Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2019 Financial Results
BEIJING, Dec. 6, 2019 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in other countries, today announced its unaudited financial results for the third quarter ended September 30, 2019.
Highlights
-- Total revenue increased 40.0% to US$1,575.9 million for the nine months ended September 30, 2019, from US$1,125.4 million in the same period of the prior year. Total revenue decreased 16.4% to US$497.6 million in the third quarter of 2019 from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019. -- Gross profit increased 39.2% to US$413.8 million for the nine months ended September 30, 2019, from US$297.3 million in the same period of the prior year. Gross profit decreased 17.2% to US$123.5 million in the third quarter of 2019 from US$149.2 million in the third quarter of 2018 and decreased 22.4% from US$159.2 million in the second quarter of 2019. -- Net income was US$43.5 million for the nine months ended September 30, 2019, compared to US$1.8 million in the same period of the prior year. Net income was US$5.4 million in the third quarter of 2019 compared to US$23.9 million in the third quarter of 2018 and US$19.8 million in the second quarter of 2019. -- Contract sales decreased 5.4% to US$1,479.3 million for the nine months ended September 30, 2019, from US$1,563.8 million in the same period of the prior year. Excluding the impact of change in exchange rate between RMB and the USD, contract sales remained flat compared to the same period of the prior year in RMB. Contract sales decreased 11.6% to US$504.8 million in the third quarter of 2019 from US$571.3 million in the third quarter of 2018 and decreased 0.5% from US$507.4 million in the second quarter of 2019. -- Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.60 for the nine months ended September 30, 2019, compared to US$0.04 in the same period of the prior year. Diluted net earnings per ADS attributable to shareholders were US$0.07 in the third quarter of 2019 compared to US$0.31 in the third quarter of 2018 and US$0.19 in the second quarter of 2019. -- Current debt outstanding at the end of the third quarter of 2019 decreased 18.8% to US$1,009.6 million, or 31.4% of total debt, from US$1,243.1 million, or 34.6% of total debt, at the end of the second quarter of 2019.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "This quarter, we remained profitable despite uncertainties in the macro-economic environment and stringent government restrictions on the Chinese housing market. These headwinds caused contract sales in the third quarter of 2019 to decrease compared to the same quarter in 2018, and total revenue decreased as well. However, we continued to see demand for our offerings and were able to commence pre-sales of two new projects, which contributed 7.3% and 9.1% of total GFA sales and contract sales, respectively."
"We continued to make progress in our overseas projects," added Mr. Zhang. "Our Hudson Garden project hard costs remained on track, and we received the Temporary Certification of Occupancy for Target's ground floor occupancy in early November. We engaged GKV Architects for our RKO project in Flushing to develop new architectural plans, and schematic designs are already complete. Our Madison project in the United Kingdom remains on course for completion in 2020."
Mr. Zhang continued, "In October, our Xinyuan Property Management Company was successfully listed on the Hong Kong Stock Exchange under the code '01895'. Our Xinyuan Property Management subsidiary has achieved rapid growth in recent years, and we believe that listing on a high-quality platform will benefit all of our shareholders."
"Although uncertainties persist in the market, we are confident in our long-term strategy. We are constantly seeking new opportunities to enhance the Company's overall performance and to further differentiate ourselves in the market with our auxiliary businesses and services. Furthermore, we are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang.
Third Quarter 2019 Financial Results
Contract Sales
Contract sales in China totaled US$504.8 million in the third quarter compared to US$571.3 million in the third quarter of 2018 and US$507.4 million in the second quarter of 2019.
The Company's GFA sales in China were 255,600 square meters in the third quarter of 2019 compared to 277,500 square meters in the third quarter of 2018 and 233,200 square meters in the second quarter of 2019.
The average selling price ("ASP") per square meter sold in China was RMB13,531 (US$1,975) in the third quarter of 2019 compared to RMB13,406 (US$2,059) in the third quarter of 2018 and RMB14,755 (US$2,176) in the second quarter of 2019.
