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Press Release
Xinyuan Real Estate Co., Ltd. Announces First Quarter 2018 Financial Results

BEIJING, May 30, 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 first quarter ended March 31, 2018.

First Quarter 2018 Highlights

  • Under ASC 606, the Company expects to recognize revenue for all contracts executed starting from January 1, 2018, on an "over time" basis using costs incurred, an input measure.
  • First quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.
  • The adoption of ASC 606 reduced first quarter reported revenues and net income by US$341.4 million and US$32.8 million, respectively.
  • Contract sales increased 24.7% to US$380.7 million from US$305.4 million in the first quarter of 2017 and decreased 53.8% from US$823.3 million in the fourth quarter of 2017.
  • Total revenue decreased 38.0% to US$174.1 million from US$280.7 million in the first quarter of 2017 and decreased 76.0% from US$725.7 million in the fourth quarter of 2017.
  • Gross profit decreased 38.2% to US$38.7 million, or 22.2% of total revenue, from US$62.6 million, or 22.3% of total revenue, in the first quarter of 2017 and decreased 78.5% from US$180.3 million, or 24.8% of total revenue, in the fourth quarter of 2017.
  • Selling, General and Administrative ("SG&A") expenses as a percentage of total revenue increased to 22.9% from 12.6% in the first quarter of 2017 and increased from 10.8% in the fourth quarter of 2017.
  • Net loss was US$12.7 million compared to net income of US$7.4 million in the first quarter of 2017 and net income of US$35.4 million in the fourth quarter of 2017.
  • Diluted net loss per American Depositary Share ("ADS") attributable to shareholders were US$0.16 compared to diluted net earnings per American Depositary Share("ADS") US$0.11 in the first quarter of 2017 and US$0.50 in the fourth quarter of 2017.

Mr. Yong Zhang, Xinyuan's Chairman, stated: "Despite the fact that the overall domestic real estate market is affected by the continuous government restrictions on purchases and prices, our contract sales in the first quarter of 2018 have increased 25% from the first quarter of last year.

"This quarter's financial report reflects the normal seasonal adjustment of the real estate industry and the impact of the new changes in accounting standards.

In early 2018, Xinyuan adopted a strategy to become an international technology-driven property ecosystem, under which Xinyuan will place emphasis not only on the development of its traditional real estate business, but also on its five sub-businesses: industrial real estate; commercial property management; traditional property management; property construction management, and real estate technology. This combination of Xinyuan's core real estate business with its five sub-businesses will form an ecosystem that functions as an integrated whole.

With the upgrade of our strategy, we expect the Group's sales and net profits will grow better than last year, and we maintain a stable dividend policy this quarter. The management is optimistic about the financial outlook for the entire year of 2018, and will further enhance operational efficiency, optimize the capital structure, and build a first-class global real estate development operations and asset management group."

First Quarter 2018 Financial Results

Contract Sales

Contract sales in China totaled US$375.5 million in the first quarter compared to US$240.8 million in the first quarter of 2017 and US$817.1 million in the fourth quarter of 2017.

The Company's GFA sales in China were 149,800 square meters in the first quarter of 2018 compared to 140,300 square meters in the first quarter of 2017 and 443,600 square meters in the fourth quarter of 2017.

The average selling price ("ASP") per square meter sold in China was RMB15,932 (US$2,506) in the first quarter of 2018 compared to RMB11,820 (US$1,717) in the first quarter of 2017 and RMB12,118 (US$1,794) in the fourth quarter of 2017.

Contract sales in the United States totaled US$5.2 million in the first quarter of 2018.

The Company commenced pre-sales of one new project in the first quarter of 2018, Tianjin Spring Royal Palace II, which contributed 1.8% and 1.5% of total GFA sales and total contract sales, respectively. 

