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Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter and Full Year 2013 Financial Results

February 28, 2014

–4Q13 Contract Sales Exceeds Mid-Point of Previous Guidance by 19.8%–

BEIJING, Feb. 28, 2014 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), a residential real estate developer with a primary focus on high growth cities in China, today announced its unaudited financial results for the fourth quarter and full year of 2013.

Highlights for the Fourth Quarter 2013

    --  Total fourth quarter revenues were US$289.2 million, a 20.1% increase
        from US$240.7 million recorded in the third quarter of 2013 and a 9.9%
        increase from US$263.1 million reported in the fourth quarter of 2012.
        Fourth quarter revenue exceeded the mid-point of previous guidance of
        US$260.0 million by 11.2%.
    --  Contract sales totaled US$377.5 million, a 54.9% increase from US$243.7
        million recorded in the third quarter of 2013 and a 100.4% increase from
        US$188.4 million recorded in the fourth quarter of 2012. Fourth quarter
        contract sales exceeded the mid-point of previous guidance of US$315.0
        million by 19.8%.
    --  Total gross floor area ("GFA") sales were 241,700 square meters, a 59.1%
        increase from 151,900 square meters sold in the third quarter of 2013,
        and an 82.1% increase from 132,700 square meters sold in the fourth
        quarter of 2012.
    --  Selling, General, and Administrative ("SG&A") expenses as a percent of
        total revenue totaled 12.2% compared to 9.6% in the third quarter of
        2013 and 5.4% in the fourth quarter of 2012.
    --  Net income was US$26.0 million, a 9.4% decrease from US$28.7 million in
        the third quarter of 2013 and a 22.6% decrease from US$33.6 million
        reported in the fourth quarter of 2012.
    --  Diluted net earnings per American Depositary Share ("ADS") attributable
        to shareholders were US$0.29, compared to diluted net earnings per ADS
        of US$0.39 in the third quarter of 2013 and US$0.47 per ADS in the
        fourth quarter of 2012.
    --  Cash and cash equivalents, including restricted cash, increased by
        US$52.7 million to US$848.7 million as of December 31, 2013 from
        US$796.0 million as of September 30, 2013. Short and long term debt
        increased by US$295.4 million from US$515.6 million as of September 30,
        2013 to US$811.0 million as of December 31, 2013.
    --  Book value was US$11.93 per ADS, as of December 31, 2013, a 3.3%
        increase over the prior quarter.
    --  The Board of Directors of the Company has approved the payment of a
        quarterly dividend of US$0.05 per ADS payable on March 20, 2014 to
        shareholders of record as of March 7, 2014.
    --  The Company acquired five land parcels (for a total of three development
        projects) in Xingyang, Jinan and Kunshan respectively, with total GFA of
        829,768 square meters.

Mr. Yong Zhang, Xinyuan’s Chairman said, “We experienced a strong fourth quarter beating the mid-points of our quarterly revenue, contract sales and net income guidance. The general state of the real estate environment remained healthy in the fourth quarter and we experienced excellent project sales results in each of our operating cities. We commenced pre-sales at two projects in the fourth quarter– Xuzhou Colorful City and our newly acquired Kunshan Royal Palace project, which has already sold out over 90% of the apartment units we have made available thus far. Additionally, our 3 most active projects — Zhengzhou XIN City, Jinan Xinyuan Splendid and Suzhou XIN City — each performed very well experiencing sequential improvements average selling prices and solid GFA sales levels.”

“The balance of our real estate property under development at the end of the fourth quarter increased significantly to US$919.8 million compared to US$534.7 million at the end of the last quarter. This balance reflects nine active development projects with another five projects that are expected to commence pre-sales during the course of 2014. As of today’s reporting date, our total sellable GFA was approximately 2.24 million square meters for active projects and under planning stage projects, a record for Xinyuan.”

