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 NOVEMBER 2020
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 ¨
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
TABLE OF CONTENTS
| Exhibits | ||
| Exhibit 99.1 | Press release of Xinyuan Real Estate Co., Ltd., dated November 27, 2020 | |
| 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/ Yu (Brian) Chen | |
| Name: | Yu (Brian) Chen | |
| Title: | CFO | |
| Date: November 27, 2020 | ||
Exhibit 99.1
Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results
BEIJING, China, November 27, 2020 - 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$284.4 million in the second quarter of 2020. |
| · | Net income in the third quarter of 2020 increased 198.0% to US$ 29.5 million from 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 increased 193.3% to US$0.46 from 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$284.4 million in the second quarter of 2020.
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Gross Profit
Gross profit for the third quarter of 2020 was US$ 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.
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| 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.
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***** 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 (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.
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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
China National: 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
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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.
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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
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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 | |||||||||
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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 | ||||||
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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 | |||||||||
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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 | |||||||||
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