The Company commenced pre-sales of two new projects in the third quarter of 2019, Zhengzhou International New City V A04 and Huzhou Silk Town. The presales contributed 7.3% and 9.1% of total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project Q3 2018 Q2 2019 Q3 2019 --- --- GFA ASP GFA ASP GFA ASP --- --- (m(2), 000s) (RMB) (m(2), 000s) (RMB) (m(2), 000s) (RMB) --- --- Xingyang Splendid II 1.2 13,900 3.6 7,330 0.4 13,048 --- --- Jinan Royal Palace 25.9 16,426 2.8 14,739 2.2 16,483 --- --- Xuzhou Colorful City 0.1 10,989 0.7 14,541 0.4 12,453 --- --- Sanya Yazhou Bay No.1 (0.9) 23,515 0.3 38,158 0.4 24,890 --- --- Xi'an Metropolitan 1.8 10,546 0.1 12,896 0.1 12,845 --- --- Jinan Xin Central 1.3 12,839 0.1 18,954 0.4 12,926 --- --- Henan Xin Central I 0.3 18,931 0.7 7,942 --- --- Zhengzhou Fancy City I 0.2 17,481 0.5 13,714 --- --- Zhengzhou Fancy City II (South) 0.4 17,780 (0.1) 9,469 --- --- Tianjin Spring Royal Palace I 0.3 11,468 --- Zhengzhou International New City I 2.3 25,725 5.9 14,784 --- Henan Xin Central II 0.2 16,913 0.1 15,932 --- --- Xingyang Splendid III 2.7 8,018 0.3 8,091 0.8 16,498 --- --- Zhengzhou International New City II 3.4 13,388 0.5 18,997 1.9 17,817 --- --- Zhengzhou Fancy City II (North) 2.5 9,567 2.8 9,884 4.3 9,148 --- --- Tianjin Spring Royal Palace II 23.6 12,691 10.8 13,496 8.1 13,403 --- --- Zhengzhou International New City III D 14.0 14,264 0.6 14,045 0.1 14,446 --- --- Zhengzhou Hangmei International Wisdom 18.9 7,230 1.8 6,845 0.5 6,968 City I --- --- Zhengzhou International New City III B 54.5 14,135 0.7 15,174 0.1 13,874 --- --- Changsha Furong Thriving Family 68.4 9,773 0.2 9,568 --- Chengdu Xinyuan City 7.1 9,988 2.7 7,585 6.1 7,210 --- --- Kunshan Xinyu Jiayuan 13.1 26,108 13.0 23,660 5.6 23,878 --- --- Xingyang Splendid IV 14.7 7,576 0.3 7,326 7.9 7,629 --- --- Suzhou Suhe Bay * 9.6 21,722 8.5 21,461 --- --- Zhengzhou Hangmei International Wisdom 9.3 7,394 9.2 7,391 City II --- Qingdao Royal Dragon Bay 28.8 19,797 6.9 22,162 --- Jinan Royal Spring Bay 4.0 8,777 5.8 8,547 --- Xinyuan Golden Water View City- 8.3 19,740 1.3 24,217 Zhengzhou --- Zhengzhou Fancy City III 8.5 12,729 11.5 13,221 --- Zhengzhou International New City III C 15.7 12,459 4.6 13,157 --- Zhengzhou International New City IV A12 34.8 14,224 85.6 14,325 --- Zhengzhou International New City IV B10 15.5 10,698 12.5 9,996 --- Suzhou Galaxy Bay 34.6 14,227 10.8 14,591 --- Suzhou Gusu Shade I 5.6 37,678 1.6 37,563 --- Dalian International Health Technology 0.4 10,421 19.6 9,349 Town I --- Xingyang Splendid V 13.1 7,629 18.4 7,635 --- Suzhou Gusu Shade II ** 0.6 38,893 3.4 38,111 --- Zhengzhou International New City V A04 0.3 12,068 --- Huzhou Silk Town *** 18.4 16,840 --- Others 12.2 3.2 - --- Total 277.5 13,406 233.2 14,755 255.6 13,531 --- --- * The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd., which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method. ** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method. *** The Company owns 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd., which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town's operating and financial decisions and accounted for it as an equity method investment.
Revenue
In the third quarter of 2019, the Company's total revenue decreased 16.4% to US$497.6 million from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019.
Gross Profit
Gross profit for the third quarter of 2019 was US$123.5 million, or 24.8% of total revenue, compared to gross profit of US$149.2 million, or 25.1% of total revenue, in the third quarter of 2018 and a gross profit of US$159.2 million, or 26.1% of total revenue, in the second quarter of 2019.
Selling, General and Administrative Expenses
SG&A expenses were US$57.6 million for the third quarter of 2019 compared to US$47.7 million for the third quarter of 2018 and US$63.0 million for the second quarter of 2019. As a percentage of total revenue, SG&A expenses were 11.6% compared to 8.0% in the third quarter of 2018 and 10.3% in the second quarter of 2019.