“For Xinyuan’s long-term success, it’s imperative that we expand more aggressively to become a larger player in the market. China’s real estate industry is changing and property development companies need to get bigger to benefit from acquiring land at public auction at reasonable prices, attain greater price negotiating leverage and capitalize on compelling M&A opportunities. Additionally, financing costs are typically lower for large scale developers, whom we quantify as having annual contract sales that exceed RMB10 billion. 2014 is a building year for our company as we invest in resources for our future development and growth. As we expand our project pre-sales activity more aggressively in 2014 than in years past, higher operating expenses are expected to impact our year-over-year profit growth during the course of 2014. However, beyond this period, as our marketing expenses moderate and our development projects mature, we believe we will achieve higher net margin and overall profit growth on a percentage basis that is consistent with our future top line growth projections.”

“Finally, we are pleased with the continuation of our dividend program, announcing our fourth quarter dividend. We remain committed to this program as we progress through 2014,” concluded Mr. Zhang.

Financial Results for the Fourth Quarter 2013

Contract Sales

Contract sales totaled US$377.5 million in the fourth quarter compared to US$243.7 million in the third quarter of 2013 and US$188.4 million in the fourth quarter of 2012. The Company’s GFA sales were 241,700 square meters in the fourth quarter of 2013 versus 151,900 square meters in the third quarter of 2013 and 132,700 square meters in the fourth quarter of 2012. The average selling price (“ASP”) per square meter sold was RMB9,678 (US$1,562)in the fourth quarter of 2013 versus RMB9,976 (US$1,604) in the third quarter of 2013 and RMB8,964 (US$1,420) in the fourth quarter of 2012. The sequential ASP decrease was due to product mix, and the Company did not decrease the price of any category of product in any of its projects.

Two new projects became available for sale in the fourth quarter of 2013, namely Kunshan Royal Palace with sellable GFA of 288,400 square meters and Xuzhou Colorful City with sellable GFA of 129,300 square meters. Sales were healthy for both projects and they contributed approximately 30.5% of XIN’s GFA sales in the quarter.

Breakdown of GFA Sales and ASP’s by Project


                                      Q4 2012      Q3 2013        Q4 2013      Unsold
                                      -------      -------        -------      ------

                                        GFA          ASP            GFA          ASP            GFA         ASP             GFA
                                        ---          ---            ---          ---            ---         ---             ---

                             Project (m(2) 000)     (Rmb)        (m(2) 000)     (Rmb)        (m(2) 000)    (Rmb)        (m(2) 000)
                                     ---------      ----         ---------      ----         ---------     ----          ---------

    Zhengzhou Royal Palace                    15.5         8,948          12.9        10,767           1.2       23,351             0.9

    Zhengzhou Century East A                  12.5         8,841          13.7        10,708           1.9       13,319             2.6

    Zhengzhou Century East B                  18.5         8,506           7.9        14,058           2.3       16,831             0.9

    Zhengzhou Xin City                           -             -          31.6         9,587          53.7        9,972            99.7

    Kunshan Intl City Garden                  22.2         8,251           4.5        11,419           8.8       11,209             3.5

    Kunshan Royal Palace                         -             -             -             -          42.5        9,265           245.9

    Suzhou Xin City                              -             -          29.3         8,160          52.6        8,577            44.9

    Jinan Xinyuan Splendid                    45.4         8,927          48.5        10,021          45.7       10,372           114.0

    Xuzhou Colorful City                         -             -             -             -          31.3        8,820            98.0

    Others                                    18.6             -           3.5             -           1.7            -             4.2
                                              ----           ---           ---           ---           ---          ---             ---

      Total                                  132.7         8,964         151.9         9,976         241.7        9,678           614.6
                                             -----         -----         -----         -----         -----        -----           -----

Revenue

In the fourth quarter of 2013, the Company’s total revenue was US$289.2 million compared to US$240.7 million in the third quarter of 2013 and US$263.1 million in the fourth quarter of 2012.

Gross Profit

Gross profit for the fourth quarter of 2013 was US$82.6 million, or 28.6% of revenue, compared to a gross profit of US$78.5 million, or 32.6% of revenue, in the third quarter of 2013 and a gross profit of US$87.8 million, or 33.4% of revenue, in the fourth quarter of 2012. The decrease in gross margin was due to an increase in the target cost of two existing projects caused by a product upgrade, and another newly acquired project, caused by the fair value adjustment as of the acquisition date.

