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 2016
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Form 6-K shall be deemed a part of each such document from the date on which this Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as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, 2016 |
| 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.
| Xinyuan Real Estate Co., Ltd. | |||
| By: | /s/ Huaiyu Liu | ||
| Name: | Huaiyu Liu | ||
| Title: | Chief Financial Officer | ||
Date: August 12, 2016
| 2 |
EXHIBIT INDEX
| Exhibit Number |
Description | |
| Exhibit 99.1 | Xinyuan Real Estate Co., Ltd. Press Release dated August 12, 2016 |
| 3 |
Exhibit 99.1
Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2016 Financial Results
2016 Second Quarter Contract Sales Up 42.8% YoY to US$474.4 Million
2016 Second Quarter Net Income Up 37.6% YoY to US$27.8 Million
Raises FY16 Contract Sales and Net Income Growth Forecast
Doubles Quarterly Dividend Payment
BEIJING, China, August 12, 2016 - 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 ended June 30, 2016.
Second Quarter 2016 Highlights
| · | Total second quarter revenue increased 36.9% to US$376.6 million from US$275.1 million in the second quarter of 2015 and increased 60.0% from US$235.4 million in the first quarter of 2016. |
| · | Contract sales increased 42.8% to US$474.4 million from US$332.3 million in the second quarter of 2015 and increased 69.7% from US$279.6 million in the first quarter of 2016. |
| · | Total gross floor area (“GFA”) sales increased 57.6% to 344,600 square meters from 218,700 square meters sold in the second quarter of 2015 and increased 66.8% from 206,600 square meters sold in the first quarter of 2016. |
| · | Selling, General and Administrative (“SG&A”) expenses as a percent of total revenue decreased to 10.9% from 13.0% in the second quarter of 2015 and decreased from 13.4% in the first quarter of 2016. |
| · | Net income was US$27.8 million, compared to US$20.2 million in the second quarter of 2015 and US$6.9 million in the first quarter of 2016. |
| · | Diluted net earnings per American Depositary Share (“ADS”) attributable to shareholders were US$0.39, compared to US$0.27 in the second quarter of 2015 and US$0.09 in the first quarter of 2016. |
| · | The Company repurchased 1,387,008 ADSs at a total cost of approximately US$7.0 million in the second quarter of 2016. |
Mr. Yong Zhang, Xinyuan’s Chairman, stated, “We are very pleased with our second quarter operational and financial results as sales activity across our projects remained healthy in the second quarter. Our performance was supported by ongoing positive market momentum which helped support unit demand and ASPs at the majority of our projects. Year-over-year contract sales increased 42.8% to US$474.4 million and GFA sales increased 57.6% to 344,600 square meters resulting in 37.6% growth in net income to US$27.8 million.
In the U.S., our Oosten project is performing well. We pre-sold approximately 73% of the total units at this project through the end of June. We have also expanded our presence in New York City through our new Hudson Garden project in midtown Manhattan announced earlier this year as well as our newly acquired development project in Flushing, Queens announced earlier this month. These three projects together total approximately one million square feet of gross buildable square feet in New York City marking Xinyuan’s ascent into the New York metro real estate development market.
| 1 |
In addition to our core real estate development operations in China and the U.S., we are also developing real estate related products and services that will complement our core real estate development and diversify the Company’s business operations. During the second quarter, the Company’s property management arm was awarded and ranked #14 among the top 100 property management companies in China by the National Property Management Association in 2016. Lastly, we are pleased to raise our full year financial forecast and increase our quarterly dividend payment, which represents a 100% increase from the first quarter 2016 dividend payment,” concluded Mr. Zhang.
Second Quarter 2016 Financial Results
Contract Sales
Contract sales totaled US$474.4 million in the second quarter of 2016 compared to US$332.3 million in the second quarter of 2015 and US$279.6 million in the first quarter of 2016. The Company’s GFA sales increased to 344,600 square meters in the second quarter of 2016 from 218,700 square meters in the second quarter of 2015 and 206,600 square meters in the first quarter of 2016. The average selling price (“ASP”) per square meter sold was RMB8,992 (US$1,377) in the second quarter of 2016 compared to RMB9,309 (US$1,519) in the second quarter of 2015 and RMB8,839 (US$1,354) in the first quarter of 2016.
The Company commenced pre-sales of one new project in the second quarter of 2016, Zhengzhou Fancy City II (South), which contributed 1.6% of total GFA sales.