Net Income
Net income for the third quarter of 2019 was US$5.4 million compared to US$23.9 million for the third quarter of 2018 and US$19.8 million for the second quarter of 2019. Net margin was 1.1% compared to 4.0% in the third quarter of 2018 and 3.3% in the second quarter of 2019. Diluted net earnings per ADS were US$0.07 compared to US$0.31 per ADS in the third quarter of 2018 and US$0.19 per ADS in the second quarter of 2019.
Balance Sheet
As of September 30, 2019, the Company's cash and cash equivalents (including restricted cash) decreased to US$688.4 million from US$1,021.8 million as of June 30, 2019.
Total debt outstanding was US$3,211.7 million, which reflects a decrease of US$383.3 million from US$3,595.0 million at the end of the second quarter of 2019. The balance of the Company's real estate properties under development at the end of the third quarter of 2019 was US$3,589.8 million compared to US$3,844.0 million at the end of the second quarter of 2019.
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 2019.
Project GFA --- --- (m(2), 000s) --- Total Active Sold to date Unsold to date Projects --- Xingyang Splendid II 118.5 97.8 20.7 --- --- Jinan Royal Palace 449.6 433.8 15.8 --- --- Xuzhou Colorful City 130.8 122.6 8.2 --- --- Sanya Yazhou Bay No.1 117.6 101.8 15.8 --- --- Xi'an Metropolitan 286.0 269.9 16.1 --- --- Jinan Xin Central 194.4 183.9 10.5 --- --- Henan Xin Central I 261.5 253.2 8.3 --- --- Zhengzhou Fancy City I 166.7 159.4 7.3 --- --- Zhengzhou Fancy City II (South) 84.1 81.7 2.4 --- --- Tianjin Spring Royal Palace I 139.7 131.6 8.1 --- --- Zhengzhou International New City I 356.6 344.4 12.2 --- --- Henan Xin Central II 109.5 103.9 5.6 --- --- Xingyang Splendid III 121.1 117.3 3.8 --- --- Zhengzhou International New City II 176.0 165.6 10.4 --- --- Zhengzhou Fancy City II (North) 108.7 95.2 13.5 --- --- Tianjin Spring Royal Palace II 144.6 80.2 64.4 --- --- Zhengzhou International New City III D 46.1 44.3 1.8 --- --- Zhengzhou Hangmei International Wisdom City I 64.7 55.5 9.2 --- --- Zhengzhou International New City III B 118.8 117.9 0.9 --- --- Changsha Furong Thriving Family 72.3 72.3 --- --- Chengdu Xinyuan City 741.8 116.0 625.8 --- --- Kunshan Xinyu Jiayuan 107.9 47.7 60.2 --- --- Xingyang Splendid IV 151.8 29.9 121.9 --- --- Suzhou Suhe Bay * 62.6 62.6 --- --- Zhengzhou Hangmei International Wisdom City II 78.4 33.2 45.2 --- --- Qingdao Royal Dragon Bay 157.3 71.5 85.8 --- --- Jinan Royal Spring Bay 116.8 30.7 86.1 --- --- Xinyuan Golden Water View City-Zhengzhou 331.5 64.5 267.0 --- --- Zhengzhou Fancy City III 80.6 57.3 23.3 --- --- Zhengzhou International New City III C 82.3 66.2 16.1 --- --- Zhengzhou International New City IV A12 199.7 154.5 45.2 --- --- Zhengzhou International New City IV B10 92.3 35.9 56.4 --- --- Suzhou Galaxy Bay 76.5 72.1 4.4 --- --- Suzhou Gusu Shade I 12.0 8.2 3.8 --- --- Dalian International Health Technology Town I 103.8 20.9 82.9 --- --- Xingyang Splendid V 80.5 31.5 49.0 --- --- Suzhou Gusu Shade II ** 14.3 4.0 10.3 --- --- Zhengzhou International New City V A04 104.9 0.3 104.6 --- --- Huzhou Silk Town *** 141.4 18.4 123.0 --- --- Others 51.4 51.4 --- --- Total active projects 6,055.1 3,957.7 2,097.4 --- --- * The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd.. which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method. ** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method. *** The Company owns 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd., which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town's operating and financial decisions and accounted for it as an equity method investment.
