Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2012
Financial Results
BEIJING, Nov. 9, 2012 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with primary focus on high
growth, strategic Tier II cities in China, today announced its unaudited financial
results for the third quarter of 2012.
Highlights for the Third Quarter 2012
- Total third quarter revenues were US$226.1 million, a 6.0% increase from
US$213.3 million reported in the
third quarter of 2011, a 10.7% decrease from US$253.1 million recorded in the second quarter
of 2012, and within the range of its third quarter guidance
forecast.
- Contract sales totaled US$229.8
million, a 10.6% decrease from US$257.1 million recorded in the third quarter of
2011, a 10.9% decrease from US$258.0
million recorded in the second quarter of 2012 but above the
range of its third quarter guidance forecast.
- Total gross floor area ("GFA") sales were 170,700 square
meters, a 9.5% decrease from 188,700 square meters sold in the
third quarter of 2011 and a 12.2% decrease from 194,500 square
meters sold in the second quarter of 2012.
- Selling, General, and Administrative ("SG&A") expenses as a
percent of total revenue totaled 6.6% compared to 6.7% in the third
quarter of 2011 and 6.2% in the second quarter of 2012.
- Net income totaled US$31.9
million, a 2.2% increase from US$31.2
million reported in the third quarter of 2011, a 54.0%
decrease from US$69.4 million in the
second quarter of 2012, and within the range of its third quarter
guidance forecast.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.44, compared to diluted net earnings per ADS
of US$0.42, in the third quarter of
2011 and US$0.94 per ADS, in the
second quarter of 2012.
- Cash and cash equivalents, including restricted cash, increased
by US$3.9 million to US$608.6 million as of September 30, 2012 from US$604.7 million as of June 30, 2012. Short and long term debt increased
by US$21.8 million to US$250.7 million compared to US$228.9 million as of June 30, 2012.
- In the third quarter of 2012 the Company purchased 1,151,741
ADS's on the open market at a total cost of approximately
US$3.2 million under its US$20.0 million share repurchase program
announced in the second quarter of 2012. On October 31, 2012 the Company paid a quarterly
dividend of US$0.04 per ADS to
shareholders of record on October 25,
2012.
- On August 9, 2012, the Company
acquired a parcel of land in Suzhou for a purchase price of
US$42.6 million. Based on the
proposed development plan, the estimated gross floor area is
approximately 128,000 square meters. On September 29, 2012, the Company acquired a parcel
of land in Beijing for a total
consideration of US$162.4
million. The total site area of 57,862 square meters
and the estimated gross floor area is approximately 130,000 square
meters. These two acquisitions bring the number of projects under
planning in China to five, all
scheduled to commence presales in 2013.
- In the third quarter of 2012, the Company acquired two projects
in the United States. The Company paid US$10.0 million to acquire 15 finished luxury
condominium units in Irvine,
California and acquired a 92,000 square foot parcel of land
in the Williamsburg neighborhood of Brooklyn, New York for US$54.2 million, on which 216 condominium units
are planned to be built with net sellable floor area of
approximately 400,000 square feet.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer said, "We are very satisfied
that our third quarter profit exceeded our guidance forecast
despite the continuation of purchase and mortgage restriction
policies by the Chinese government. Overall consumer demand
for our projects remained stable and average selling prices
increased on a sequential basis at the majority of our
projects. In the third quarter, we acquired two parcels of
land in China in the cities of
Suzhou and Beijing. As land prices in China remain at reasonable levels, we plan to
acquire more land parcels by auction and direct negotiation to
strengthen our project pipeline for enhanced growth over the next
several years. We remain highly confident in our strategy to
offer affordable developments projects in China."
"At the same time, we are confident that our newly acquired
development project in the United
States will serve as a new revenue growth channel for
Xinyuan, particularly with the American real estate market in
recovery mode. We will continue to return shareholder value
through our quarterly dividend payments and share repurchase
program."