Breakdown of GFA Sales and ASPs by Project
| Project | Q2 2015 | Q1 2016 | Q2 2016 | Unsold GFA | |||
| GFA | ASP | GFA | ASP | GFA | ASP | ||
| (m2000) | (RMB) | (m2000) | (RMB) | (m2000) | (RMB) | (m2000) | |
| Zhengzhou Xin City | 9.4 | 15,992 | 0.1 | 4,393 | -0.1 | 13,136 | 4.9 |
| Zhengzhou Thriving Family | 4.6 | 7,214 | 0.2 | 6,169 | 0.1 | 10,446 | 16.2 |
| Xingyang Splendid I | 3.9 | 5,291 | 0.5 | 5,249 | 2.1 | 5,281 | 41.6 |
| Xingyang Splendid II | 0.9 | 12,957 | 0.9 | 5,599 | 8.6 | 5,253 | 120.2 |
| Kunshan Royal Palace | 28.8 | 9,120 | 24.6 | 11,096 | 29.0 | 15,586 | 26.8 |
| Suzhou Lake Royal Palace | 22.8 | 9,293 | 15.2 | 16,718 | 10.6 | 21,575 | 29.3 |
| Jinan Xinyuan Splendid | 7.3 | 7,598 | 0.7 | 10,498 | 1.3 | 9,499 | 9.4 |
| Jinan Royal Palace | 18.9 | 6,318 | 13.3 | 5,985 | 32.0 | 6,874 | 257.0 |
| Xuzhou Colorful City | 8.7 | 8,449 | 2.0 | 11,256 | 2.9 | 9,895 | 57.7 |
| Beijing Xindo Park | 8.1 | 26,720 | - | - | -0.3 | 31,469 | 13.9 |
| Chengdu Thriving Family | 12.6 | 5,647 | 10.6 | 5,292 | 30.7 | 5,639 | 105.6 |
| Changsha Xinyuan Splendid | 18.1 | 5,804 | 24.6 | 5,486 | 39.2 | 6,355 | 105.5 |
| Sanya Yazhou Bay No.1 | 1.6 | 12,753 | - | - | 4.2 | 12,438 | 101.0 |
| Xi’an Metropolitan | 28.1 | 6,359 | 25.9 | 6,407 | 21.7 | 7,133 | 120.7 |
| Shanghai Royal Palace | 5.1 | 21,314 | 5.2 | 24,649 | 7.0 | 30,594 | 21.2 |
| Zhengzhou Xindo Park | 10.2 | 9,593 | 2.0 | 7,504 | 10.2 | 6,448 | 100.4 |
| Jinan Xin Central | 28.5 | 9,328 | 12.6 | 9,089 | 11.9 | 10,793 | 103.0 |
| Henan Xin Central I | - | - | 26.2 | 7,730 | 29.9 | 8,083 | 128.8 |
| Zhengzhou Fancy City I | - | - | 29.6 | 8,239 | 29.0 | 8,970 | 50.5 |
| Zhengzhou Fancy City II (South) | - | - | - | - | 5.6 | 8,897 | 77.8 |
| Tianjin Spring Royal Palace | - | - | 12.8 | 9,032 | 68.5 | 7,429 | 179.0 |
| Others | 1.1 | - | -0.4 | - | 0.5 | - | 4.4 |
| Total | 218.7 | 9,309 | 206.6 | 8,839 | 344.6 | 8,992 | 1,674.9 |
| 2 |
Revenue
In the second quarter of 2016, the Company’s total revenue increased 36.9% to US$376.6 million from US$275.1 million in the second quarter of 2015 and increased 60.0% from US$235.4 million in the first quarter of 2016.
Gross Profit
Gross profit for the second quarter of 2016 was US$77.3 million, or 20.5% of revenue, compared to a gross profit of US$60.9 million, or 22.2% of revenue, in the second quarter of 2015 and a gross profit of US$48.9 million, or 20.8% of revenue, in the first quarter of 2016.
Selling, General and Administrative Expenses
SG&A expenses were US$41.0 million for the second quarter of 2016 compared to US$35.8 million for the second quarter of 2015 and US$31.5 million for the first quarter of 2016. As a percentage of total revenue, SG&A expenses were 10.9% compared to 13.0% in the second quarter of 2015 and 13.4% in the first quarter of 2016.
Net Income
Net income for the second quarter of 2016 was US$27.8 million, compared to US$20.2 million for the second quarter of 2015 and US$6.9 million for the first quarter of 2016. Net margin was 7.4%, compared to 7.3% in the second quarter of 2015 and 2.9% in the first quarter of 2016. Diluted earnings per ADS were US$0.39, compared to US$0.27 per ADS in the second quarter of 2015 and US$0.09 per ADS in the first quarter of 2016.
