Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2017 Financial Results
BEIJING, Nov. 10, 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 also in other countries, today announced its unaudited financial results for the third quarter ended September 30, 2017.
Third Quarter 2017 Highlights
-- Contract sales increased 15.1% to US$604.5 million from US$525.4 million
in the third quarter of 2016, and also increased 28.4% to US$1.6 billion
for the first nine months of 2017 compared to US$1.3 billion in the same
period of 2016.
-- Total revenue increased 8.6% to US$482.4 million from US$444.3 million
in the third quarter of 2016, and also increased 18.5% to US$1.3 billion
for the first nine months of 2017 compared to US$1.1 billion in the same
period of 2016.
-- Gross profit increased 3.6% to US$108.8 million, or 22.6% of total
revenue, from US$105.0 million, or 23.6% of total revenue, in the third
quarter of 2016 and increased 0.8% from US$107.9 million, or 22.1% of
total revenue, in the second quarter of 2017.
-- Selling, General and Administrative ("SG&A") expenses as a percentage of
total revenue decreased to 10.6% from 12.1% in the third quarter of 2016
and increased from 9.8% in the second quarter of 2017.
-- Net income was US$16.5 million compared to US$28.0 million in the third
quarter of 2016 and US$20.8 million in the second quarter of 2017.
-- Diluted net earnings per American Depositary Share ("ADS") attributable
to shareholders were US$0.22 compared to US$0.41 in the third quarter of
2016 and US$0.14 in the second quarter of 2017.
-- The Company repurchased through its share repurchase program 421,292
ADSs at a total cost of approximately US$2.2 million in the third
quarter of 2017.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "Our third quarter results were generally in line with our expectations under the ongoing restrictive government policies impacting China's overall housing market. We achieved double-digit growth in contract sales compared to the same quarter last year, thanks to steady demand of our active projects. The increase in contract sales for the first nine months of 2017 also met our growth target.
During the third quarter, we were pleased to commence pre-sales of two new projects, Zhengzhou International New City II and Changsha Mulian Royal Palace, and we look forward to beginning pre-sales of two new projects in Zhengzhou in the fourth quarter. We have also been reasonably increasing our land bank during the year, which provides us with a good foundation for development and growth in the coming quarters.
Finally, we were pleased to continue our commitment to our shareholders by paying our 23rd consecutive quarterly dividend and repurchasing shares during the third quarter," concluded Mr. Zhang.
Third Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled US$597.5 million in the third quarter compared to US$525.4 million in the third quarter of 2016 and US$711.8 million in the second quarter of 2017. Total Contract sales in China for the first nine months of 2017 totaled US$1.6 billion, compared with US$1.3 billion for the same period last year.
The Company's gross floor area ("GFA") sales in China were 369,500 square meters in the third quarter of 2017 compared to 340,700 square meters in the third quarter of 2016 and 409,700 square meters in the second quarter of 2017. GFA sales in China for the first nine months of 2017 totaled 919,500 square meters, compared with 891,900 square meters for the same period last year.
The average selling price ("ASP") per square meter sold in China was RMB10,994 (US$1,616) in the third quarter of 2017 compared to RMB10,140 (US$1,542) in the third quarter of 2016 and RMB11,946 (US$1,739) in the second quarter of 2017. The slight decrease in ASP was mainly due to product mix containing affordable unit sales in the third quarter.
Contract sales in the United States totaled US$7.0 million in the third quarter of 2017.
