Results
BEIJING, China, August 12, 2015 - Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, today announced its unaudited financial results for the second quarter 2015.
Highlights for the Second Quarter 2015
| • | Total second quarter revenue increased by 65.0% to US$275.1 million from US$166.7 million in the first quarter of 2015 and increased by 64.9% from US$166.8 million in the second quarter of 2014. Contract sales increased by 79.7% to US$332.3 million from US$184.9 million in the first quarter of 2015 and increased by 67.2% from US$198.7 million in the second quarter of 2014. |
| • | Total gross floor area (“GFA”) sales increased by 93.4% to 218,700 square meters from 113,100 square meters sold in the first quarter of 2015 and increased by 46.2% from 149,600 square meters sold in the second quarter of 2014. |
| • | Selling, General and Administrative (“SG&A”) expenses as a percent of total revenue decreased to 13.0% from 16.6% in the first quarter of 2015 and 19.3% in the second quarter of 2014. |
| • | Net income increased by 348.9% to US$20.2 million from US$4.5 million in the first quarter of 2015 and increased by 77.2% from US$11.4 million in the second quarter of 2014. |
| • | Diluted net earnings per American Depositary Share (“ADS”) attributable to shareholders increased to US$0.27 from US$0.06 in the first quarter of 2015 and US$0.14 in the second quarter of 2014. |
Mr. Yong Zhang, Xinyuan’s Chairman, stated, “We are very pleased to report strong operational and financial results for the second quarter compared to the same period last year as well as the prior quarter. There were eighteen active projects that contributed to our sales in the second quarter. We also commenced pre-sales of two new projects, Zhengzhou Xindo Park and Jinan Xin Central, which contributed 17.7% to our GFA sales.”
“We continue to make good progress with our development activity outside of China, led by our Oosten project in Brooklyn, NYC. Additionally, we are exploring opportunities to develop real estate related products and services that will complement our core real estate development portfolio in China, which include property management services and a joint venture with a cinema company for movie theater development. We believe such initiatives can attract greater interest and support for our projects as well as enhance brand visibility and our overall competitive positioning.”
“While we believe favorable government policies had a positive impact on our performance this quarter, overall market conditions remain uncertain for the second half of the year. We will continue to maximize our overall performance and are also pleased to reiterate comfort with our full year guidance of contract sales and net income growth of about 30% compared to the prior year.”
| 1 |
Financial Results for the Second Quarter 2015
Contract Sales
Contract sales totaled US$332.3 million in the second quarter compared to US$184.9 million in the first quarter of 2015 and US$198.7 million in the second quarter of 2014. The Company’s GFA sales were 218,700 square meters in the second quarter of 2015 versus 113,100 square meters in the first quarter of 2015 and 149,600 square meters in the second quarter of 2014. The average selling price (“ASP”) per square meter sold was RMB9,309 (US$1,519) in the second quarter of 2015 versus RMB10,031 (US$1,634) in the first quarter of 2015 and RMB8,155 (US$1,329) in the second quarter of 2014.
The Company commenced pre-sales of two new projects in the second quarter of 2015, Jinan Xin Central and Zhengzhou Xindo Park, which contributed 17.7% of total GFA sales.