As of September 30, 2019, the Company's total saleable GFA was approximately 5,049,200 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company's projects in China:
Unsold GFA Pre-sales (m(2) , 000s) Scheduled Tongzhou Xinyuan Royal Palace- Beijing 102.3 To be determined Xinyuan Chang'an Royal Palace- Xi'an 226.0 To be determined Zhengzhou International New City Land Bank(all land is grouped together and 1,187.9 To be determined will be developed gradually) Zhuhai Xin World 70.0 To be determined Lingshan Bay Dragon Seal- Qingdao 380.0 To be determined Zhengzhou Hangmei be Project Land Bank(all land is grouped together and will 181.5 To be determined developed gradually) Wuhan Hidden Dragon Royal Palace 185.0 To be determined Dalian International Health Technology Town II 34.4 To be determined Foshan Xinchuang AI International Science and Technology Innovation Valley 456.8 To be determined Taizhou Yihe Yayuan 127.9 To be determined Total projects under planning 2,951.8 Total active projects 2,097.4 Total of all Xinyuan unsold projects in China 5,049.2
Update on Real Estate Projects in the United States
As of September 30, 2019, a total of 177 units out of 216 units were sold and closed at the Company's Oosten project in Brooklyn, New York City, with total revenue from this project reaching US$260.1 million.
As of September 30, 2019, the Company had completed superstructure construction, precast concrete facade, and windows installation for its Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City. The project had also received permanent power from the electric utility provider. Hard costs remain under budget and trend on schedule. During the past year, the project's design drawings were optimized, increasing the number of residential units from 82 to 92. Of the total sellable 38,000 square feet of retail/commercial space, a total of 29,000 square feet have been leased to the U.S. department store retailer Target for a 20-year term and another 1,910 square feet have been leased to a dermatologist's office for a 15 year term. Residential unit sales are slated to open in the first quarter of 2020.
The Company continued to execute on the planning, governmental approvals, and pre-development activities of its ground-up project, the RKO, in Flushing, New York City. As of September 30, 2019, GKV Architects was engaged to develop new architectural plans, and the schematic design is 100% completed. During the past year, the Landmark Preservation Committee approved the Company's landmark protection plan relating to the landmarked theater on site and awarded the Company a Certificate of Appropriateness. Landmark artifact removal was completed at the end of February 2019, and the artifacts are currently stored in a warehouse for restoration work.
Real Estate Project Update in the United Kingdom
During the third quarter of 2019, construction progressed as expected on the Madison project in London. Cladding is slated for completion in the fourth quarter of 2019, and the internal fit out is progressing in earnest. The project remains on course for completion in 2020.
Of the 423 residential units in The Madison, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. Of the remaining 319 apartments, 134 apartments have been sold.
Business Outlook
For the full year of 2019, the Company expects consolidated net income and contract sales to be similar to those of 2018.
Conference Call Information
The Company will hold a conference call at 8:00am ET on December 6, 2019, to discuss its third quarter 2019 results. Listeners may access the call by dialing:
US Toll Free: 1-888-394-8218 International: 1-323-794-2588
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 December 13, 2019, by dialing:
US: 1-844-512-2921 International: 1-412-317-6671 Access code: 8907992
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, and Suzhou. 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, 2018. 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:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
Investors:
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com
Media:
Mr. 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, 2019 2019 2018 (unaudited) (unaudited) (unaudited) Total revenue 497,638 609,439 595,460 Total costs of revenue (374,134) (450,224) (446,284) Gross profit 123,504 159,215 149,176 Selling and distribution expenses (21,067) (20,633) (12,282) General and administrative expenses (36,556) (42,343) (35,414) Operating income 65,881 96,239 101,480 Interest income 4,245 4,964 8,084 Interest expense (31,338) (28,384) (21,778) Net realized gain/(loss) on short-term investments 3,297 (333) 2,119 Unrealized (loss) /gain on short-term investments (811) 838 (1,121) Other income/(expense) 6,493 (867) (443) Net loss on debt extinguishment (2,272) (1,955) Exchange loss (7,655) (4,354) (15,451) Share of loss of equity investees (2,142) (1,702) (2,620) Income from operations before income taxes 35,698 64,446 70,270 Income taxes (30,256) (44,621) (46,415) Net income 5,442 19,825 23,855 Net income attributable to non- controlling interest (1,298) (9,171) (3,729) Net income attributable to Xinyuan Real Estate Co., Ltd. 4,144 10,654 20,126 shareholders Earnings per ADS: Basic 0.07 0.19 0.32 Diluted 0.07 0.19 0.31 ADS used in computation: Basic 56,329 57,003 63,734 Diluted 56,624 57,371 64,472