Breakdown of GFA Sales and ASPs by Project in China

Project

Q1 2017

Q4 2017

Q1 2018

GFA

ASP

GFA

ASP

GFA

ASP

(m2 '000s)

(RMB)

(m2 '000s)

(RMB)

(m2 '000s)

(RMB)

Xingyang Splendid II

8.6

6,710

1.6

11,650

-

-

Kunshan Royal Palace

2.3

21,222

1.3

24,232

-0.2

22,314

Jinan Royal Palace

22.4

9,280

35.5

12,404

22.4

12,626

Xuzhou Colorful City

1.7

15,131

31.4

11,246

3.6

10,265

Chengdu Thriving Family

4.7

11,277

15.8

10,724

4.5

17,183

Changsha Xinyuan Splendid

9.7

9,050

4.2

18,379

2.6

15,130

Sanya Yazhou Bay No.1

26.3

15,432

2.7

27,497

30.9

23,197

Xi'an Metropolitan

3.1

8,889

21.2

9,719

1.5

9,594

Zhengzhou Xindo Park

13.2

6,342

11.3

11,110

0.1

10,000

Jinan Xin Central

6.8

11,777

16.9

11,477

12.2

10,527

Henan Xin Central I

0.5

11,568

9.5

12,890

0.3

18,486

Zhengzhou Fancy City I

0.8

21,739

2.0

14,004

0.2

19,949

Zhengzhou Fancy City II (South)

10.1

12,394

4.4

15,899

1.2

13,031

Tianjin Spring Royal Palace I
(Tianjin Spring Royal Palace)

-0.1

6,844

2.5

12,590

1.1

14,631

Kunshan Xindo Park

4.4

18,244

12.7

22,311

2.3

23,009

Zhengzhou International New City I

0.9

10,834

33.9

4,401

2.4

13,322

Henan Xin Central II

15.0

10,955

10.4

11,858

7.7

11,768

Xingyang Splendid III

-

-

18.9

7,237

16.2

7,381

Changsha Mulian Royal Palace

-

-

21.6

12,899

2.0

16,177

Zhengzhou International New City
II

-

-

76.7

13,711

11.8

13,739

Zhengzhou International New City III

-

-

73.6

14,058

20.4

13,802

Zhengzhou Fancy City II (North)

-

-

31.2

9,499

2.3

9,813

Tianjin Spring Royal Palace II

(Tianjin Spring Royal Palace)

-

-

-

-

2.7

13,412

Others

9.9

-

4.3

-

1.6

-

Total

140.3

11,820

443.6

12,118

149.8

15,932

Revenue

In the first quarter of 2018, the Company's total revenue decreased 38.0% to US$174.1 million from US$280.7 million in the first quarter of 2017 and decreased 76.0% from US$725.7 million in the fourth quarter of 2017. The revenue decrease was mainly due to the adoption of ASC606.

Gross Profit

Gross profit for the first quarter of 2018 was US$38.7 million, or 22.2% of revenue, compared to a gross profit of US$62.6 million, or 22.3% of revenue, in the first quarter of 2017 and a gross profit of US$180.3 million, or 24.8% of revenue, in the fourth quarter of 2017.

Selling, General and Administrative Expenses

SG&A expenses were US$39.8 million for the first quarter of 2018 compared to US$35.5 million for the first quarter of 2017 and US$78.2 million for the fourth quarter of 2017. As a percentage of total revenue, SG&A expenses were 22.9% compared to 12.6% in the first quarter of 2017 and 10.8% in the fourth quarter of 2017. The increase was due to costs associated with company expansion and the decrease of revenue.

