BEIJING, May 18, 2017 /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 recently in other countries, today announced its unaudited financial results for the
first quarter ended March 31, 2017.
First Quarter 2017 Highlights
- Total first quarter revenue increased 19.2% to US$280.7 million from US$235.4 million in the first quarter of 2016.
- Contract sales increased 9.2% to US$305.4 million from US$279.6
million in the first quarter of 2016.
- Selling, General and Administrative ("SG&A") expenses as a percent of total revenue decreased to 12.6% from 13.4% in
the first quarter of 2016.
- Net income was US$7.4 million, compared to US$6.9 million in
the first quarter of 2016.
- Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.11, compared to US$0.09 in the first quarter of 2016.
- The Company repurchased 1,367,400 ADSs at a total cost of approximately US$7.2 million in the
first quarter of 2017.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "Our first quarter results were generally in line
with our expectations under the current government's restrictive policies impacting China's
overall housing market. We achieved approximately 20% revenue growth which was partially driven by improved average selling
prices ("ASP") as well as healthy sales from our Brooklyn, New York-based Oosten project, which
contributed over 20% to our total sales this quarter. The majority of our development projects in China performed in line with our budget in the first quarter and we maintained a cautious approach to unit
sales volume and operating expenses given the current environment. Among Xinyuan's U.S. projects, our Oosten project has sold 38
units as of the end of the first quarter. Our second New York project, located in Manhattan, began excavation and foundation work, and our third New York
project, located in Queens, continues to move through its planning stage for
development.
On the financing front, we closed our offering of US$300 million 7.75% senior notes due 2021 at
the end of February to further optimize our financial structure. This transaction in the first quarter is reflective of our focus
on improving our debt structure and managing interest payments over the longer term. In addition, our property management
service entity, Xinyuan Technology Service Co., Ltd., successfully listed on National Equities Exchange and Quotations
(NEEQ) in China in this quarter, which we expect to provide better financing opportunities in the future.
As we look ahead, we continue to develop our planning stage projects more cautiously given the current environment. For the
remaining quarters of this year, our goal is to generate positive cash flows from our operations, optimize pricing of our
China and U.S.-based unit sales, commence pre-sales for four to five of our new planning stage
projects, complete select land acquisitions and move forward with the next stages of development for our New York City-based projects. We are pleased to pay our 21st consecutive quarterly dividend and our recent
$40 million share repurchase announcement demonstrates our commitment to delivering value for our
shareholders," concluded Mr. Zhang.
First Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled US$240.8 million in the first
quarter compared to US$279.6 million in the first quarter of 2016. The Company's GFA sales in
China were 140,300 square meters in the first quarter of 2017 compared to 206,600 square meters
in the first quarter of 2016. The ASP per square meter sold in China was RMB11,820 (US$1,717) in the first quarter of 2017 compared to RMB8,839 (US$1,354) in the first quarter of 2016. The ASP increase was due to the
product mix of units sold and the Company's strategic adjustment efforts to maintain pricing stability. Contract sales in
the United States totaled US$64.6 million in the first quarter of
2017.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q1 2016