Financial Results for the Third Quarter 2012
Contract Sales
Contract sales totaled US$229.8
million in the third quarter compared to US$257.1 million in the third quarter of 2011 and
US$258.0 million in the second
quarter of 2012. The Company's GFA sales were 170,700 square meters
in the third quarter of 2012 versus 188,700 square meters in the
third quarter of 2011 and 194,500 square meters in the second
quarter of 2012. The average selling price per square meter sold
was RMB8,505 (US$1,346) in the third quarter of 2012 versus
RMB8,857 (US$1,362) in the third quarter of 2011 and
RMB8,367 (US$1,326) in the second quarter of 2012.
Breakdown of GFA Sales and ASP's by Project
|
Q3
2011
|
Q2
2012
|
Q3
2012
|
Unsold
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
Project
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
Chengdu Splendid
I
|
7.6
|
5,674
|
3.4
|
5,739
|
4.0
|
5,693
|
8.4
|
Chengdu Splendid
II
|
21.0
|
6,916
|
20.8
|
6,905
|
8.9
|
7,078
|
1.8
|
Zhengzhou Modern
City
|
17.4
|
8,808
|
12.2
|
8,399
|
3.0
|
14,671
|
7.4
|
Zhengzhou Royal
Palace
|
12.1
|
14,388
|
18.6
|
10,058
|
19.6
|
10,303
|
66.0
|
Zhengzhou Century East
B
|
25.7
|
8,705
|
21.1
|
8,503
|
30.8
|
8,355
|
54.6
|
Kunshan Intl City
Garden
|
14.0
|
9,786
|
17.8
|
7,942
|
41.7
|
7,851
|
61.3
|
Suzhou Intl City
Garden
|
20.6
|
10,969
|
27.5
|
10,716
|
10.1
|
10,843
|
3.1
|
Xuzhou Colorful
Garden
|
7.6
|
8,785
|
0.3
|
6,554
|
-
|
-
|
-
|
Jinan Xinyuan
Splendid
|
22.9
|
9,482
|
33.8
|
7,783
|
43.6
|
7,956
|
385.5
|
Zhengzhou Yipinxiangshan
II
|
38.8
|
6,928
|
36.2
|
7,192
|
8.7
|
8,637
|
13.8
|
Others
|
1.0
|
-
|
2.8
|
-
|
0.3
|
-
|
3.2
|
Total
|
188.7
|
8,857
|
194.5
|
8,367
|
170.7
|
8,505
|
605.1
|
Revenue under the Percentage of Completion Method
In the third quarter of 2012, the Company's total revenue using
the percentage of completion method was US$226.1million compared to US$213.3 million in the third quarter of 2011 and
US$253.1 million in the second
quarter of 2012. Construction delays occurred at the Company's
Jinan Xinyuan Splendid project due to technical piling issues from
an unexpected geological situation resulting in a lower than
expected percentage of completion for revenue recognition
purposes.
Gross Profit
Gross profit for the third quarter of 2012 was US$65.5 million, or 29.0% of revenue, compared to
gross profit of US$63.8 million, or
29.9% of revenue, in the third quarter of 2011 and a gross profit
of US$77.5 million, or 30.6% of
revenue, in the second quarter of 2012.
The Company revised total project cost and sales projections for
certain projects resulting in the recognition of a US$0.3 million reduction of cumulative gross
profit in the third quarter of 2012 under the percentage of
completion method. This negative change of estimates was largely
due to the Company's decision to endure contractual penalties at
its Xuzhou Colorful Garden project by delaying delivery in order to
rectify roof leakage issues before delivering apartments to
Xinyuan's customers.
Selling, General and Administrative Expenses
SG&A expenses were US$14.9
million for the third quarter of 2012 compared to
US$14.2 million for the third quarter
of 2011 and US$15.8 million for the
second quarter of 2012. As a percentage of total revenue, SG&A
expenses were 6.6% compared to 6.7% in the third quarter of 2011
and 6.2% in the second quarter of 2012.
Net Income
Net income for the third quarter of 2012 was US$31.9 million compared to US$31.2 million for the same period in 2011, and
US$69.4 million in the second quarter
of 2012. Net margin was 14.1%, compared to 14.6% in the third
quarter of 2011 and 27.4% in the second quarter of 2012.