Net Income

The Company experienced a net loss due to the decrease of revenue, increase of SG&A expenses, and increase of interest expenses due to an increase in debt during the quarter. Net loss for the first quarter of 2018 was US$12.7 million compared to net income of US$7.4 million for the first quarter of 2017 and net income of US$35.4 million for the fourth quarter of 2017. Net margin decreased from 2.6% in the first quarter of 2017 and 4.9% in the fourth quarter of 2017 to negative 7.3% for the first quarter of 2018. Diluted net loss was US$0.16 per ADS in the first quarter of 2018 compared to diluted net earnings of US$0.11 per ADS in the first quarter of 2017 and diluted net earnings of US$0.50 per ADS in the fourth quarter of 2017.                                                                                  

Balance Sheet

As of March 31, 2018, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,191.8 million from US$1,461.2 million as of December 31, 2017. Total debt outstanding was US$3,814.2 million, which reflected an increase of US$502.4 million compared to US$3,311.8 million at the end of the fourth quarter of 2017. The balance of the Company's real estate properties under development at the end of the first quarter of 2018 was US$3,457.1 million compared to US$1,996.0 million at the end of the fourth quarter of 2017.

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 XIN 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 first quarter of 2018.

Project

GFA

(m2 '000s)

Total Active Project

Sold to date

Unsold to date

Xingyang Splendid II

137.3

81.5

55.8

Kunshan Royal Palace

280.6

278.8

1.8

Jinan Royal Palace

449.5

372.4

77.1

Xuzhou Colorful City

130.1

118.8

11.3

Chengdu Thriving Family

203.4

195.7

7.7

Changsha Xinyuan Splendid

251.6

241.4

10.2

Sanya Yazhou Bay No.1

117.6

89.4

28.2

Xi'an Metropolitan

290.6

261.0

29.6

Zhengzhou Xindo Park

144.4

127.5

16.9

Jinan Xin Central

194.4

169.2

25.2

Henan Xin Central I

262.2

251.1

11.1

Zhengzhou Fancy City I

166.7

158.6

8.1

Zhengzhou Fancy City II (South)

84.1

80.7

3.4

Tianjin Spring Royal Palace I (Tianjin Spring Royal Palace)

139.2

130.9

8.3

Kunshan Xindo Park

89.0

76.1

12.9

Zhengzhou International New City I

360.5

330.0

30.5

Henan Xin Central II

109.7

97.4

12.3

Xingyang Splendid III

121.1

98.8

22.3

Changsha Mulian Royal Palace

91.2

56.5

34.7

Zhengzhou International New City II

176.0

157.4

18.6

Zhengzhou International New City III

222.2

94.2

128

Zhengzhou Fancy City II (North)

108.5

41.9

66.6

Tianjin Spring Royal Palace II (Tianjin Spring Royal Palace)

140.6

2.7

137.9

Others

80.9

-

80.9

Total active projects

4,351.4

3,512.0

839.4

As of May 20, 2018, the Company's total saleable GFA was approximately 5,899,100 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 (Beijing Liyuan project)

102.3

To be determined


Changsha Furong Thriving Family

72.3

2018Q3


Xinyuan Chang'an Royal Palace (Xi'an Aerospace City Project)

226.0

2018Q4


Xinyuan Golden Water View City (Zhengzhou Heizhuzhuang Project)

340.0

2018Q4


Kunshan Xinyu Jiayuan (Kunshan Zhongyu Project)

109.3

2018Q3


Zhengzhou International New City IV

864.6

2018Q2


Zhengzhou International New City V(newly added)

871.0

To be determined


Zhuhai Xin World (Zhuhai Prince Project)

70.0

To be determined


Lingshan Bay Dragon Seal (Qingdao New Project)

380.0

To be determined


Zhengzhou Fancy City III

83.0

To be determined


Zhengzhou Hangmei Project I

230.8

2018Q2


Zhengzhou Hangmei Project II(newly added)

204.7

To be determined


Zhengzhou Zhongmou Project

480.0

To be determined


Suzhou Yinhewan Project

89.7

To be determined


Suzhou Wujiang New City

63.0

To be determined


Chengdu Xinyuan City (Chengdu Wucaicheng Project)

873.0

To be determined


Total projects under planning

5,059.7



Total active projects

839.4



Total of all Xinyuan unsold projects in China

5,899.1



Real Estate Project Update in the United States

As of March 31, 2018, a total of 174 units out of 216 total units were sold and closed at the Company's Oosten project in Brooklyn, New York City, with total revenue from this project reaching US$255.7 million. During the first quarter of 2018, two units were sold, and revenues were US$5.2 million.