|
Q4 2016
|
Q1 2017
|
Unsold
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
(m2 000)
|
(RMB)
|
(m2 000)
|
(RMB)
|
(m2 000)
|
(RMB)
|
(m2 000)
|
Zhengzhou Xin City
|
0.1
|
4,393
|
0.1
|
-
|
0.2
|
52,821
|
5.4
|
Zhengzhou Thriving Family
|
0.2
|
6,169
|
0.1
|
36,188
|
0.3
|
5,913
|
15.7
|
Xingyang Splendid I
|
0.5
|
5,249
|
3.4
|
7,221
|
6.2
|
6,626
|
29.2
|
Xingyang Splendid II
|
0.9
|
5,599
|
21.4
|
6,213
|
8.6
|
6,710
|
74.1
|
Kunshan Royal Palace
|
24.6
|
11,096
|
2.0
|
23,137
|
2.3
|
21,222
|
14.1
|
Suzhou Lake Royal Palace
|
15.2
|
16,718
|
6.1
|
21,464
|
2.8
|
19,906
|
14.3
|
Jinan Xinyuan Splendid
|
0.7
|
10,498
|
0.1
|
10,878
|
0.2
|
4,417
|
9.0
|
Jinan Royal Palace
|
13.3
|
5,985
|
29.1
|
8,798
|
22.4
|
9,280
|
178.1
|
Xuzhou Colorful City
|
2.0
|
11,256
|
2.5
|
11,791
|
1.7
|
15,131
|
49.9
|
Beijing Xindo Park
|
-
|
-
|
1.8
|
29,098
|
0.1
|
19,697
|
10.6
|
Chengdu Thriving Family
|
10.6
|
5,292
|
8.5
|
9,621
|
4.7
|
11,277
|
60.6
|
Changsha Xinyuan Splendid
|
24.6
|
5,486
|
12.1
|
9,461
|
9.7
|
9,050
|
52.9
|
Sanya Yazhou Bay No.1
|
-
|
-
|
2.7
|
12,723
|
26.3
|
15,432
|
73.7
|
Xi'an Metropolitan
|
25.9
|
6,407
|
19.4
|
10,781
|
3.1
|
8,889
|
74.8
|
Shanghai Royal Palace
|
5.2
|
24,649
|
1.9
|
37,475
|
-0.1
|
28,707
|
11.5
|
Zhengzhou Xindo Park
|
2.0
|
7,504
|
22.8
|
6,419
|
13.2
|
6,342
|
60.0
|
Jinan Xin Central
|
12.6
|
9,089
|
9.0
|
12,214
|
6.8
|
11,777
|
73.3
|
Henan Xin Central I
|
26.2
|
7,730
|
5.5
|
9,673
|
0.5
|
11,568
|
57.2
|
Zhengzhou Fancy City I
|
29.6
|
8,239
|
2.8
|
14,594
|
0.8
|
21,739
|
31.8
|
Zhengzhou Fancy City II
(South)
|
-
|
-
|
9.6
|
12,353
|
10.1
|
12,394
|
20.9
|
Tianjin Spring Royal Palace
|
12.8
|
9,032
|
2.4
|
6,934
|
-0.1
|
6,844
|
168.7
|
Kunshan Xindo Park
|
-
|
-
|
0.6
|
19,060
|
4.4
|
18,244
|
53.1
|
Zhengzhou International
New City I
|
-
|
-
|
48.6
|
10,717
|
0.9
|
10,834
|
309.8
|
Henan Xin Central II
|
-
|
-
|
9.0
|
10,920
|
15.0
|
10,955
|
85.8
|
Others
|
-0.4
|
-
|
0.5
|
-
|
0.2
|
-
|
3.2
|
Total
|
206.6
|
8,839
|
222.0
|
10,401
|
140.3
|
11,820
|
1,537.7
|
Revenue
In the first quarter of 2017, the Company's total revenue increased 19.2% to US$280.7 million
from US$235.4 million in the first quarter of 2016.
Gross Profit
Gross profit for the first quarter of 2017 was US$62.6 million, or 22.3% of revenue, compared to
a gross profit of US$48.9 million, or 20.8% of revenue, in the first quarter of 2016. Gross profit
growth was driven by favorable sales at higher margin Zhengzhou Fancy City II (South), Kunshan Xindo Park, Zhengzhou
International New City I and Henan Xin Central II projects which began pre-sale after the first quarter of 2016.
Selling, General and Administrative Expenses
SG&A expenses were US$35.5 million for the first quarter of 2017 compared to US$31.5 million for the first quarter of 2016. As a percentage of total revenue, SG&A expenses were 12.6%
compared to 13.4% in the first quarter of 2016. SG&A expenses increased largely due to agency commissions related to
project delivery of New York Oosten.
Net Income
Net income for the first quarter of 2017 was US$7.4 million compared to US$6.9 million for the first quarter of 2016. Net margin was 2.6%, compared to 2.9% in the first quarter of
2016. Diluted earnings per ADS were US$0.11, compared to US$0.09 per
ADS in the first quarter of 2016.
Balance Sheet
As of March 31, 2017, the Company's cash and cash equivalents (including restricted cash)
increased to US$1,245.9 million from US$906.7 million as of
December 31, 2016. Total debt outstanding was US$2,327.1 million, an
increase of US$233.2 million, compared to US$2,093.9 million at the
end of the fourth quarter of 2016. The balance of the Company's real estate property under development at the end of the first
quarter of 2017 was US$1,848.5 million, compared to US$1,719.1
million at the end of the fourth quarter of 2016.