Selling, General and Administrative Expenses

SG&A expenses were US$35.1 million for the fourth quarter of 2013 compared to US$23.0 million for the third quarter of 2013 and US$14.1 million for the fourth quarter of 2012. As a percentage of total revenue, SG&A expenses were 12.2% compared to 9.6% in the third quarter of 2013 and 5.4% in the fourth quarter of 2012. The increase of SG&A expenses as a percentage of revenue compared to previous quarters was mainly due to an increase in personnel related to the rapid expansion of Xinyuan’s development projects, year-end annual bonus payments and higher promotional spending levels on the Company’s two new projects launched in the fourth quarter.

Net Income

Net income for the fourth quarter of 2013 was US$26.0 million compared to US$28.7 million for the third quarter of 2013 and US$33.6 million for the same period in 2012. Net margin was 9.0%, compared to 11.9% in the third quarter of 2013 and 12.8% in the fourth quarter of 2012. Diluted earnings per ADS were US$0.29, compared to US$0.39 per ADS in the third quarter of 2013 and to US$0.47 per ADS in the same period in 2012.

Financial Results for the Full Year 2013

For the year ended December 31, 2013, contract sales increased by 19.7% to US$1,000.2 million from US$835.9 million in 2012. GFA sales increased by 8.7% to 665,600 square meters from 612,400 square meters in 2012. Total revenues decreased by 1.9% to US$897.7 million from US$914.8 million in 2012 due to a higher percentage of completion of more mature development projects in their near completion stage resulting in higher revenue in 2012, as well as from lower percentage of completion from two of the Company’s major development projects — Suzhou XIN City and Xuzhou Colorful City, each of which launched in the third and fourth quarters of 2013, respectively.

Gross profit was US$286.7 million, or 31.9% of revenue in 2013 compared to a gross profit of US$280.0 million, or 30.6% of revenue in 2012.

SG&A expenses were US$85.3 million, or 9.5% of revenue, compared to US$56.8 million, or 6.2% of revenue in 2012.

Net income was US$120.7 million in 2013 compared to US$157.0 million in 2012. Diluted earnings per ADS were US$1.63 in 2013 compared to US$2.17 per ADS in 2012.

Balance Sheet

As of December 31, 2013, the Company reported US$848.7 million in cash and cash equivalents (including restricted cash) compared to US$796.0 million as of September 30, 2013. Total debt outstanding was US$811.0 million, an increase of US$295.4 million compared to US$515.6 million at the end of the third quarter of 2013. This increase was largely due to new financings totaling $379.7 million offset by the repayment of an $89.7 million bank loan in the fourth quarter. The balance of the Company’s real estate property under development at the end of the fourth quarter was US$919.8 million compared to US$534.7 million at the end of the third quarter of 2013. This significant increase was due to the purchase of land parcels, and the capitalization of construction costs incurred for existing projects in the fourth quarter.

Project Status

Below is a summary table of projects that were active and available for sale in the fourth quarter of 2013.


                                                                              GFA                      Contract Sales              Project

                                                                                                                                      Cost %

                                                                                                                                   Complete
                                                                                                                                   --------

                               (m2 000)                                 (US$ millions)
                               -------                                   -------------

                               Project                                Total      Sold to      Total     Sales to    % Sold
                                                                                                          date
                                                                     Active       date       Active

                                                                    Projects                Projects
                                                                    --------                --------

    Zhengzhou Royal Palace                                              132.4       131.5       237.5       233.9      98.5%        89.0%
    ----------------------                                              -----       -----       -----       -----      ----         ----

    Zhengzhou Century East A                                             77.3        74.7       125.6       120.3      95.8%        95.0%
    ------------------------                                             ----        ----       -----       -----      ----         ----

    Zhengzhou Century East B                                            166.5       165.6       244.0       242.5      99.4%        97.2%
    ------------------------                                            -----       -----       -----       -----      ----         ----

    Zhengzhou Xin City                                                  185.0        85.3       324.6       135.4      41.7%        59.0%
    ------------------                                                  -----        ----       -----       -----      ----         ----