Foundation work was completed in the first quarter of 2018 for the Company's Hudson Garden project in Manhattan, New York City. After optimizing the internal layout of the building, the Company now expects 92 units to be available for sale, an increase from the original 82.

The Company continues to execute on the planning, governmental approvals, and pre-development activities of its ground-up development project in Flushing, New York City. The Landmark Protection Committee has approved the Company's landmark protection plan and awarded the Company a Certificate of Appropriateness. The Company has begun transferring and protecting crucial parts of the landmark RKO theater as scheduled.

Real Estate Project Update in the United Kingdom

During the first quarter of 2018, construction continued to progress at the Madison Project in London. All below-ground work has been completed, including the formation of the extensive basement and all piling work. The structural core of the building has been constructed up to the 12th floor, out of a total 53 floors. Central mechanical and electrical installations also began during the quarter, and cladding work commenced shortly after the period end. Construction remains on schedule for completion in 2020.

Of the 423 residential units in the Madison Project, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. At the end of the first quarter 2018, pre-sale contracts had been exchanged on 128 of the 319 market sale units, representing GBP 89.6 million of gross development value, or 40% of available market sale units. Enquiry levels remained robust during the period, tempered by a competitive market environment and a backdrop of ongoing political uncertainty.

Update on Construction Management Service Business

Xinyuan started its construction management service business in the third quarter of 2017 with its first project in Guangzhou, and this business developed well in the first quarter of 2018. Under this asset-light business model, Xinyuan charges a service fee for providing the construction management service. Xinyuan may also charge an interest spread if it provides financing support by means including, without limitation to, establishing limited partnerships with financial institutions. Below is a summary of the Company's active construction management service projects:


Project GFA

(m2, 000s)




Guangzhou Project

55.0


Zhengzhou Derun Southern District Project

1,029.0


Zhengzhou Qinglongshan Project

357.0


Shandong Heze Project

233.0


Zhengzhou Derun Northern District Project

181.0


Qiqihar Project

797.0


Total of all Xinyuan construction management service projects

2,652.0


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 second quarter of 2018, the Company expects contract sales to be approximately US$530 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.

Conference Call Information

The Company will hold a conference call at 8:00 am ET on May 30, 2018 to discuss first quarter 2018 results. Listeners may access the call by dialing:

US Toll Free: 1-800-347-6311
International: 1-323-794-2094

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 June 5, 2018 by dialing:

US: 1-844-512-2921
International: 1-412-317-6671
Access code: 5602971

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, 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 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) 8588-9314
Email: irteam@xyre.com

ICR, LLC
Investors:
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com

Media:
Mr. 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




March 31,



December 31,



March 31,




2018



2017



2017




(unaudited)



(unaudited)



(unaudited)















Total revenue



174,097




725,656




280,714















Total costs of revenue



(135,394)




(545,358)




(218,147)


Gross profit



38,703




180,298




62,567















Selling and distribution expenses



(12,174)




(28,274)




(10,488)


General and administrative expenses



(27,592)




(49,920)




(25,017)















Operating (loss)/income



(1,063)




102,104




27,062















Interest income



6,350




4,431




2,599


Interest expense



(29,785)




(25,215)




(9,325)


Net realized gain on short-term investments



1,237




4,012




588


Unrealized gain/(loss) on short-term investments



(242)




(2,116)




1,254


Other income



207




2,170




159


Loss on extinguishment of debt



-




-




-


Exchange gains/(loss)



11,639




1,043




(51)


Share of loss of equity investees



(921)




(816)




(243)