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the first quarter of 2017.
Project
|
GFA
|
Contract Sales
|
Project
Cost %
Complete
|
|
(m2 000)
|
(US$ millions)
|
|
Total
Active
Project
|
Sold to
date
|
Total
Active
Project
|
Sales
to date
|
%
Sold
|
|
|
Zhengzhou Xin City
|
211.1
|
205.7
|
343.3
|
312.8
|
91.1%
|
98.0%
|
|
Zhengzhou Thriving Family
|
131.5
|
115.8
|
148.0
|
122.0
|
82.4%
|
92.9%
|
|
Xingyang Splendid I
|
117.3
|
88.1
|
90.2
|
68.2
|
75.6%
|
75.6%
|
|
Xingyang Splendid II
|
137.2
|
63.1
|
137.0
|
55.2
|
40.3%
|
56.1%
|
|
Kunshan Royal Palace
|
280.0
|
265.9
|
466.9
|
412.4
|
88.3%
|
94.3%
|
|
Suzhou Lake Royal Palace
|
169.6
|
155.3
|
357.2
|
286.0
|
80.1%
|
99.8%
|
|
Jinan Xinyuan Splendid
|
572.2
|
563.2
|
720.7
|
714.2
|
99.1%
|
99.5%
|
|
Jinan Royal Palace
|
449.6
|
271.5
|
636.6
|
276.2
|
43.4%
|
73.6%
|
|
Xuzhou Colorful City
|
130.2
|
80.3
|
192.7
|
110.0
|
57.1%
|
81.5%
|
|
Beijing Xindo Park
|
133.1
|
122.5
|
434.9
|
363.6
|
83.6%
|
100.0%
|
|
Chengdu Thriving Family
|
211.4
|
150.8
|
362.3
|
134.7
|
37.2%
|
95.5%
|
|
Changsha Xinyuan Splendid
|
251.7
|
198.8
|
344.2
|
183.7
|
53.4%
|
89.6%
|
|
Sanya Yazhou Bay No.1
|
117.2
|
43.5
|
287.7
|
90.5
|
31.5%
|
86.4%
|
|
Xi'an Metropolitan
|
290.7
|
215.9
|
458.5
|
222.9
|
48.6%
|
97.1%
|
|
Shanghai Royal Palace
|
57.8
|
46.3
|
272.4
|
169.6
|
62.3%
|
100.0%
|
|
Zhengzhou Xindo Park
|
144.4
|
84.4
|
191.9
|
89.5
|
46.6%
|
82.1%
|
|
Jinan Xin Central
|
194.7
|
121.4
|
347.1
|
174.6
|
50.3%
|
74.9%
|
|
Henan Xin Central I
|
262.2
|
205.0
|
350.4
|
241.8
|
69.0%
|
68.9%
|
|
Zhengzhou Fancy City I
|
166.8
|
135.0
|
229.1
|
168.8
|
73.7%
|
63.2%
|
|
Zhengzhou Fancy City II
(South)
|
84.1
|
63.2
|
141.9
|
95.6
|
67.4%
|
58.4%
|
|
Tianjin Spring Royal Palace
|
278.6
|
109.9
|
483.5
|
123.7
|
25.6%
|
39.4%
|
|
Kunshan Xindo Park
|
89.0
|
35.9
|
265.0
|
96.9
|
36.6%
|
65.2%
|
|
Zhengzhou International New
City I
|
360.7
|
50.9
|
647.1
|
79.3
|
12.3%
|
33.5%
|
|
Henan Xin Central II
|
109.8
|
24.0
|
178.1
|
38.2
|
21.4%
|
47.5%
|
|
Others remaining GFA
|
3.2
|
-
|
-
|
-
|
-
|
-
|
|
Total active projects
|
4,954.1
|
3,416.4
|
8,086.7
|
4,630.4
|
57.3%
|
76.4%
|
|
As of March 31, 2017, the Company's total sellable GFA was approximately 2,501,600 square meters
for active projects and under planning stage projects in China. Below is a summary of all of the
Company's planning stage projects:
|
Unsold GFA
(m2 000)
|
Pre-sales
Scheduled
|
|
|
|
Zhengzhou Fancy City II (North)
|
119.6
|
Q3 2017
|
|
Zhengzhou International New City II
|
175.7
|
Q3 2017
|
|
Xingyang Splendid III
|
37.4
|
To be determined
|
|
Beijing Liyuan project
|
102.3
|
To be determined
|
|
Changsha Mulian Royal Palace (Changsha New project)
|
93.3
|
Q2 2017
|
|
Zhengzhou International New City III
|
345.6
|
To be determined
|
|
Changsha Renmin East Road project
|
90.0
|
To be determined
|
|
Total projects under planning
|
963.9
|
|
|
Total active projects
|
1,537.7
|
|
|
Total of all Xinyuan projects in China
|
2,501.6
|
|
|
Real Estate Project Update in the United States
In the first quarter of 2017, our Brooklyn, New York-based Oosten project delivered 38 units
with revenue of approximately $65 million. As of the end of March
2017, total units sold and revenue of this project had reached 144 units and $217 million,
respectively, and the construction loan had been completely paid off. Most closed buyers had moved in. Also during the first