    Kunshan Intl City Garden                                            497.9       494.4       605.3       598.9      98.9%       100.0%
    ------------------------                                            -----       -----       -----       -----      ----        -----

    Kunshan Royal Palace                                                288.4        42.5       504.5        63.6      12.6%        35.9%
    --------------------                                                -----        ----       -----        ----      ----         ----

    Suzhou Xin City                                                     126.8        81.9       178.7       111.5      62.4%        63.6%
    ---------------                                                     -----        ----       -----       -----      ----         ----

    Jinan Xinyuan Splendid                                              565.2       451.2       784.3       623.6      79.5%        83.6%
    ----------------------                                              -----       -----       -----       -----      ----         ----

    Xuzhou Colorful City                                                129.3        31.3       196.0        44.6      22.8%        40.4%
    --------------------                                                -----        ----       -----        ----      ----         ----

    Others remaining GFA                                                  4.2
    --------------------                                                  ---

      Total active projects                                           2,173.0     1,558.4     3,200.5     2,174.3      67.9%        77.0%
      ---------------------                                           -------     -------     -------     -------      ----         ----

As of today’s reporting date, the Company’s total sellable GFA was approximately 2,238,600 square meters for active projects and under planning stage projects. Below is a summary of all of the Company’s planning stage projects:


                                                     Unsold GFA

                                                      (m(2)000)                Pre sales

                                                                               Scheduled
                                                                               ---------

    Beijing Xindo Park                                           117.7 Q1 2014
                                                                 -----

    Zhengzhou Xindo Park                                         293.4 Q2 2014
                                                                 ----- -------

    Suzhou Lake Royal Palace                                     171.9 Q2 2014
                                                                 ----- -------

    Xingyang Splendid (Newly Acquired Xingyang Land)             240.2 Q2 2014
                                                                 ----- -------

    Williamsburg Brooklyn Project                                 37.1 Q2 2014
                                                                  ---- -------

    Jinan Royal Palace (Newly Acquired Jinan Land)               420.5 Q3 2014
                                                                 ----- -------

    Newly Acquired Chengdu Land                                  225.0 Q4 2014
                                                                 ----- -------

    Newly Acquired Sanya Land                                    118.2 Q1 2015
                                                                 ----- -------

    Total projects under planning                              1,624.0
                                                               -------

    Total active projects                                        614.6
                                                                 -----

    Total all Xinyuan projects                                 2,238.6
                                                               -------

First Quarter and Full Year 2014 Outlook

The Company expects first quarter contract sales to reach approximately US$225 to US$230 million. First quarter revenue is expected to total US$195 to US$200 million while net income is projected at US$9 to US$11 million.

For the full year, the Company expects contract sales to reach approximately US$1,640 million. Full year revenue is expected to total US$1,230 to US$1,280 million while full year net income is projected at US$120 to US$125 million.

Conference Call Information

Xinyuan’s management will host an earnings conference call at 8:00 am ET on February 28, 2014 to discuss fourth quarter 2013 results. Listeners may access the call by dialing 1-913-312-0637. A webcast will also be available through the Company’s investor relations website at http://www.xyre.com. A replay of the call will be available through March 7, 2014 by dialing 1-858-384-5517, access code: 6583895.

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. In China, Xinyuan primarily focuses its development projects in Tier II cities, including Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. The Company’s U.S. development arm, XIN Development Group International, Inc. (“XDGI”) is a pioneer amongst Chinese real estate residential developers, entering the US market 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.

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 can generally be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter into new geographic markets and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in China and, to the extent we expand operations into other countries, such as the U.S., the laws, regulations and policies of such countries; 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 China, particularly Tier II and Tier III cities, and in our targeted areas in the U.S.; fluctuations in general economic and business conditions in China, and, to the extent we expand operation into other countries, such as the U.S., the general economic and business conditions in such countries; 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, 2012. 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:

Ms. Helen Zhang

Interim Chief Financial Officer

Tel: +86 (10) 8588-9398

Email: irmanager@xyre.com

ICR, LLC

In U.S.: +1-646-308-1472

In China: +86 (10) 6583-7511

Email: William.zima@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
                                                                                                                                        ------------------