Loss/(income) from operations before income taxes



(12,578)




85,613




22,043















Income taxes



(142)




(50,226)




(14,625)















Net (loss)/income



(12,720)




35,387




7,418


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



2,315




(2,375)




42


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



(10,405)




33,012




7,460















(Loss)/earnings per ADS:













Basic



(0.16)




0.51




0.12


Diluted



(0.16)




0.50




0.11


ADS used in computation:













Basic



64,821




64,754




63,995


Diluted



65,805




65,927




64,944



 

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,




2018



2017



2017




(unaudited)



(audited)



(unaudited)


ASSETS













Current assets













Cash and cash equivalents



813,736




894,551




916,029


Restricted cash



378,077




566,676




329,909


Short-term investments



123,478




57,740




41,113


Accounts receivable



10,912




100,553




26,884


Other receivables



49,422




73,194




31,804


Deposits for land use rights



97,669




103,716




100,804


Other deposits and prepayments



674,320




272,022




276,914


Advances to suppliers



45,524




36,731




30,433


Real estate properties development completed



813,542




840,393




429,254


Real estate properties under development



3,457,139




1,996,001




1,848,471


Amounts due from related parties



187,644




125,662




20,284


Amounts due from employees



5,187




2,174




2,277


Other current assets



454




799




140















Total current assets



6,657,104




5,070,212




4,054,316















Real estate properties held for lease, net



287,457




277,933




163,541


Property and equipment, net



32,707




32,386




33,610


Long-term investment



982,714




829,773




16,479


Deferred tax assets



153,558




82,006




49,701


Deposits for land use rights



23,854




22,956




28,988


Amounts due from related parties



30,871




24,666




-


Other assets



46,809




44,502




24,740















TOTAL ASSETS



8,215,074




6,384,434




4,371,375


 

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,




2018



2017



2017




(unaudited)



(unaudited)



(audited)


LIABILITIES AND













SHAREHOLDERS' EQUITY













Current liabilities













Accounts payable and notes payable



462,161




690,839




423,413


Short-term bank loans and other debt



264,130




247,758




130,448


Customer deposits



2,429,980




438,342




168,829


Income tax payable



159,391




169,839




106,396


Other payables and accrued liabilities



279,251




300,120




208,466


Payroll and welfare payable



8,973




31,445




4,626


Current portion of long-term bank loans and other debt



1,987,650




1,648,233




574,802


Current maturities of capital lease obligations



4,647




4,472




3,945


Mandatorily redeemable non-controlling interests



16,522




15,593




-


Amounts due to related parties



140,993




128,178




67,949















Total current liabilities



5,753,698




3,674,819




1,688,874















Non-current liabilities













Long-term bank loans



100,523




11,019




350,887


Other long term debt



1,461,869




1,404,814




1,270,978


Deferred tax liabilities



120,320




164,204




105,086


Unrecognized tax benefits



31,231




31,231




20,492


Capital lease obligations, net of current maturities



10,701




11,415




14,876


Amounts due to related parties



31,831




29,919




-


TOTAL LIABILITIES



7,510,173




5,327,421




3,451,193















Shareholders' equity













Common shares



16




16




16


Treasury shares



(67,792)




(67,792)




(60,915)


Additional paid-in capital



544,911




543,338




539,763


Statutory reserves



105,848




105,660




95,965


Retained earnings



81,185




382,124




354,905


Accumulated other comprehensive loss/(income)



51,382




29,226




(30,652)















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



715,550




992,572




899,082


Non-controlling interest



(10,649)




64,441




21,100


Total equity



704,901




1,057,013




920,182


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



8,215,074




6,384,434




4,371,375


Note: The adoption of ASC 606 reduced first quarter total equity 33.31% to US$704.90 million from US$1,057.01 million in the fourth quarter of 2017.

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2018-financial-results-300656349.html

SOURCE Xinyuan Real Estate Co., Ltd.