quarter, local market demand and price trends remained healthy in both Manhattan and
Brooklyn. Both saw modest year-on-year unit price increases with Brooklyn enjoying slightly higher increases. We also observed a meaningful drop in new condominium inventory
year-on-year and quarter-on-quarter in both Manhattan and Brooklyn. In particular, Brooklyn new development condo unit inventory saw
a 22% quarter-on-quarter decrease during the first quarter.
Xinyuan's second New York project, located in midtown Manhattan, had completed demolition, and excavation and foundation work had begun. In the first quarter, the
Company successfully closed a $108 million construction loan from a major commercial bank.
For our project located in Queens, New York, the company has selected a general contractor
and is in the planning stage of the ground-up development. We are also in discussions with several financial institutions
regarding construction financing in order to commence construction.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on May 18,
2017 to discuss first quarter 2017 results. Listeners may access the call by dialing:
US:
|
1-877-723-9517
|
China:
|
86-400-120-2694
|
International:
|
1-719-325-4771
|
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 May 25, 2017 by dialing:
US:
|
1-844-512-2921
|
International:
|
1-412-317-6671
|
Access code:
|
3753482
|
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, 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. 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, 2016. 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. Joe Xu
Investor Relations Deputy 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
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,
|
|
2017
|
|
2016
|
|
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
280,714
|
|
|
505,340
|
|
|
235,384
|
|
|
|
|
|
|
|
|
|
Total costs of revenue
|
|
(218,147)
|
|
|
(378,507)
|
|
|
(186,490)
|
Gross profit
|
|
62,567
|
|
|
126,833
|
|
|
48,894
|
|
|
|
|
|
|
|
|
|
Selling and distribution expenses
|
|
(10,488)
|
|
|
(22,058)
|
|
|
(8,121)
|
General and administrative expenses
|
|
(25,017)
|
|
|
(30,226)
|
|
|
(23,408)
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
27,062
|
|
|
74,549
|
|
|
17,365
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
2,599
|
|
|
6,107
|
|
|
8,471
|
Interest expense
|
|
(9,325)
|
|
|
(13,236)
|
|
|
(5,000)
|
Net realized gain on short-term investments
|
|
588
|
|
|
198
|
|
|
109
|
Unrealized gain/(loss) on short-term investments
|
|
1,254
|
|
|
(623)
|
|
|
920
|
Other income
|
|
159
|
|
|
459
|
|
|
7
|
Loss on extinguishment of debt
|
|
-
|
|
|
(12,124)
|
|
|
-
|
Exchange (loss)/gains
|
|
(51)
|
|
|
261
|
|
|
54
|
Share of (loss)/gain of equity investees
|
|
(243)
|
|
|
(138)
|
|
|
42
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes
|
|
22,043
|
|
|
55,453
|
|
|
21,968
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
(14,625)
|
|
|
(38,735)
|
|
|
(15,073)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
7,418
|
|
|
16,718
|
|
|
6,895
|
Net income attributable to non-controlling interest
|
|
42
|
|
|
(4,588)
|
|
|
(776)
|
Net income attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
7,460
|
|
|
12,130
|
|
|
6,119
|
|
|
|
|
|
|
|
|
|
Earnings per ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.12
|
|
|
0.18
|