Diluted earnings per ADS were US$0.44, compared to US$0.42 per ADS in the same period in 2011, and
US$0.94 per ADS in the second quarter
of 2012.
Balance Sheet
As of September 30, 2012, the
Company reported US$608.6 million in
cash and cash equivalents (including restricted cash) compared to
US$604.7 million as of June 30, 2012. Total debt outstanding was
US$250.7 million, an increase of
US$21.8 million compared to
US$228.9 million at the end of the
second quarter of 2012. The value of the Company's real estate
property under development at the end of the third quarter was
US$631.9 million compared to
US$635.3 million at the end of the
second quarter of 2012. In the third quarter, the Company
made payments of US$160 million
related to Xuzhou, Suzhou, and Beijing land acquisitions with an additional
US$63 million payable on these
purchases in the fourth quarter of 2012. Also in the third quarter,
the Company made payments of US$36
million on its Irvine,
California and Brooklyn, New
York project acquisitions while incurring short term debt of
US$29 million on the Brooklyn project.
Project Status
Below is a summary table of projects that were active in the
third quarter of 2012.
|
GFA
|
Contract
Sales
|
Project Cost %
Complete
|
(m2
000)
|
(US$
million)
|
Project
|
Total Active
Projects
|
Sold to
date
|
Total Active
Projects
|
Sales to
date
|
%
|
|
Sold
|
Chengdu Splendid
I
|
231.0
|
222.6
|
196.1
|
185.2
|
94.4%
|
94.9%
|
Chengdu Splendid
II
|
216.9
|
215.1
|
231.7
|
229.9
|
99.2%
|
93.1%
|
Zhengzhou Modern City
|
226.4
|
219.0
|
308.6
|
288.2
|
93.4%
|
84.2%
|
Zhengzhou Royal
Palace
|
132.2
|
66.2
|
219.8
|
129.2
|
58.8%
|
73.3%
|
Zhengzhou Century East
B
|
166.5
|
111.9
|
235.4
|
150.6
|
64.0%
|
76.9%
|
Kunshan Intl City
Garden
|
498.3
|
437.0
|
586.9
|
503.9
|
85.9%
|
96.4%
|
Suzhou Intl City
Garden
|
204.9
|
201.8
|
326.2
|
320.5
|
98.2%
|
98.1%
|
Xuzhou Colorful
Garden
|
101.8
|
101.8
|
119.2
|
119.2
|
100.0%
|
93.1%
|
Jinan Xinyuan
Splendid
|
565.4
|
179.9
|
761.9
|
237.3
|
31.1%
|
65.7%
|
Zhengzhou Yipinxiangshan
II
|
198.5
|
184.7
|
228.1
|
212.7
|
93.3%
|
81.3%
|
Others remaining
GFA
|
3.2
|
|
|
|
|
|
Total active
projects
|
2,545.1
|
1,940.0
|
3,213.9
|
2,376.7
|
73.9%
|
83.4%
|
As of September 30, 2012, unsold
GFA in active projects fell to 605,100 square meters with all but
four projects more than 90% sold. The Company's total sellable GFA
for both active projects and projects under planning was
approximately 1,253,100 square meters. Below is a summary of all
projects at Xinyuan that are in the planning stage:
|
Unsold GFA (m2
000)
|
Pre sales
Scheduled
|
Zhengzhou Century East
A
|
77.3
|
Q1 2013
|
Newly Acquired
Zhengzhou Land
|
208.3
|
Q3 2013
|
Newly Acquired Xuzhou
Land
|
117.6
|
Q3 2013
|
Newly Acquired
Suzhou Land
|
125.2
|
Q3 2013
|
Newly Acquired Beijing
Land
|
119.6
|
Q3 2013
|
Total projects under
planning
|
648.0
|
|
Total active
projects
|
605.1
|
|
Total all Xinyuan
projects
|
1,253.1
|
|
Fourth Quarter and Full Year 2012 Outlook
With several projects nearly sold out, the Company's sellable
inventory is expected to decrease until new projects are brought on
line in 2013. The Company expects contract sales in the fourth
quarter of 2012 to be in the range of US$150-160 million. For the fourth quarter,
revenue under the percentage of completion method is expected to
range between US$140 and US$150
million and net income is expected to be in the range of
US$17 to US$20 million.
