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Xinyuan Real Estate Co., Ltd. , an NYSE-listed real estate developer and property manager operating primarily in China<\/span> and in the U.S., today announced its unaudited financial results for the second quarter ended June 30, 2020<\/span>.<\/p>\n Second Quarter<\/strong> 2020 Highlights<\/strong><\/p>\n Mr. Yong Zhang<\/span>, Xinyuan’s Chairman, stated, “Though the COVID-19 effect still last in Q2 2020, we further strengthened the marketing efforts, with total contract sales of the first half reaching around US$1.18 billion<\/span>. With certain major projects launched in Q3, we are now holding a more optimistic view toward the full year sales result.”<\/p>\n Mr. Zhang continued: “In this quarter, we also have further optimized debt structure and controlled capital expenditure. Our total debt decreased to US$3.0 billion<\/span> as of June 30, 2020<\/span>, US$0.6 billion<\/span> lower year on year. Short term debt was US$1.2 billion<\/span>, 41% of total debt. Compared with Q1, we have reduced our short-term<\/span> debt by US$197 million<\/span>, and total debt by US$32 million<\/span>. In June and July 2020<\/span>, we issued RMB160 million<\/span> and RMB354.5 million<\/span> of senior notes, respectively, which are now traded on the Singapore Exchange. In July 2020<\/span>, our HK-listed property management subsidiary completed a follow-on offering, receiving about HK$127.2 million<\/span> of net proceeds. These successful capital raises bring the additional resources needed to drive our growth strategy and to build a diverse and dynamic real estate ecosystem.”<\/p>\n Second quarter<\/strong> 2020 Financial Results<\/strong><\/p>\n Revenue<\/strong><\/p>\n In the second quarter of 2020, the Company’s total revenue decreased 53.3% to US$284.4 million<\/span> from US$609.4 million<\/span> in the second quarter of 2019 and increased 126.1% from US$125.8 million<\/span> in the first quarter of 2020.<\/p>\n Gross Profit<\/strong><\/p>\n Gross profit for the second quarter of 2020 was US$19.2 million<\/span>, or 6.8% of total revenue, compared to gross profit of US$159.2 million<\/span>, or 26.1% of total revenue, in the second quarter of 2019 and a gross profit of US$28.1 million<\/span>, or 22.3% of total revenue, in the first quarter of 2020. Gross margin decreased dramatically from the previous quarters, this is mainly because we made a prudent adjustment. Considering the current market price affected by the epidemic, we reduced the expected selling price of several projects, the adjustment resulted in a significant reduction of gross margin. Without the adjustment, gross margin for this quarter would be 22.5%.<\/p>\n Selling, General and Administrative Expenses<\/strong><\/p>\n SG&A expenses were US$51.4 million<\/span> for the second quarter of 2020 compared to US$63.0 million<\/span> for the second quarter of 2019 and US$44.0 million<\/span> for the first quarter of 2020. As a percentage of total revenue, SG&A expenses were 18.1% compared to 10.3% in the second quarter of 2019 and 35.0% in the first quarter of 2020.<\/p>\n Net Income<\/strong><\/p>\n Net loss for the second quarter of 2020 was US$30<\/span>.1 million compared to net income of US$19.8 million<\/span> for the second quarter of 2019 and net loss of US$39.1 million<\/span> for the first quarter of 2020. Net margin was negative 10.6% compared to 3.3% in the second quarter of 2019 and negative 31.1% in the first quarter of 2020. Diluted net loss per ADS was US$0.49<\/span> compared to diluted net earnings of US$0.19<\/span> per ADS in the second quarter of 2019 and diluted net loss of US$0.73<\/span> per ADS in the first quarter of 2020.