The Company commenced pre-sales of two new projects in the third quarter of 2017, Changsha Mulian Royal Palace and Zhengzhou International New City II, which contributed 27.5% and 32.0% of total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project Q3 2016 Q2 2017 Q3 2017 Unsold
------- ------- ------- ------- ------
GFA ASP GFA ASP GFA ASP GFA
--- --- --- --- --- --- ---
(m(2), 000s) (RMB) (m(2), 000s) (RMB) (m(2), 000s) (RMB) (m2, 000s)
----------- ---- ----------- ---- ----------- ---- ---------
Xingyang Splendid II 16.2 4,979 15.4 5,265 1.4 6,973 57.3
-------------------- ---- ----- ---- ----- --- ----- ----
Kunshan Royal Palace 8.4 21,099 5.3 24,173 6.2 25,987 2.6
-------------------- --- ------ --- ------ --- ------ ---
Jinan Royal Palace 28.2 7,501 13.2 10,508 29.7 12,457 136.8
------------------ ---- ----- ---- ------ ---- ------ -----
Xuzhou Colorful City 3.6 11,182 2.8 13,385 0.6 11,138 46.5
-------------------- --- ------ --- ------ --- ------ ----
Chengdu Thriving Family 31.9 6,703 6.0 19,194 10.2 15,061 45.9
----------------------- ---- ----- --- ------ ---- ------ ----
Changsha Xinyuan Splendid 29.8 7,439 28.2 9,521 7.4 13,726 17.1
------------------------- ---- ----- ---- ----- --- ------ ----
Sanya Yazhou Bay No.1 -1.2 22,139 8.1 15,888 1.6 15,313 64.0
--------------------- ---- ------ --- ------ --- ------ ----
Xi'an Metropolitan 23.6 7,786 9.5 9,553 7.2 9,497 58.0
------------------ ---- ----- --- ----- --- ----- ----
Zhengzhou Xindo Park 4.4 6,590 22.9 6,998 8.1 8,552 29.0
-------------------- --- ----- ---- ----- --- ----- ----
Jinan Xin Central 13.9 9,330 8.3 13,928 9.2 12,151 55.8
----------------- ---- ----- --- ------ --- ------ ----
Henan Xin Central I 65.7 8,775 3.4 16,229 28.5 4,093 25.2
------------------- ---- ----- --- ------ ---- ----- ----
Zhengzhou Fancy City I 15.1 9,234 2.6 19,015 18.8 5,155 10.4
---------------------- ---- ----- --- ------ ---- ----- ----
Zhengzhou Fancy City II (South) 37.9 9,613 7.6 12,649 2.9 13,995 10.4
------------------------------ ---- ----- --- ------ --- ------ ----
Tianjin Spring Royal Palace 12.3 7,377 11.0 11,118 6.2 11,617 151.1
--------------------------- ---- ----- ---- ------ --- ------ -----
Kunshan Xindo Park 30.9 18,612 10.6 20,523 11.5 22,198 31.0
------------------ ---- ------ ---- ------ ---- ------ ----
Zhengzhou International New 1.4 10,662 207.4 12,084 35.3 10,141 66.9
City I
------
Henan Xin Central II - - 27.2 11,293 28.0 8,379 30.5
-------------------- --- --- ---- ------ ---- ----- ----
Xingyang Splendid III - - 15.5 6,981 47.4 7,217 58.4
--------------------- --- --- ---- ----- ---- ----- ----
Changsha Mulian Royal Palace - - - - 32.8 11,291 58.4
---------------------------- --- --- --- --- ---- ------ ----
Zhengzhou International New - - - - 69.0 13,783 107.1
City II
-------
Others 18.6 - 4.7 - 7.5 - 86.9
------ ---- --- --- --- --- --- ----
Total 340.7 10,140 409.7 11,946 369.5 10,994 1,149.3
----- ----- ------ ----- ------ ----- ------ -------
Revenue
In the third quarter of 2017, the Company's total revenue increased 8.6% to US$482.4 million from US$444.3 million in the third quarter of 2016 and decreased 1.2% from US$488.2 million in the second quarter of 2017. Revenue for the first nine months of 2017 totaled US$1.3 billion compared with US$1.1 billion for the same period last year.
Gross Profit
Gross profit for the third quarter of 2017 was US$108.8 million, or 22.6% of revenue, compared to a gross profit of US$105.0 million, or 23.6% of revenue, in the third quarter of 2016 and a gross profit of US$107.9 million, or 22.1% of revenue, in the second quarter of 2017.
Selling, General and Administrative Expenses
SG&A expenses were US$51.0 million for the third quarter of 2017 compared to US$53.8 million for the third quarter of 2016 and US$47.9 million for the second quarter of 2017. As a percentage of total revenue, SG&A expenses were 10.6% compared to 12.1% in the third quarter of 2016 and 9.8% in the second quarter of 2017.