Balance Sheet
As of June 30, 2016, the Company’s cash and cash equivalents (including restricted cash) decreased to US$899.0 million from US$1,028.6 million as of March 31, 2016. Total debt outstanding was US$1,978.9 million, a decrease of US$170.7 million, compared to US$2,149.6 million at the end of the first quarter of 2016. The balance of the Company’s real estate property under development at the end of the second quarter of 2016 was US$2,082.7 million, compared to US$2,042.7 million at the end of the first quarter of 2016.
| 3 |
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the second quarter of 2016.
| Project | GFA | Contract Sales | Project Cost % Complete | ||||
| (m2 000) | (US$ millions) | ||||||
| Total Active Project | Sold to date | Total Active Project | Sales to date | % Sold | |||
| Zhengzhou Xin City | 211.1 | 206.2 | 362.2 | 329.4 | 90.9% | 94.5% | |
| Zhengzhou Thriving Family | 131.5 | 115.3 | 154.3 | 127.6 | 82.7% | 85.1% | |
| Xingyang Splendid I | 117.3 | 75.7 | 85.4 | 59.3 | 69.4% | 75.8% | |
| Xingyang Splendid II | 136.9 | 16.7 | 143.7 | 16.5 | 11.5% | 50.0% | |
| Kunshan Royal Palace | 279.9 | 253.1 | 480.5 | 392.9 | 81.8% | 91.9% | |
| Suzhou Lake Royal Palace | 169.6 | 140.3 | 379.7 | 253.4 | 66.7% | 97.3% | |
| Jinan Xinyuan Splendid | 572.2 | 562.8 | 758.2 | 751.7 | 99.1% | 99.4% | |
| Jinan Royal Palace | 448.9 | 191.9 | 671.2 | 187.8 | 28.0% | 63.1% | |
| Xuzhou Colorful City | 130.2 | 72.5 | 197.8 | 101.3 | 51.2% | 77.3% | |
| Beijing Xindo Park | 133.0 | 119.1 | 459.9 | 367.4 | 79.9% | 96.9% | |
| Chengdu Thriving Family | 211.4 | 105.8 | 381.2 | 88.7 | 23.3% | 84.9% | |
| Changsha Xinyuan Splendid | 252.7 | 147.2 | 359.0 | 128.8 | 35.9% | 76.2% | |
| Sanya Yazhou Bay No.1 | 116.8 | 15.8 | 303.1 | 32.3 | 10.7% | 68.1% | |
| Xi’an Metropolitan | 290.5 | 169.8 | 483.4 | 167.6 | 34.7% | 68.5% | |
| Shanghai Royal Palace | 57.8 | 36.6 | 294.8 | 132.4 | 44.9% | 96.0% | |
| Zhengzhou Xindo Park | 144.4 | 44.0 | 202.3 | 54.7 | 27.0% | 55.3% | |
| Jinan Xin Central | 194.7 | 91.7 | 366.0 | 135.2 | 36.9% | 63.1% | |
| Henan Xin Central I | 262.2 | 133.4 | 366.2 | 157.7 | 43.1% | 56.8% | |
| Zhengzhou Fancy City I | 166.7 | 116.2 | 240.1 | 147.6 | 61.5% | 52.2% | |
| Zhengzhou Fancy City II (South) | 83.4 | 5.6 | 136.7 | 7.7 | 5.6% | 42.6% | |
| Tianjin Spring Royal Palace | 274.3 | 95.3 | 399.4 | 114.1 | 28.6% | 31.3% | |
| Others remaining GFA | 4.4 | - | - | - | - | - | |
| Total active projects | 4,389.9 | 2,715.0 | 7,225.1 | 3,754.1 | 52.0% | 76.1% | |
As of June 30, 2016, the Company’s total sellable GFA was approximately 2,500,800 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 Targeted |
|
| (m2 000) | ||
| Zhengzhou Fancy City II (North) | 119.6 | Q3 2016 |
| Zhengzhou International New City I (Zhengzhou Shilipu project) | 362.7 | Q3 2016 |
| Kunshan Xindo Park | 95.0 | Q3 2016 |
| Xingyang Splendid III | 37.4 | Q4 2016 |
| Beijing Liyuan project | 102.3 | Q4 2016 |
| Henan Xin Central II | 108.9 | Q4 2016 |
| Total projects under planning | 825.9 | |
| Total active projects | 1,674.9 | |
| Total all Xinyuan projects in China | 2,500.8 |
| 4 |
Real Estate Project Update in the U.S.
As of the end of the second quarter, the Company had pre-sold approximately 73% of the total units at its Brooklyn-based Oosten project.
The Company’s second New York project, announced in January 2016, and located in midtown Manhattan, is in the planning and design stage. The Company has recently submitted its official building permit application to the New York City Department of Buildings.