Breakdown of GFA Sales and ASPs by Project
| Project | Q2 2014 | Q1 2015 | Q2 2015 | Unsold | |||
| GFA | ASP | GFA | ASP | GFA | ASP | GFA | |
| (m2 000) | (RMB) | (m2 000) | (RMB) | (m2 000) | (RMB) | (m2 000) | |
| Zhengzhou Xin City | 35.0 | 6,086 | 5.5 | 13,995 | 9.4 | 15,992 | 3.7 |
| Zhengzhou Thriving Family | 33.0 | 7,196 | 8.3 | 6,961 | 4.6 | 7,214 | 16.6 |
| Xingyang Splendid I | 24.5 | 5,250 | 5.0 | 5,052 | 3.9 | 5,291 | 62.2 |
| Xingyang Splendid II | - | - | 0.1 | 11,688 | 0.9 | 12,957 | 132.9 |
| Kunshan Royal Palace | 6.3 | 10,081 | 14.3 | 8,672 | 28.8 | 9,120 | 151.8 |
| Suzhou Xin City | 10.8 | 10,040 | 1.4 | 10,383 | 1.3 | 13,253 | 1.1 |
| Suzhou Lake Royal Palace | - | - | 9.9 | 8,207 | 22.8 | 9,293 | 122.9 |
| Jinan Xinyuan Splendid | 25.8 | 8,895 | 6.8 | 10,284 | 7.3 | 7,598 | 16.2 |
| Jinan Royal Palace | 3.5 | 6,856 | 12.2 | 6,235 | 18.9 | 6,318 | 372.9 |
| Xuzhou Colorful City | 2.7 | 15,546 | 3.9 | 9,008 | 8.7 | 8,449 | 68.8 |
| Beijing Xindo Park | 6.1 | 24,431 | 12.2 | 22,934 | 8.1 | 26,720 | 44.5 |
| Chengdu Thriving Family | - | - | 9.0 | 5,607 | 12.6 | 5,647 | 174.5 |
| Changsha Xinyuan Splendid | - | - | 7.4 | 5,165 | 18.1 | 5,804 | 216.5 |
| Sanya Yazhou Bay No.1 | - | - | 2.0 | 13,404 | 1.6 | 12,753 | 106.8 |
| Xi’an Metropolitan* | - | - | 9.5 | 6,268 | 28.1 | 6,359 | 252.9 |
| Shanghai Royal Palace | - | - | 5.5 | 20,889 | 5.1 | 21,314 | 47.2 |
| Zhengzhou Xindo Park | - | - | - | - | 10.2 | 9,593 | 133.3 |
| Jinan Xin Central | - | - | - | - | 28.5 | 9,328 | 168.5 |
| Others | 1.9 | - | 0.1 | - | -0.2 | - | 4.5 |
| Total | 149.6 | 8,155 | 113.1 | 10,031 | 218.7 | 9,309 | 2,097.8 |
* The Company owns 51% equity interest in a joint venture, Shaanxi Zhongmao Economy Development Co., Ltd. which develops Xi’an Metropolitan. The Company accounts for its investment under the equity method.
| 2 |
Revenue
In the second quarter of 2015, the Company’s total revenue was US$275.1 million compared to US$166.7 million in the first quarter of 2015 and US$166.8 million in the second quarter of 2014.
Gross Profit
Gross profit for the second quarter of 2015 was US$60.9 million, or 22.2% of revenue, compared to a gross profit of US$48.0 million, or 28.8% of revenue, in the first quarter of 2015 and a gross profit of US$43.3 million, or 25.9% of revenue, in the second quarter of 2014.
Selling, General and Administrative Expenses
SG&A expenses were US$35.8 million for the second quarter of 2015 compared to US$27.7 million for the first quarter of 2015 and US$32.1 million for the second quarter of 2014. As a percentage of total revenue, SG&A expenses were 13.0% compared to 16.6% in the first quarter of 2015 and 19.3% in the second quarter of 2014.
Net Income
Net income for the second quarter of 2015 was US$20.2 million compared to US$4.5 million for the first quarter of 2015 and US$11.4 million for the second quarter of 2014. Net margin was 7.3% compared to 2.7% in the first quarter of 2015 and 6.8% in the second quarter of 2014. Diluted earnings per ADS were US$0.27 compared to US$0.06 per ADS in the first quarter of 2015 and US$0.14 per ADS in the second quarter of 2014.
Balance Sheet
As of June 30, 2015, the Company reported US$441.4 million in cash and cash equivalents (including restricted cash) compared to US$432.8 million as of March 31, 2015. Total debt outstanding was US$1,721.8 million, an increase of US$38.3 million compared to US$1,683.5 million at the end of the first quarter of 2015. The balance of the Company’s real estate property under development at the end of the second quarter of 2015 was US$2,097.1 million compared to US$2,045.4 million at the end of the first quarter of 2015.
| 3 |
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the second quarter of 2015.