|
|
0.09
|
Diluted
|
|
0.11
|
|
|
0.18
|
|
|
0.09
|
ADS used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
63,995
|
|
|
65,960
|
|
|
68,613
|
Diluted
|
|
64,944
|
|
|
68,928
|
|
|
71,345
|
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,
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
916,029
|
|
|
578,244
|
Restricted cash
|
|
329,909
|
|
|
328,499
|
Short-term investments
|
|
41,113
|
|
|
39,311
|
Accounts receivable
|
|
26,884
|
|
|
32,704
|
Other receivables
|
|
31,804
|
|
|
31,822
|
Deposits for land use rights
|
|
100,804
|
|
|
153,252
|
Other deposits and prepayments
|
|
276,914
|
|
|
525,263
|
Advances to suppliers
|
|
30,433
|
|
|
27,457
|
Real estate properties development completed
|
|
429,254
|
|
|
477,179
|
Real estate properties under development
|
|
1,848,471
|
|
|
1,719,135
|
Amounts due from related parties
|
|
20,284
|
|
|
17,732
|
Amounts due from employees
|
|
2,277
|
|
|
621
|
Other current assets
|
|
140
|
|
|
226
|
|
|
|
|
|
|
Total current assets
|
|
4,054,316
|
|
|
3,931,445
|
|
|
|
|
|
|
Real estate properties held for lease, net
|
|
163,541
|
|
|
159,874
|
Property and equipment, net
|
|
33,610
|
|
|
34,090
|
Other long-term investment
|
|
8,938
|
|
|
242
|
Investment in joint ventures
|
|
7,541
|
|
|
7,556
|
Deferred tax assets
|
|
49,701
|
|
|
49,690
|
Deposits for land use rights
|
|
28,988
|
|
|
28,831
|
Other assets
|
|
24,740
|
|
|
24,717
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
4,371,375
|
|
|
4,236,445
|
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,
|
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable and notes payable
|
|
423,413
|
|
|
524,663
|
Short-term bank loans and other debt
|
|
130,448
|
|
|
178,576
|
Customer deposits
|
|
168,829
|
|
|
150,545
|
Income tax payable
|
|
106,396
|
|
|
120,573
|
Other payables and accrued liabilities
|
|
208,466
|
|
|
199,661
|
Payroll and welfare payable
|
|
4,626
|
|
|
19,522
|
Current portion of long-term bank loans and other debt
|
|
574,802
|
|
|
704,695
|
Current maturities of capital lease obligations
|
|
3,945
|
|
|
3,923
|
Mandatorily redeemable non-controlling interests
|
|
-
|
|
|
12,614
|
Amounts due to related parties
|
|
67,949
|
|
|
66,230
|
|
|
|
|
|
|
Total current liabilities
|
|
1,688,874
|
|
|
1,981,002
|
|
|
|
|
|
|
Non- current liabilities
|
|
|
|
|
|
Long-term bank loans
|
|
350,887
|
|
|
235,885
|
Other long term debt
|
|
1,270,978
|
|
|
974,791
|
Deferred tax liabilities
|
|
105,086
|
|
|
93,107
|
Unrecognized tax benefits
|
|
20,492
|
|
|
20,492
|
Capital lease obligations, net of current maturities
|
|
14,876
|
|
|
15,016
|
TOTAL LIABILITIES
|
|
3,451,193
|
|
|
3,320,293
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
Common shares
|
|
16
|
|
|
16
|
Treasury shares
|
|
(60,915)
|
|
|
(53,734)
|
Additional paid-in capital
|
|
539,763
|
|
|
538,414
|
Statutory reserves
|
|
95,965
|
|
|
95,973
|
Retained earnings
|
|
354,905
|
|
|
354,274
|
Accumulated other comprehensive income
|
|
(30,652)
|
|
|
(34,683)
|
Total Xinyuan Real Estate Co., Ltd. shareholders' equity
|
|
899,082
|
|
|
900,260
|
Non-controlling interest
|
|
21,100
|
|
|
15,892
|
Total equity
|
|
920,182
|
|
|
916,152
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
4,371,375
|
|
|
4,236,445
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2017-financial-results-300459837.html
SOURCE Xinyuan Real Estate Co., Ltd.