In August 2016, Xinyuan announced a new land acquisition in Flushing, Queens, New York City. Xinyuan estimates construction to begin on this property once the Company’s Oosten project construction is completed.
Business Outlook
For the full year 2016, the Company is raising its previously announced financial forecast and now expects full year contract sales to grow approximately 30% and net income to grow approximately 50% compared to 2015.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 12, 2016 to discuss second quarter 2016 results. Listeners may access the call by dialing:
US: 1-888-637-7734
International: 1-913-312-0975
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, 2016 by dialing:
US: 1-877-870-5176
International: 1-858-384-5517
Access code: 2411439
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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.
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, 2015. 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: irteam@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
Media:
Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@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, | ||||||||||
| 2016 | 2016 | 2015 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Total revenue | 376,623 | 235,384 | 275,066 | |||||||||
| Total costs of revenue | (299,317 | ) | (186,490 | ) | (214,122 | ) | ||||||
| Gross profit | 77,306 | 48,894 | 60,944 | |||||||||
| Selling and distribution expenses | (8,801 | ) | (8,121 | ) | (11,380 | ) | ||||||
| General and administrative expenses | (32,197 | ) | (23,408 | ) | (24,395 | ) | ||||||
| Operating income | 36,308 | 17,365 | 25,169 | |||||||||
| Interest income | 4,223 | 8,471 | 6,463 | |||||||||
| Interest expense | (5,063 | ) | (5,000 | ) | (4,492 | ) | ||||||
| Net realized gain on short-term investments | 807 | 109 | 645 | |||||||||
| Unrealized (loss)/gain on short-term investments | (153 | ) | 920 | (3 | ) | |||||||
| Other income/(expense) | 4,101 | 7 | (36 | ) | ||||||||
| Exchange gains/(loss) | 182 | 54 | (31 | ) | ||||||||
| Share of gain/(loss) of equity investees | (641 | ) | 42 | 566 | ||||||||
| Income from operations before income taxes | 39,764 | 21,968 | 28,281 | |||||||||
| Income taxes | (11,960 | ) | (15,073 | ) | (8,115 | ) | ||||||
| Net income | 27,804 | 6,895 | 20,166 | |||||||||
| Net (income)/loss attributable to non-controlling interest | (1,278 | ) | (776 | ) | 15 | |||||||
| Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 26,526 | 6,119 | 20,181 | |||||||||
| Earnings per ADS: | ||||||||||||
| Basic | 0.40 | 0.09 | 0.27 | |||||||||
| Diluted | 0.39 | 0.09 | 0.27 | |||||||||
| ADS used in computation: | ||||||||||||
| Basic | 66,005 | 68,613 | 73,522 | |||||||||
| Diluted | 68,164 | 71,345 | 73,725 | |||||||||
| 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, | |||||||
| 2016 | 2015 | |||||||
| (unaudited) | (unaudited) | |||||||
| Total revenue | 612,007 | 441,784 | ||||||
| Total costs of revenue | (485,807 | ) | (332,859 | ) | ||||
| Gross profit | 126,200 | 108,925 | ||||||
| Selling and distribution expenses | (16,922 | ) | (18,647 | ) | ||||
| General and administrative expenses | (55,605 | ) | (44,793 | ) | ||||
| Operating income | 53,673 | 45,485 | ||||||
| Interest income | 12,694 | 11,911 | ||||||
| Interest expense | (10,063 | ) | (9,951 | ) | ||||
| Net realized gain on short-term investments | 916 | 762 | ||||||
| Unrealized gain on short-term investments | 767 | 19 | ||||||
| Other income | 4,108 | 4,722 | ||||||
| Exchange gains/(loss) | 236 | (5 | ) | |||||
| Share of gain of equity investees | (599 | ) | 478 | |||||
| Income from operations before income taxes | 61,732 | 53,421 | ||||||
| Income taxes | (27,033 | ) | (28,747 | ) | ||||
| Net income | 34,699 | 24,674 | ||||||
| Net income attributable to non-controlling interest | (2,054 | ) | - | |||||
| Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 32,645 | 24,674 | ||||||
| Earnings per ADS: | ||||||||
| Basic | 0.49 | 0.34 | ||||||
| Diluted | 0.47 | 0.34 | ||||||
| ADS used in computation: | ||||||||