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, 2019 2018 (unaudited) (unaudited) Total revenue 1,575,930 1,125,389 Total costs of revenue (1,162,162) (828,130) Gross profit 413,768 297,259 Selling and distribution expenses (61,106) (38,592) General and administrative expenses (115,543) (95,894) Operating income 237,119 162,773 Interest income 13,294 21,534 Interest expense (84,028) (76,266) Net realized gain on short- term investments 4,135 3,830 Unrealized gain/ (loss) on short-term investments 27 (2,058) Other income/ (expense) 5,720 (1,272) Net loss on debt extinguishment (8,816) Exchange loss (8,464) (26,330) Share of loss of equity investees (5,444) (6,769) Income from operations before income taxes 153,543 75,442 Income taxes (110,086) (73,602) Net income 43,457 1,840 Net (income)/loss attributable to non-controlling interest (9,050) 1,092 Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders 34,407 2,932 Earnings per ADS: Basic 0.60 0.05 Diluted 0.60 0.04 ADS used in computation: Basic 57,404 64,443 Diluted 57,758 65,489
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, 2019 2019 2018 (unaudited) (unaudited) (audited) ASSETS Current assets Cash and cash equivalents 327,488 666,057 674,142 Restricted cash 220,487 355,776 511,875 Short-term investments 27 838 8,442 Accounts receivable 61,812 73,158 64,130 Other receivables 150,637 176,299 166,633 Deposits for land use rights 22,546 42,254 Other deposits and prepayments 321,107 297,863 257,288 Advances to suppliers 52,649 51,550 46,983 Real estate properties development completed 461,419 714,651 632,360 Real estate properties under development 3,589,814 3,843,980 4,068,716 Amounts due from related parties 317,151 313,532 216,184 Amounts due from employees 2,656 2,955 1,694 Other current assets 4,771 1,334 520 Total current assets 5,510,018 6,520,539 6,691,221 Restricted cash 140,392 Real estate properties held for lease, net 428,737 297,565 302,764 Property and equipment, net 43,394 35,725 38,114 Long-term investment 578,733 552,312 564,340 Deferred tax assets 205,633 206,511 230,453 Deposits for land use rights 21,208 21,819 21,855 Amounts due from related parties 24,587 24,632 26,122 Contract assets 21,118 20,316 21,779 Operating lease right-of- use assets 11,252 12,920 Other assets 121,355 131,910 137,063 TOTAL ASSETS 7,106,427 7,824,249 8,033,711
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, 2019 2019 2018 (unaudited) (unaudited) (audited) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and notes payable 782,573 833,073 790,631 Short-term bank loans and other debt 28,383 35,901 43,711 Customer deposits 1,367,391 1,573,859 1,921,851 Income tax payable 165,489 165,737 213,273 Other payables and accrued liabilities 297,603 340,145 341,108 Payroll and welfare payable 18,717 16,529 33,752 Current portion of long-term bank loans and other debt 981,182 1,207,191 1,647,918 Current maturities of finance lease 6,322 6,504 6,562 Current maturities of operating lease 5,556 5,816 Mandatorily redeemable non-controlling interests 7,852 6,905 22,559 Amounts due to related parties 31,088 32,224 48,502 Total current liabilities 3,692,156 4,223,884 5,069,867 Non-current liabilities Long-term bank loans 801,733 732,874 720,039 Other long-term debt 1,400,396 1,619,007 1,040,455 Deferred tax liabilities 403,125 393,541 370,509 Unrecognized tax benefits 59,820 58,922 45,939 Finance lease, net of current maturities 5,294 6,996 10,015 Operating lease, net of current maturities 5,511 6,649 Amounts due to related parties 28,764 28,879 31,242 TOTAL LIABILITIES 6,396,799 7,070,752 7,288,066 Shareholders' equity Common shares 16 16 16 Treasury shares (108,582) (104,233) (87,639) Additional paid-in capital 531,549 533,366 532,117 Statutory reserves 166,501 166,501 166,496 Retained earnings 115,593 117,904 99,502 Accumulated other comprehensive loss (66,261) (32,957) (30,122) Total Xinyuan Real Estate Co., Ltd. shareholders' equity 638,816 680,597 680,370 Non-controlling interest 70,812 72,900 65,275 Total equity 709,628 753,497 745,645 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,106,427 7,824,249 8,033,711
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