For the full year 2012, contract sales are expected to be in the
range of US$790 to US$800 million.
Revenue under the percentage of completion method is expected to
also range between US$790 and US$800
million and net income is expected to be in the range of
US$140 to US$143
million.
Conference Call Information
Xinyuan's management will host an earnings conference call on
November 9th, 2012 at
8:00 a.m. U.S. Eastern Time.
Listeners may access the call by dialing 1-719-325-2393. A webcast
will also be available through the Company's investor relations
website at http://www.xyre.com. Listeners may access the
replay by dialing 1-858-384-5517, access code: 4244340.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. Xinyuan focuses on
China's Tier I and II cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 64.7 million people in
eight strategically selected cities, comprising Beijing, Hefei, Jinan,
Kunshan, Suzhou, Zhengzhou, Xuzhou
and Chengdu. Xinyuan's U.S.
development arm, XIN Development Group International, Inc. ("XIN")
is a pioneer amongst Chinese real estate residential developers,
entering the US market with three projects in 2012. Xinyuan
is the first real estate developer from China to be listed on the New York Stock
Exchange. For more information, please visit
http://www.xyre.com.
Safe Harbor Statement
This press release contains 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 can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, 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, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, and other risks outlined in our
public filings with the Securities and Exchange Commission,
including our annual report on Form 20-F/A for the year ended
December 31, 2011. All information
provided in this press release is as of November 9, 2012. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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:
Mr.
Tom Gurnee
Chief Financial Officer
Tel: +86 (10) 8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Financial Controller
Tel: +86 (10) 8588-9255
Email: yuan.z@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
(Financial Tables on
Following Pages)
|
|
|
|
|
|
|
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,
|
|
|
2012
|
|
2012
|
|
2011
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Revenue
|
226,062
|
|
253,059
|
|
213,272
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
(160,576)
|
|
(175,569)
|
|
(149,464)
|
|
Gross
profit
|
65,486
|
|
77,490
|
|
63,808
|
|
|
|
|
|
|
|
|
Selling and distribution
expenses
|
(5,220)
|
|
(4,825)
|
|
(6,773)
|
|
General and
administrative expenses
|
(9,667)
|
|
(10,974)
|
|
(7,453)
|
|
|
|
|
|
|
|
|
Operating
income
|
50,599
|
|
61,691
|
|
49,582
|
|
|
|
|
|
|
|
|
Interest
income
|
2,827
|
|
1,923
|
|
1,230
|
|
Income from
operations before income taxes
|
53,426
|
|
63,614
|
|
50,812
|
|
Income taxes
|
(21,498)
|
|
5,752
|
|
(19,591)
|
|
Net
income
|
31,928
|
|
69,366
|
|
31,221
|
|
Less: net income
attributable to non-controlling interest
|
-
|
|
410
|
|
(59)
|
|
Net income
attributable to shareholders
|
31,928
|
|
68,956
|
|
31,280
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic
|
0.44
|
|
0.95
|
|
0.42
|
|
Diluted
|
0.44
|
|
0.94
|
|
0.42
|
|
Shares used in
computation:
|
|
|
|
|
|
|
Basic
|
71,839
|
|
72,955
|
|
75,507
|
|
Diluted
|
72,076
|
|
73,480
|
|
75,507
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL ESTATE
CO., LTD. AND 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,
|
|
2012
|
|
2011
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
651,705
|
|
487,738
|
|
|
|
|
Cost of