Net Income
Net income for the third quarter of 2017 was US$16.5 million compared to US$28.0 million for the third quarter of 2016 and US$20.8 million for the second quarter of 2017. Net margin was 3.4% compared to 6.3% in the third quarter of 2016 and 4.3% in the second quarter of 2017. Diluted earnings per ADS were US$0.22, compared to US$0.41 per ADS in the third quarter of 2016 and US$0.14 per ADS in the second quarter of 2017.
The Net Income this quarter was negatively impacted by a one-time US$13.0 million loss on extinguishment of debt incurred upon the Company's debt redemption in July 2017.
Balance Sheet
As of September 30, 2017, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,187.2 million from US$1,275.1 million as of June 30, 2017. Total debt outstanding was US$2,492.4 million, which reflected a decrease of US$155.4 million compared to US$2,647.8 million at the end of the second quarter of 2017. The balance of the Company's real estate properties under development at the end of the third quarter of 2017 was US$2,080.5 million compared to US$2,135.2 million at the end of the second quarter of 2017.
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the third quarter of 2017.
Project GFA Contract Sales Project
Cost %
Complete
--- --------
(m(2) '000s) (US$ millions)
----------- -------------
Total Active Sold to Total Sales to %
Project date Active date Sold
Project
--- -------
Xingyang Splendid II 137.2 79.9 138.7 69.2 49.9% 67.9%
-------------------- ----- ---- ----- ---- ---- ----
Kunshan Royal Palace 280.0 277.4 472.5 459.7 97.3% 96.0%
-------------------- ----- ----- ----- ----- ---- ----
Jinan Royal Palace 451.3 314.5 644.3 359.2 55.8% 77.5%
------------------ ----- ----- ----- ----- ---- ----
Xuzhou Colorful City 130.2 83.7 195.1 117.8 60.4% 85.1%
-------------------- ----- ---- ----- ----- ---- ----
Chengdu Thriving Family 213.0 167.1 366.7 175.9 48.0% 98.7%
----------------------- ----- ----- ----- ----- ---- ----
Changsha Xinyuan Splendid 251.6 234.5 348.4 240.4 69.0% 91.0%
------------------------- ----- ----- ----- ----- ---- ----
Sanya Yazhou Bay No.1 117.2 53.2 291.2 114.1 39.2% 89.6%
--------------------- ----- ---- ----- ----- ---- ----
Xi'an Metropolitan 290.6 232.6 464.1 246.4 53.1% 97.4%
------------------ ----- ----- ----- ----- ---- ----
Zhengzhou Xindo Park 144.4 115.4 194.2 124.3 64.0% 85.7%
-------------------- ----- ----- ----- ----- ---- ----
Jinan Xin Central 194.7 138.9 351.3 210.1 59.8% 83.5%
----------------- ----- ----- ----- ----- ---- ----
Henan Xin Central I 262.2 237.0 354.7 273.7 77.2% 85.0%
------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City I 166.7 156.3 231.9 196.3 84.6% 77.5%
---------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City II (South) 84.1 73.7 143.6 116.7 81.3% 66.1%
------------------------------ ---- ---- ----- ----- ---- ----
Tianjin Spring Royal Palace 278.2 127.1 489.4 153.8 31.4% 52.8%
--------------------------- ----- ----- ----- ----- ---- ----
Kunshan Xindo Park 89.0 58.0 268.2 167.6 62.5% 73.7%
------------------ ---- ---- ----- ----- ---- ----
Zhengzhou International New 360.5 293.6 655.0 501.2 76.5% 42.2%
City I
------
Henan Xin Central II 109.7 79.2 180.2 118.3 65.6% 58.5%
-------------------- ----- ---- ----- ----- ---- ----
Xingyang Splendid III 121.3 62.9 129.5 66.2 51.1% 40.0%
--------------------- ----- ---- ----- ---- ---- ----
Changsha Mulian Royal Palace 91.2 32.8 160.2 54.4 34.0% 64.8%
---------------------------- ---- ---- ----- ---- ---- ----
Zhengzhou International New 176.0 68.9 378.2 139.7 36.9% 40.5%
City II
-------
Others remaining GFA 86.9 - - - - -
-------------------- ---- --- --- --- --- ---
Total active projects 4,036.0 2,886.7 6,457.4 3,905.0 68.0% 78.9%
--------------------- ------- ------- ------- ------- ---- ----
As of September 30, 2017, the Company's total saleable GFA was approximately 3,030,300 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
(m2, 000s) Scheduled
--------- ---------
Zhengzhou Fancy City II (North) 119.6 Q4 2017