| Project | GFA | Contract Sales | Project Cost % Complete | ||||
| (m2 000) | (US$ millions) | ||||||
| Total Active Project | Sold to date | Total Active Project | Sales to date | % Sold | |||
| Zhengzhou Xin City | 208.9 | 205.2 | 361.5 | 347.8 | 96.2% | 82.3% | |
| Zhengzhou Thriving Family | 131.5 | 114.9 | 146.2 | 135.1 | 92.4% | 62.0% | |
| Xingyang Splendid I | 118.8 | 56.6 | 92.0 | 47.4 | 51.5% | 53.9% | |
| Xingyang Splendid II | 135.6 | 2.7 | 133.0 | 5.8 | 4.4% | 33.8% | |
| Kunshan Royal Palace | 280.3 | 128.5 | 505.7 | 192.5 | 38.1% | 67.1% | |
| Suzhou Xin City | 127.3 | 126.2 | 187.3 | 184.6 | 98.6% | 94.7% | |
| Suzhou Lake Royal Palace | 169.6 | 46.7 | 365.7 | 67.8 | 18.5% | 81.1% | |
| Jinan Xinyuan Splendid | 572.0 | 555.8 | 807.4 | 791.2 | 98.0% | 95.3% | |
| Jinan Royal Palace | 449.2 | 76.3 | 696.8 | 79.2 | 11.4% | 53.1% | |
| Xuzhou Colorful City | 128.7 | 59.9 | 208.3 | 87.5 | 42.0% | 63.1% | |
| Beijing Xindo Park | 131.9 | 87.4 | 484.1 | 324.7 | 67.1% | 90.9% | |
| Chengdu Thriving Family | 211.9 | 37.4 | 355.7 | 34.1 | 9.6% | 73.9% | |
| Changsha Xinyuan Splendid | 252.7 | 36.2 | 366.6 | 32.3 | 8.8% | 56.1% | |
| Sanya Yazhou Bay No.1 | 116.9 | 10.1 | 304.2 | 23.4 | 7.7% | 55.5% | |
| Xi’an Metropolitan* | 296.6 | 43.7 | 493.3 | 45.3 | 9.2% | 48.1% | |
| Shanghai Royal Palace | 57.8 | 10.6 | 301.3 | 36.2 | 12.0% | 81.1% | |
| Zhengzhou Xindo Park | 143.4 | 10.1 | 204.7 | 15.9 | 7.8% | 39.9% | |
| Jinan Xin Central | 197.0 | 28.5 | 401.7 | 43.4 | 10.8% | 42.9% | |
| Others remaining GFA | 4.5 | ||||||
| Total active projects | 3,734.6 | 1,636.8 | 6,415.5 | 2,494.2 | 38.9% | 68.1% | |
* The Company owns 51% equity interest in a joint venture, Shaanxi Zhongmao Economy Development Co., Ltd. which develops Xi’an Metropolitan. The Company accounts for its investment under the equity method.
| 4 |
As of June 30, 2015, the Company’s total sellable GFA was approximately 2,937,600 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 |
Pre sales Scheduled |
||
| (m2 000) | |||
| Zhengzhou Nangangliu Project | 371.7 | Q3 2015 | |
| Newly Acquired Tianjin Land | 263.5 | Q4 2015 | |
| Xingyang Splendid III | 37.4 | Q4 2015 | |
| Zhengzhou Jiaotong college project | 167.2 | Q4 2015 | |
| Total projects under planning | 839.8 | ||
| Total active projects | 2,097.8 | ||
| Total all Xinyuan projects in China | 2,937.6 |
Business Outlook
For the full year 2015, the Company reiterates its expectation that the full year contract sales and net income to increase about 30% compared to 2014. Please note that these estimates reflect the Company’s current and preliminary view, which is subject to change.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 12, 2015 to discuss second quarter 2015 results. Listeners may access the call by dialing:
US: 1-888-215-6894
International: 1-913-981-5537
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 August 19, 2015 by dialing:
US: 1-877-870-5176
International: 1-858-384-5517
Access code: 3156292
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, the Company 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. The Company 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.
| 5 |
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, 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 into new geographic markets 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, 2014. 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.