                                                                                                                       December 31,                September 30,           December 31,

                                                                                                                                2013                                 2013                   2012
                                                                                                                                ----                                 ----                   ----

                                                                                                                       (unaudited)                  (unaudited)            (unaudited)

    Total revenue                                                                                                            289,160                              240,665                263,094

    Total cost of revenue                                                                                                   (206,571)                            (162,152)              (175,261)
                                                                                                                            --------                             --------               --------

    Gross profit                                                                                                              82,589                               78,513                 87,833

    Selling and distribution expenses                                                                                         (9,492)                              (5,633)                (4,425)

    General and administrative expenses                                                                                      (25,650)                             (17,397)                (9,695)
                                                                                                                             -------                              -------                 ------

    Operating income                                                                                                          47,447                               55,483                 73,713

    Interest income                                                                                                            3,084                                4,085                  2,941

    Interest expense                                                                                                          (6,411)                              (5,608)                     -

    Other income                                                                                                               1,539                                    -                      -

    Share of loss in an equity investee                                                                                         (117)                                   -                      -
                                                                                                                                ----                                  ---                    ---

    Income from operations before income taxes                                                                                45,542                               53,960                 76,654

    Income taxes                                                                                                             (19,556)                             (25,212)               (43,084)
                                                                                                                             -------                              -------                -------

    Net income                                                                                                                25,986                               28,748                 33,570
                                                                                                                              ======                               ======                 ======

    Net income attributable to Xinyuan Real Estate Co.,                                                                       25,986                               28,748                 33,570

    Ltd. shareholders
                                                                                                                                                                                             ===

    Earnings per ADS:

      Basic                                                                                                                     0.33                                 0.40                   0.47

      Diluted                                                                                                                   0.29                                 0.39                   0.47

    ADS used in computation:

      Basic                                                                                                                   77,616                               71,360                 70,969

      Diluted                                                                                                                 91,097                               73,480                 71,747


                                                                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)

                                                                                                                                Twelve months ended
                                                                                                                                -------------------

                                                                                                                                    December 31,              December 31,

                                                                                                                                                        2013           2012
                                                                                                                                                        ----           ----

                                                                                                                                    (unaudited)                (audited)

    Revenue                                                                                                                                          897,738        914,799

    Cost of revenue                                                                                                                                 (611,083)      (634,763)
                                                                                                                                                    --------       --------

    Gross profit                                                                                                                                     286,655        280,036

    Selling expenses                                                                                                                                 (20,773)       (17,942)

    General and administrative expenses                                                                                                              (64,498)       (38,829)
                                                                                                                                                     -------        -------

    Operating income                                                                                                                                 201,384        223,265

    Interest income                                                                                                                                   11,681          9,019

    Interest expense                                                                                                                                 (16,863)             -

    Other income                                                                                                                                       1,539              -

    Share of loss in an equity investee                                                                                                                 (117)             -
                                                                                                                                                        ----            ---

    Income from operations before income taxes                                                                                                       197,624        232,284

    Income taxes                                                                                                                                     (76,913)       (74,175)
                                                                                                                                                     -------        -------

    Net income                                                                                                                                       120,711        158,109
                                                                                                                                                     =======        =======

    Less: net income attributable to non-controlling interest                                                                                              -          1,110

    Net income attributable to shareholders                                                                                                          120,711        156,999
                                                                                                                                                     =======        =======

    Earnings per ADS:

      Basic                                                                                                                                             1.66           2.18

      Diluted                                                                                                                                           1.63           2.17

    ADS used in computation:

      Basic                                                                                                                                           72,867         72,129

      Diluted                                                                                                                                         74,732         72,366



                                                  XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

                                                        CONDENSED CONSOLIDATED BALANCE SHEETS

                                               (All US$ amounts and number of shares data in thousands)

                                                                       December 31,                     September 30,           December 31,

                                                                                           2013                            2013                   2012
                                                                                           ----                            ----                   ----

                                                                       (unaudited)                       (unaudited)             (audited)

    ASSETS

    Current assets

    Cash and cash equivalents                                                           587,119                         562,019                496,205