----- -------
Beijing Liyuan Project 102.3 To be determined
----- ----------------
Zhengzhou International New City III 411.1 Q4 2017
----- -------
Changsha Furong Thriving Family (Changsha Renmin East Road 73.0 To be determined
Project)
Xi'an Royal Palace (Xi'an Aerospace City Project) 226.0 To be determined
----- ----------------
Zhengzhou Heizhuzhuang Project 340.0 To be determined
----- ----------------
Kunshan Zhongyu Project 113.0 To be determined
----- ----------------
Zhengzhou International New City IV 46.0 To be determined
---- ----------------
Zhuhai Prince Project 70.0 To be determined
---- ----------------
Qingdao New Project 380.0 To be determined
----- ----------------
Total projects under planning 1,881.0
-------
Total active projects 1,149.3
-------
Total of all Xinyuan unsold projects in China 3,030.3
-------
Real Estate Project Update in the United States
In the third quarter of 2017, the Company's Oosten project in Brooklyn, New York recognized revenue of approximately US$7.0 million. As of September 30, 2017, a total of 167 units out of 216 total units were sold and closed and total revenue from this project had reached US$244 million.
During the third quarter of 2017, local market demand and price trends remained stable in both Manhattan and Brooklyn. Both experienced modest year-over-year unit price increases. However, "Days on Market", an industry-wide metric for the average number of days to sell a listed housing unit, increased modestly, which was reflected on the slower sales of our Oosten project. The remaining larger units may take more time than smaller units that have been sold and delivered.
The Company is continuing its foundation work for its second New York City project which is located at the 10(th) Avenue, Manhattan, New York.
For the Company's third project, located in Flushing, Queens, New York, it continues to execute its planning, governmental approvals and pre-development of its ground-up development project.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on November 10, 2017 to discuss third quarter 2017 results. Listeners may access the call by dialing:
US Toll Free: 1-800-289-0438
China: +86-400-120-9101
International: 1-323-794-2423
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 November 17, 2017 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 3600225
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 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
------------------
September 30, June 30, September 30,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (unaudited)
Total revenue 482,373 488,165 444,278
Total costs of revenue (373,532) (380,242) (339,322)
-------- -------- --------
Gross profit 108,841 107,923 104,956
Selling and distribution expenses (18,890) (18,072) (19,233)
General and administrative expenses (32,085) (29,823) (34,584)
------- ------- -------
Operating income 57,866 60,028 51,139
Interest income 5,454 4,375 2,116
Interest expense (11,418) (20,195) (6,558)
Net realized gain on short-term investments 1,017 2,257 1,392
Unrealized gain on short-term investments 2,434 524 91
Other expense (3) - (27)
Loss on extinguishment of debt (15,880) - -
Exchange loss (189) (46) (37)
Share of (loss)/gain of equity investees (386) (265) 412
---- ---- ---
Income from operations before income taxes 38,895 46,678 48,528
Income taxes (22,366) (25,901) (20,481)
------- ------- -------
Net income 16,529 20,777 28,047
====== ====== ======
Net (income)/loss attributable to non-controlling interest (2,453) (11,698) 157
Net income attributable to Xinyuan Real Estate Co., Ltd. 14,076 9,079 28,204
shareholders
Earnings per ADS:
Basic 0.22 0.14 0.43
Diluted 0.22 0.14 0.41
ADS used in computation:
Basic 64,333 64,324 66,121
Diluted 65,347 65,622 69,329
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,
2017 2016
---- ----
(unaudited) (unaudited)
Total revenue 1,251,252 1,056,285
Total costs of revenue (971,921) (825,130)
-------- --------
Gross profit 279,331 231,155