Ms. May Shen
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irmanager@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
| 6 |
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 | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2015 | 2015 | 2014 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Total revenue | 275,066 | 166,718 | 166,824 | |||||||||
| Total costs of revenue | (214,122 | ) | (118,737 | ) | (123,565 | ) | ||||||
| Gross profit | 60,944 | 47,981 | 43,259 | |||||||||
| Selling and distribution expenses | (11,380 | ) | (7,267 | ) | (8,857 | ) | ||||||
| General and administrative expenses | (24,395 | ) | (20,398 | ) | (23,258 | ) | ||||||
| Operating income | 25,169 | 20,316 | 11,144 | |||||||||
| Interest income | 6,463 | 5,448 | 2,427 | |||||||||
| Interest expense | (4,492 | ) | (5,459 | ) | (7,417 | ) | ||||||
| Net realized gain on short-term investments | 645 | 117 | 497 | |||||||||
| Unrealized gain/(loss) on short-term investments | (3 | ) | 22 | (90 | ) | |||||||
| Other income | (36 | ) | 4,758 | 3,109 | ||||||||
| Exchange gains/(losses) | (31 | ) | 26 | - | ||||||||
| Share of gain/(loss) of an equity investee | 566 | (88 | ) | (201 | ) | |||||||
| Income from operations before income taxes | 28,281 | 25,140 | 9,469 | |||||||||
| Income taxes | (8,115 | ) | (20,632 | ) | 1,954 | |||||||
| Net income | 20,166 | 4,508 | 11,423 | |||||||||
| Net (income)/loss attributable to non-controlling interest | 15 | (15 | ) | - | ||||||||
| Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 20,181 | 4,493 | 11,423 | |||||||||
| Earnings per ADS: | ||||||||||||
| Basic | 0.27 | 0.06 | 0.15 | |||||||||
| Diluted | 0.27 | 0.06 | 0.14 | |||||||||
| ADS used in computation: | ||||||||||||
| Basic | 73,522 | 73,513 | 76,343 | |||||||||
| Diluted | 73,725 | 73,579 | 89,272 | |||||||||
| 7 |
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)
| Six months ended | ||||||||
| June 30, | June 30, | |||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Total revenue | 441,784 | 393,236 | ||||||
| Total costs of revenue | (332,859 | ) | (290,608 | ) | ||||
| Gross profit | 108,925 | 102,628 | ||||||
| Selling and distribution expenses | (18,647 | ) | (13,638 | ) | ||||
| General and administrative expenses | (44,793 | ) | (42,752 | ) | ||||
| Operating income | 45,485 | 46,238 | ||||||
| Interest income | 11,911 | 3,958 | ||||||
| Interest expense | (9,951 | ) | (16,058 | ) | ||||
| Net realized gain on short-term investments | 762 | 497 | ||||||
| Unrealized gain/ (loss) on short-term investments | 19 | (90 | ) | |||||
| Other income | 4,722 | 3,109 | ||||||
| Exchange gains/(losses) | (5 | ) | - | |||||
| Share of gain/(loss) of an equity investee | 478 | (418 | ) | |||||
| Income from operations before income taxes | 53,421 | 37,236 | ||||||
| Income taxes | (28,747 | ) | (15,763 | ) | ||||
| Net income | 24,674 | 21,473 | ||||||
| Net income attributable to non-controlling interest | - | - | ||||||
| Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 24,674 | 21,473 | ||||||
| Earnings per ADS: | ||||||||
| Basic | 0.34 | 0.28 | ||||||
| Diluted | 0.34 | 0.25 | ||||||
| ADS used in computation: | ||||||||
| Basic | 73,518 | 77,068 | ||||||
| Diluted | 73,619 | 90,047 | ||||||
| 8 |
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
| June 30, | March 31, | December 31, | ||||||||||
| 2015 | 2015 | 2014 | ||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 159,844 | 139,840 | 140,495 | |||||||||
| Restricted cash | 281,585 | 292,962 | 368,874 | |||||||||
| Short-term investment | 7,679 | 11,468 | 6,008 | |||||||||
| Accounts receivable | 26,238 | 9,232 | 15,457 | |||||||||
| Other receivables | 156,099 | 124,792 | 134,819 | |||||||||