| Basic | 67,309 | 73,518 | ||||||
| Diluted | 69,492 | 73,619 | ||||||
| 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, | ||||||||||
| 2016 | 2016 | 2015 | ||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 416,829 | 454,313 | 387,528 | |||||||||
| Restricted cash | 482,125 | 574,295 | 363,137 | |||||||||
| Short-term investments | 32,398 | 13,041 | 1,245 | |||||||||
| Accounts receivable | 17,228 | 41,501 | 42,040 | |||||||||
| Other receivables | 28,331 | 146,732 | 147,652 | |||||||||
| Deposits for land use rights | 49,765 | 46,431 | 46,199 | |||||||||
| Other deposits and prepayments | 261,492 | 186,920 | 254,048 | |||||||||
| Advances to suppliers | 55,850 | 55,383 | 50,534 | |||||||||
| Real estate properties development completed | 21,987 | 30,314 | 24,077 | |||||||||
| Real estate properties under development | 2,082,680 | 2,042,690 | 1,887,322 | |||||||||
| Amounts due from related parties | 45,591 | 21,470 | 58,630 | |||||||||
| Amounts due from employees | 1,872 | 1,804 | 351 | |||||||||
| Other current assets | 115 | 238 | 201 | |||||||||
| Total current assets | 3,496,263 | 3,615,132 | 3,262,964 | |||||||||
| Real estate properties held for lease, net | 68,664 | 71,251 | 71,133 | |||||||||
| Property and equipment, net | 36,778 | 38,633 | 39,323 | |||||||||
| Other long-term investment | 31,108 | 31,340 | 31,108 | |||||||||
| Investment in joint ventures | 11,009 | 7,639 | 6,125 | |||||||||
| Deferred tax assets | 28,807 | 28,505 | 15,489 | |||||||||
| Deposits for land use rights | 78,417 | 153,269 | 107,798 | |||||||||
| Other assets | 13,310 | 15,534 | 14,943 | |||||||||
| TOTAL ASSETS | 3,764,356 | 3,961,303 | 3,548,883 | |||||||||
| 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, | ||||||||||
| 2016 | 2016 | 2015 | ||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||
| LIABILITIES AND | ||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable and notes payable | 457,770 | 441,164 | 471,176 | |||||||||
| Short-term bank loans and other debt | 226,679 | 308,897 | 222,226 | |||||||||
| Customer deposits | 63,833 | 57,021 | 64,452 | |||||||||
| Income tax payable | 98,037 | 96,010 | 106,034 | |||||||||
| Deferred tax liabilities | 44,369 | 72,995 | 57,692 | |||||||||
| Other payables and accrued liabilities | 105,787 | 139,703 | 106,127 | |||||||||
| Payroll and welfare payable | 8,788 | 7,333 | 22,966 | |||||||||
| Amounts due to related parties | 15,080 | - | - | |||||||||
| Current portion of long-term bank loans and other debt | 809,094 | 851,524 | 594,834 | |||||||||
| Current maturities of capital lease obligations | 3,002 | 3,081 | 3,066 | |||||||||
| Mandatorily redeemable non-controlling interests | 1,206 | 2,786 | 2,310 | |||||||||
| Total current liabilities | 1,833,645 | 1,980,514 | 1,650,883 | |||||||||
| Noncurrent liabilities | ||||||||||||
| Long-term bank loans | 51,022 | 73,516 | 13,860 | |||||||||
| Other long-term debt | 892,098 | 915,684 | 897,504 | |||||||||
| Deferred tax liabilities | 20,711 | 17,817 | 13,500 | |||||||||
| Unrecognized tax benefits | 18,081 | 17,976 | 17,842 | |||||||||
| Capital lease obligations, net of current maturities | 16,549 | 17,484 | 18,111 | |||||||||
| Mandatorily redeemable non-controlling interests | 452 | 1,238 | 1,232 | |||||||||
| TOTAL LIABILITIES | 2,832,558 | 3,024,229 | 2,612,932 | |||||||||
| Shareholders’ equity | ||||||||||||
| Common shares | 16 | 16 | 16 | |||||||||
| Treasury shares | (45,262 | ) | (38,216 | ) | (24,046 | ) | ||||||
| Additional paid-in capital | 533,955 | 533,881 | 531,233 | |||||||||
| Statutory reserves | 79,255 | 79,927 | 80,050 | |||||||||
| Retained earnings | 344,197 | 320,374 | 317,765 | |||||||||
| Accumulated other comprehensive income | 11,516 | 38,456 | 30,952 | |||||||||
| Total Xinyuan Real Estate Co., Ltd. shareholders’ equity | 923,677 | 934,438 | 935,970 | |||||||||
| Non-controlling interest | 8,121 | 2,636 | (19 | ) | ||||||||
| Total equity | 931,798 | 937,074 | 935,951 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,764,356 | 3,961,303 | 3,548,883 | |||||||||
| 10 |