revenue
|
(459,502)
|
|
(344,370)
|
Gross
profit
|
192,203
|
|
143,368
|
|
|
|
|
Selling
expenses
|
(13,517)
|
|
(12,564)
|
General and
administrative expenses
|
(29,134)
|
|
(19,225)
|
|
|
|
|
Operating
income
|
149,552
|
|
111,579
|
|
|
|
|
Interest
income
|
6,078
|
|
2,712
|
|
|
|
|
Exchange
gains
|
-
|
|
56
|
|
|
|
|
Income from
operations before income taxes
|
155,630
|
|
114,347
|
|
|
|
|
Income taxes
|
(31,091)
|
|
(39,651)
|
|
|
|
|
Net
income
|
124,539
|
|
74,696
|
Less: net income
attributable to non-controlling interest
|
1,110
|
|
593
|
|
|
|
|
Net income
attributable to shareholders
|
123,429
|
|
74,103
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
1.70
|
|
0.98
|
Diluted
|
1.70
|
|
0.98
|
Shares used in
computation:
|
|
|
|
Basic
|
72,521
|
|
76,220
|
Diluted
|
72,750
|
|
76,220
|
|
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,
|
|
|
|
2012
|
|
2012
|
2011
|
|
|
|
(unaudited)
|
|
(unaudited)
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
443,091
|
|
421,378
|
319,218
|
|
Restricted
cash
|
|
165,537
|
|
183,286
|
168,384
|
|
Accounts
receivable
|
|
2,876
|
|
6,598
|
20,806
|
|
Other
receivables
|
|
8,831
|
|
14,759
|
13,352
|
|
Other deposits and
prepayments
|
|
216,296
|
|
75,838
|
60,006
|
|
Advances to
suppliers
|
|
14,056
|
|
18,427
|
13,579
|
|
Real estate property
development completed
|
|
1,939
|
|
2,328
|
6,775
|
|
Real estate property
under development
|
|
631,945
|
|
635,255
|
761,871
|
|
Other current
assets
|
|
18,566
|
|
8,855
|
659
|
|
Total current
assets
|
|
1,503,137
|
|
1,366,724
|
1,364,650
|
|
|
|
|
|
|
|
|
Real estate properties
held for lease, net
|
|
21,715
|
|
23,538
|
18,527
|
|
Property and equipment,
net
|
|
2,580
|
|
2,691
|
2,981
|
|
Other long-term
investment
|
|
239
|
|
240
|
242
|
|
Deferred tax
asset
|
|
1,529
|
|
1,519
|
1,307
|
|
Other assets
|
|
2,280
|
|
2,471
|
2,907
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
1,531,480
|
|
1,397,183
|
1,390,614
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2012
|
|
2012
|
2011
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
254,369
|
|
209,634
|
235,911
|
|
Short-term bank
loans
|
|
|
56,763
|
|
66,819
|
42,950
|
|
Customer
deposits
|
|
|
131,002
|
|
106,426
|
69,524
|
|
Income tax
payable
|
|
|
35,977
|
|
30,524
|
69,909
|
|
Deferred tax
liabilities
|
|
|
43,142
|
|
32,712
|
22,175
|
|
Other payables and
accrued liabilities
|
|
|
53,437
|
|
52,755
|
50,970
|
|
Payroll and welfare
payable
|
|
|
10,746
|
|
8,247
|
7,018
|
|
Current portion of
long-term bank loans and other debt
|
168,941
|
|
162,115
|
129,403
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
754,377
|
|
669,232
|
627,860
|
|
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
25,000
|
|
-
|
73,482
|
|
Unrecognized tax
benefits
|
|
|
8,765
|
|
8,787
|
13,824
|
|
Other long-term
debt
|
|
|
-
|
|
-
|
39,709
|
|
TOTAL
LIABILITIES
|
|
|
788,142
|
|
678,019
|
754,875
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Common shares
|
|
|
15
|
|
15
|
15
|
|
Treasury
shares
|
|
|
(13,667)
|
|
(10,496)
|
(7,959)
|
|
Additional paid-in
capital
|
|
|
511,331
|
|
510,894
|
509,713
|
|
Statutory
reserves
|
|
|
33,579
|
|
33,579
|
33,579
|
|
Retained
earnings
|
|
|
212,080
|
|
185,172
|
99,280
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
743,338
|
|
719,164
|
634,628
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
-
|
|
-
|
1,111
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
743,338
|
|
719,164
|
635,739
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
1,531,480
|
|
1,397,183
|
1,390,614
|
|
|
|
|
|
|
|
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.