| Restricted deposit | 69,419 | 69,096 | 69,358 | |||||||||
| Deposits for land use rights | 160,298 | 192,729 | 299,739 | |||||||||
| Other deposits and prepayments | 218,385 | 201,462 | 152,290 | |||||||||
| Advances to suppliers | 52,323 | 44,071 | 29,787 | |||||||||
| Real estate property held for sale | - | - | 1,185 | |||||||||
| Real estate property development completed | 11,518 | 11,948 | 12,309 | |||||||||
| Real estate property under development | 2,097,123 | 2,045,431 | 1,714,575 | |||||||||
| Amounts due from related parties | 81,998 | 99,458 | 125,374 | |||||||||
| Amounts due from employees | 1,638 | 1,428 | 50 | |||||||||
| Other current assets | 236 | 196 | 139 | |||||||||
| Total current assets | 3,324,383 | 3,244,113 | 3,070,459 | |||||||||
| Real estate properties held for lease, net | 77,310 | 77,123 | 69,224 | |||||||||
| Property and equipment, net | 44,231 | 45,058 | 46,476 | |||||||||
| Other long-term investment | 32,956 | 242 | 242 | |||||||||
| Investment in joint venture | 4,709 | 4,122 | 4,226 | |||||||||
| Deferred tax assets | 13,975 | 13,660 | 13,642 | |||||||||
| Deferred charges | 16,359 | 18,139 | 16,677 | |||||||||
| Deposits for land use rights | 3,271 | - | - | |||||||||
| Other assets | 11,027 | 10,141 | 10,580 | |||||||||
| TOTAL ASSETS | 3,528,221 | 3,412,598 | 3,231,526 | |||||||||
| 9 |
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
| June 30, | March 31, | December 31, | ||||||||||
| 2015 | 2015 | 2014 | ||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||
| LIABILITIES AND | ||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable | 366,097 | 291,227 | 351,506 | |||||||||
| Short-term bank loans and other debt | 204,925 | 281,924 | 293,450 | |||||||||
| Customer deposits | 152,586 | 147,032 | 107,163 | |||||||||
| Income tax payable | 61,885 | 65,098 | 62,429 | |||||||||
| Deferred tax liabilities | 108,704 | 108,747 | 91,202 | |||||||||
| Other payables and accrued liabilities | 77,281 | 95,009 | 74,089 | |||||||||
| Payroll and welfare payable | 3,594 | 3,593 | 18,457 | |||||||||
| Current portion of long-term bank loans and other debt | 687,025 | 571,683 | 586,841 | |||||||||
| Current maturities of capital lease obligations | 3,256 | 2,999 | 3,010 | |||||||||
| Redeemable non-controlling interests | 4,089 | 4,070 | 4,486 | |||||||||
| Total current liabilities | 1,669,442 | 1,571,382 | 1,592,633 | |||||||||
| Non- current liabilities | ||||||||||||
| Long-term bank loans | 84,598 | 43,633 | 52,296 | |||||||||
| Other long term debt | 745,257 | 786,293 | 576,204 | |||||||||
| Deferred tax liabilities | 14,404 | 12,174 | 9,825 | |||||||||
| Unrecognized tax benefits | 11,259 | 13,964 | 14,005 | |||||||||
| Capital lease obligations, net of current maturities | 21,632 | 22,696 | 23,500 | |||||||||
| Redeemable non-controlling interests | 3,762 | 3,093 | 2,451 | |||||||||
| TOTAL LIABILITIES | 2,550,354 | 2,453,235 | 2,270,914 | |||||||||
| Shareholders’ equity | ||||||||||||
| Common shares | 16 | 16 | 16 | |||||||||
| Treasury shares | (20,696 | ) | (20,696 | ) | (20,696 | ) | ||||||
| Additional paid-in capital | 530,360 | 531,400 | 530,670 | |||||||||
| Statutory reserves | 72,821 | 72,821 | 72,829 | |||||||||
| Retained earnings | 290,561 | 274,068 | 273,255 | |||||||||
| Accumulated other comprehensive income | 104,825 | 98,669 | 104,557 | |||||||||
| Total Xinyuan Real Estate Co., Ltd. shareholders’ equity | 977,887 | 956,278 | 960,631 | |||||||||
| Non-controlling interest | (20 | ) | 3,085 | (19 | ) | |||||||
| Total equity | 977,867 | 959,363 | 960,612 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,528,221 | 3,412,598 | 3,231,526 | |||||||||
| 10 |