    Restricted cash                                                                     261,612                         233,951                145,730

    Accounts receivable                                                                   8,528                          17,297                  3,076

    Other receivables                                                                    10,595                          16,619                 27,413

    Other deposits and prepayments                                                      402,310                         404,389                105,427

    Advances to suppliers                                                                15,317                          25,041                 11,028

    Real estate property held for sale                                                    5,524                           5,394                 11,191

    Real estate property development completed                                           23,161                          34,214                  3,158

    Real estate property under development                                              919,846                         534,688                722,819

    Other current assets                                                                     59                             198                    295

    Due from related parties                                                                820                               -                      -
                                                                                            ---                             ---                    ---

    Total current assets                                                              2,234,891                       1,833,810              1,526,342
                                                                                      ---------                       ---------              ---------

    Real estate properties held for lease, net                                           58,717                          53,443                 23,204

    Property and equipment, net                                                          46,706                          45,560                  1,576

    Restricted deposit                                                                        -                          11,418                 11,169

    Other long-term investment                                                              251                             249                    242

    Interests in an equity investee                                                       5,945                               -                      -

    Deferred tax asset                                                                    8,547                           1,404                  1,599

    Deferred charges                                                                      9,049                           4,878                      -

    Other assets                                                                          3,760                           2,260                  2,249
                                                                                          -----                           -----                  -----

    TOTAL ASSETS                                                                      2,367,866                       1,953,022              1,566,381
                                                                                      =========                       =========              =========


                                                              XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

                                                                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                                           (All US$ amounts and number of shares data in thousands)

                                                                                                December 31,              September 30,            December 31,

                                                                                                                    2013                     2013                    2012
                                                                                                                    ----                     ----                    ----

                                                                                                (unaudited)                (unaudited)              (audited)

    LIABILITIES AND

    SHAREHOLDERS' EQUITY

    Current liabilities

    Accounts payable                                                                                             193,046                  184,763                 241,894

    Short-term bank loans and other debt                                                                          23,291                   80,223                 113,066

    Customer deposits                                                                                             75,285                   92,578                  50,201

    Income tax payable                                                                                           121,642                   77,502                  75,877

    Deferred tax liabilities                                                                                      70,458                   40,857                  13,612

    Other payables and accrued liabilities                                                                        74,804                   68,100                  64,721

    Payroll and welfare payable                                                                                   19,638                    7,872                   9,663

    Current portion of long-term bank loans and other debt                                                       217,964                  100,846                 166,082

    Current maturities of capital lease obligations                                                                2,746                    2,723                       -
                                                                                                                   -----                    -----                     ---

    Total current liabilities                                                                                    798,874                  655,464                 735,116
                                                                                                                 -------                  -------                 -------

    Non- current liabilities

    Long-term bank loans                                                                                          32,804                   58,796                  35,000

    Other long term debt                                                                                         536,943                  275,761                       -

    Deferred tax liabilities                                                                                       9,385                    8,253                   5,885

    Unrecognized tax benefits                                                                                     16,314                    9,105                   8,842

    Capital lease obligations, net of current maturities                                                          26,646                   28,619                       -
                                                                                                                  ------                   ------                     ---

    TOTAL LIABILITIES                                                                                          1,420,966                1,035,998                 784,843
                                                                                                               ---------                ---------                 -------

    Shareholders' equity

    Common shares                                                                                                     16                       15                      15

    Treasury shares                                                                                               (3,085)                  (3,086)                (13,667)

    Additional paid-in capital                                                                                   534,937                  533,647                 511,964

    Statutory reserves                                                                                            68,547                   49,622                  49,622

    Retained earnings                                                                                            346,485                  336,826                 233,604
                                                                                                                 -------                  -------                 -------

    TOTAL EQUITY                                                                                                946, 900                  917,024                 781,538
                                                                                                                --------                  -------                 -------

    TOTAL LIABILITIES AND                                                                                      2,367,866                1,953,022               1,566,381

    SHAREHOLDERS' EQUITY

SOURCE Xinyuan Real Estate Co., Ltd.


Source: PR Newswire



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