Selling and distribution expenses (47,449) (36,155)
General and administrative expenses (86,925) (90,189)
------- -------
Operating income 144,957 104,811
Interest income 12,428 14,810
Interest expense (40,938) (16,621)
Net realized gain on short-term investments 3,862 2,308
Unrealized gain on short-term investments 4,212 858
Other income 156 4,081
Loss on extinguishment of debt (15,880) -
Exchange (loss)/gains (286) 198
Share of loss of an equity investee (894) (186)
---- ----
Income from operations before income taxes 107,617 110,259
Income taxes (62,891) (47,513)
------- -------
Net income 44,726 62,746
====== ======
Net income attributable to non-controlling interest (14,109) (1,897)
Net income attributable to Xinyuan Real Estate Co., Ltd. 30,617 60,849
shareholders
Earnings per ADS:
Basic 0.48 0.91
Diluted 0.47 0.88
ADS used in computation:
Basic 64,217 66,910
Diluted 65,618 69,090
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,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents 806,459 953,511 578,244
Restricted cash 380,785 321,615 328,499
Short-term investments 49,813 49,686 39,311
Accounts receivable 53,294 27,669 32,704
Other receivables 45,199 38,750 31,822
Deposits for land use rights 82,041 80,376 153,252
Other deposits and prepayments 501,284 492,218 525,263
Advances to suppliers 47,235 38,465 27,457
Real estate properties development completed 538,476 381,238 477,179
Real estate properties under development 2,080,472 2,135,226 1,719,135
Amounts due from related parties 30,134 24,584 17,732
Amounts due from employees 3,399 1,482 621
Other current assets 995 583 226
--- --- ---
Total current assets 4,619,586 4,545,403 3,931,445
--------- --------- ---------
Real estate properties held for lease, net 187,280 191,021 159,874
Property and equipment, net 32,783 33,154 34,090
Other long-term investment 12,671 9,099 242
Investment in joint ventures 12,824 7,502 7,556
Deferred tax assets 50,722 50,190 49,690
Deposits for land use rights 22,601 29,523 28,831
Other assets 71,193 40,976 24,717
------ ------ ------
TOTAL ASSETS 5,009,660 4,906,868 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)
September 30, June 30, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and notes payable 472,000 482,028 524,663
Short-term bank loans and other debt 120,430 109,856 178,576
Customer deposits 318,973 173,326 150,545
Income tax payable 109,842 102,736 120,573
Other payables and accrued liabilities 250,848 242,832 199,661
Payroll and welfare payable 17,005 11,923 19,522
Current portion of long-term bank loans and other debt 1,295,942 1,077,419 704,695
Current maturities of capital lease obligations 4,403 4,314 3,923
Mandatorily redeemable non-controlling interests 13,184 12,916 12,614
Amounts due to related parties 105,931 69,308 66,230
------- ------ ------
Total current liabilities 2,708,558 2,286,658 1,981,002
--------- --------- ---------
Non- current liabilities
Long-term bank loans - 360,945 235,885
Other long term debt 1,076,066 1,099,563 974,791
Deferred tax liabilities 179,789 172,894 93,107
Unrecognized tax benefits 20,495 20,494 20,492
Capital lease obligations, net of current maturities 12,314 13,093 15,016
Amounts due to related parties 1,849 1,543 -
----- ----- ---
TOTAL LIABILITIES 3,999,071 3,955,190 3,320,293
--------- --------- ---------
Shareholders' equity
Common shares 16 16 16
Treasury shares (67,792) (65,590) (53,734)
Additional paid-in capital 545,464 542,040 538,414
Statutory reserves 96,371 95,965 95,973
Retained earnings 365,336 357,147 354,274
Accumulated other comprehensive loss/(income) 10,247 (11,256) (34,683)
------ ------- -------
Total Xinyuan Real Estate Co., Ltd. shareholders' equity 949,642 918,322 900,260
------- ------- -------
Non-controlling interest 60,947 33,356 15,892
Total equity 1,010,589 951,678 916,152
--------- ------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,009,660 4,906,868 4,236,445
========= ========= =========
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SOURCE Xinyuan Real Estate Co., Ltd.
