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 DECEMBER 2022
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 ☒ | |
Form 40-F ☐
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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): ☐
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): ☐
TABLE OF CONTENTS
Exhibits
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Exhibit 99.1 Press Release of Xinyuan Real Estate Co., Ltd. dated
December 29, 2022.
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Signature
1
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.
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XINYUAN REAL ESTATE CO., LTD.
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By:
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/s/ Yong Zhang
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Name:
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Yong Zhang
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Title:
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CEO
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Date: December 29, 2022
2
Exhibit 99.1
Xinyuan Real Estate Co., Ltd. Announces First Half 2022 Financial Results
Beijing, December 29, 2022 -- Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), an NYSE-listed real estate developer operating primarily in China and also in other countries, today announced its
unaudited financial results for the six months ended June 30, 2022.
First half of 2022 highlights
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SG&A expenses for the first half of 2022 were US$71.0 million compared to US$102.4 million for the first half of 2021. As a percentage of total revenue, SG&A expenses were 12.2% and 13.0% for the first half of 2022 and 2021
respectively.
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The balance of the Company’s real estate properties completed and under development at the end of the second quarter of 2022 was US$3,367.2 million compared to US$2,869.6 million as of December 31, 2021.
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Financial Results for the first half of 2022
Revenue
For the first half of 2022, the Company’s total revenue decreased 25.6% to US$584.1 million compared to US$785.6 million for the first half of 2021.
Gross Profit
Gross profit for the first half of 2022 was US$47.6 million, or 8.1% of total revenue, compared to gross profit of US$102.4 million, or 13.0% of total revenue, for the first half of 2021.
SG&A expenses for the first half of 2022 were US$71.0 million compared to US$102.4 million for the first half of 2021. As a percentage of total revenue, SG&A expenses were 12.2% and 13.0% for the first half
of 2022 and 2021 respectively.
Net Loss
Net loss for the first half of 2022 was US$172.5 million compared to net loss of US$70.2 million for the first half of 2021.
Balance Sheet
As of June 30, 2022, the Company’s cash and restricted cash increased to US$721.7 million from US$719.9 million as of December 31, 2021.
Total debt outstanding was US$2,101.3 million, which reflects a decrease of 10.0% from US$2,335.5 million as of December 31, 2021.
The balance of the Company’s real estate properties completed and under development at the end of the second quarter of 2022 was US$3,367.2 million compared to US$2,869.6 million as of December 31, 2021.
1
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer 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, Tianjin, Zhengzhou, Jinan, Qingdao, Chengdu, Xi’an, Suzhou, Dalian, Zhuhai and Foshan. 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 future debt and financial position, potential future collaborative efforts, 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; the impact of pandemics, such as
Covid-19, on the real estate market and the economies in our markets; 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, 2021. 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. Rick Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
2
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)
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Six months ended
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June 30,
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June 30,
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2022
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2021
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(unaudited)
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(unaudited)
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Total revenue
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584,123
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785,600
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Total costs of revenue
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(536,560
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)
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(683,213
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)
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Gross profit
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47,563
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102,387
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Selling and distribution expenses
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(19,374
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)
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(33,913
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)
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General and administrative expenses
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(51,669
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)
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(68,457
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)
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Operating income/(loss)
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(23,736
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)
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17
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Interest income
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1,159
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6,793
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Interest expense
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(83,770
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)
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(84,163
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)
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Gain on short-term investments
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(69,828
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)
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2,442
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Other (income)/expense
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729
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174
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Exchange loss/(gain)
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22,040
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9,057
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Share of loss/(gain) of equity investees
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(23,356
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)
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3,472
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Loss from operations before income taxes
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(176,762
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)
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(62,208
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)
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Income tax (expenses)/benefits
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4,274
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(8,013
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)
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Net loss
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(172,488
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)
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(70,221
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)
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Net loss attributable to non-controlling interest
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(11,849
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)
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4,917
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Net loss attributable to Xinyuan Real Estate Co., Ltd. shareholders
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(184,337
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)
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(65,304
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)
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Loss per ADS:
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Basic
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(3.45
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(1.22
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Diluted
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(3.45
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(1.22
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ADS used in computation:
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Basic
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53,466
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53,466
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Diluted
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53,466
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53,471
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3
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
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June 30,
2022
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December 31,
2021
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(unaudited)
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(audited)
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ASSETS
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Current assets
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721,724
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673,289
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Short-term investments
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15,092
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85,211
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27,677
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59,509
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Other receivables
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294,024
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298,190
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Deposits for land use rights
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35,111
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35,739
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Other deposits and prepayments
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408,797
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365,505
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Advances to suppliers
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100,353
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124,153
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Real estate properties development completed and under development
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3,367,211
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2,869,623
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Amounts due from related parties
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211,135
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271,567
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Amounts due from employees
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3,793
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1,550
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Other current assets
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3,863
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1,483
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Total current assets
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5,188,780
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4,785,819
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Restricted cash, non-current
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-
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46,583
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Real estate properties held for lease, net
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548,380
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440,300
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Property and equipment, net
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31,820
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35,526
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Long-term investment
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113,965
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667,228
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Deferred tax assets
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288,853
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302,972
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Deposits for land use rights and properties
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34,270
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36,075
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Amounts due from related parties
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15,624
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15,283
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Contract cost assets
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56,463
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35,104
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Operating lease right-of-use assets
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8,620
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3,147
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Other assets
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68,649
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78,242
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TOTAL ASSETS
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6,355,424
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6,446,279
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4
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
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June 30,
2022
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December 31,
2021
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(unaudited)
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(audited)
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LIABILITIES AND
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SHAREHOLDERS’ EQUITY
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Current liabilities
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Accounts payable and notes payable
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940,424
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1,134,432
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Short-term bank loans and other debt
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88,379
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99,469
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Customer deposits
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1,523,606
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1,162,430
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Income tax payable
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238,390
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249,107
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Other payables and accrued liabilities
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606,711
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555,177
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Payroll and welfare payable
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15,254
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15,392
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Current portion of long-term bank loans and other debt
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1,388,091
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1,466,821
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Lease liability, current portion
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9,839
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7,620
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Mandatorily redeemable non-controlling interests
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10,950
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10,274
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Amounts due to related parties
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72,344
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77,062
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Total current liabilities
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4,893,988
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4,777,784
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Non-current liabilities
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Long-term bank loans
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293,483
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494,077
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Other long-term debt
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331,362
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275,100
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Deferred tax liabilities
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499,331
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343,263
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Unrecognized tax benefits
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132,924
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130,561
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Lease liability
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5,245
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1,286
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Amounts due to related parties
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-
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10,979
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TOTAL LIABILITIES
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6,156,333
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6,033,050
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Shareholders’ equity
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||||||||
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Common shares
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16
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16
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Treasury shares
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(116,062
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)
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(116,062
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)
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Additional paid-in capital
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544,813
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544,387
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Statutory reserves
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179,377
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178,498
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Retained earnings
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(577,899
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)
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(387,664
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)
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Accumulated other comprehensive loss
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3,861
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34,923
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Total Xinyuan Real Estate Co., Ltd. shareholders’ equity
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34,106
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254,098
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Non-controlling interest
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164,985
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159,131
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Total equity
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199,091
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413,229
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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6,355,424
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6,446,279
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5