<\/p>\n Balance Sheet<\/strong><\/p>\n As of June 30, 2020, the Company’s cash and restricted cash increased to US$999.8 million<\/span> from US$933.1 million<\/span> as of March 31, 2020<\/span>.<\/p>\n Total debt outstanding was US$3,008.0 million<\/span>, which reflects a decrease of US$31.6 million<\/span> from US$3,039.6 million<\/span> at the end of the first quarter of 2020.<\/p>\n The balance of the Company’s real estate properties under development at the end of the second quarter of 2020 was US$3,094<\/span>.9 million compared to US$3,176.4 million<\/span> at the end of the first quarter of 2020.<\/p>\n Real Estate Project Status in China<\/span><\/strong><\/p>\n The Company commenced pre-sales of one new project in the second quarter of 2020, Suzhou Linhu Lake.<\/p>\n Below is a summary table of projects that were active and available for sale in the second quarter of 2020.<\/p>\n Project<\/strong><\/span><\/p>\n<\/td>\n GFA<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n (m2<\/sup>, 000s)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n Total Active Sold as of Unsold as of Xingyang Splendid II<\/span><\/p>\n<\/td>\n 118.5<\/span><\/p>\n<\/td>\n 98.1<\/span><\/p>\n<\/td>\n 20.4<\/span><\/p>\n<\/td>\n<\/tr>\n Jinan Royal Palace<\/span><\/p>\n<\/td>\n 449.8<\/span><\/p>\n<\/td>\n 440.6<\/span><\/p>\n<\/td>\n 9.2<\/span><\/p>\n<\/td>\n<\/tr>\n Xuzhou Colorful City<\/span><\/p>\n<\/td>\n 130.8<\/span><\/p>\n<\/td>\n 123.3<\/span><\/p>\n<\/td>\n 7.5<\/span><\/p>\n<\/td>\n<\/tr>\n Sanya Yazhou Bay No.1<\/span><\/p>\n<\/td>\n 117.6<\/span><\/p>\n<\/td>\n 117.3<\/span><\/p>\n<\/td>\n 0.3<\/span><\/p>\n<\/td>\n<\/tr>\n Xi’an Metropolitan<\/span><\/p>\n<\/td>\n 286.0<\/span><\/p>\n<\/td>\n 276.3<\/span><\/p>\n<\/td>\n 9.7<\/span><\/p>\n<\/td>\n<\/tr>\n Jinan Xin Central<\/span><\/p>\n<\/td>\n 194.6<\/span><\/p>\n<\/td>\n 190.2<\/span><\/p>\n<\/td>\n 4.4<\/span><\/p>\n<\/td>\n<\/tr>\n Henan Xin Central I<\/span><\/p>\n<\/td>\n 261.5<\/span><\/p>\n<\/td>\n 253.1<\/span><\/p>\n<\/td>\n 8.4<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou Fancy City I<\/span><\/p>\n<\/td>\n 166.7<\/span><\/p>\n<\/td>\n 160.9<\/span><\/p>\n<\/td>\n 5.8<\/span><\/p>\n<\/td>\n<\/tr>\n Tianjin Spring Royal Palace I<\/span><\/p>\n<\/td>\n 139.7<\/span><\/p>\n<\/td>\n 131.7<\/span><\/p>\n<\/td>\n 8.0<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City I<\/span><\/p>\n<\/td>\n 356.6<\/span><\/p>\n<\/td>\n 351.6<\/span><\/p>\n<\/td>\n 5.0<\/span><\/p>\n<\/td>\n<\/tr>\n Xingyang Splendid III<\/span><\/p>\n<\/td>\n 120.9<\/span><\/p>\n<\/td>\n 119.0<\/span><\/p>\n<\/td>\n 1.9<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City II<\/span><\/p>\n<\/td>\n 176.0<\/span><\/p>\n<\/td>\n 170.4<\/span><\/p>\n<\/td>\n 5.6<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou Fancy City II (North)<\/span><\/p>\n<\/td>\n 108.7<\/span><\/p>\n<\/td>\n 102.0<\/span><\/p>\n<\/td>\n 6.7<\/span><\/p>\n<\/td>\n<\/tr>\n Tianjin Spring Royal Palace II<\/span><\/p>\n<\/td>\n 144.6<\/span><\/p>\n<\/td>\n 86.6<\/span><\/p>\n<\/td>\n 58.0<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City III D<\/span><\/p>\n<\/td>\n 46.1<\/span><\/p>\n<\/td>\n 45.2<\/span><\/p>\n<\/td>\n 0.9<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou Hangmei International Wisdom City I<\/span><\/p>\n<\/td>\n 64.7<\/span><\/p>\n<\/td>\n 56.3<\/span><\/p>\n<\/td>\n 8.4<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City III B<\/span><\/p>\n<\/td>\n 118.8<\/span><\/p>\n<\/td>\n 118.5<\/span><\/p>\n<\/td>\n 0.3<\/span><\/p>\n<\/td>\n<\/tr>\n Changsha Furong Thriving Family<\/span><\/p>\n<\/td>\n 72.3<\/span><\/p>\n<\/td>\n 72.3<\/span><\/p>\n<\/td>\n 0.0<\/span><\/p>\n<\/td>\n<\/tr>\n Chengdu Xinyuan City<\/span><\/p>\n<\/td>\n 741.6<\/span><\/p>\n<\/td>\n 280.5<\/span><\/p>\n<\/td>\n 461.1<\/span><\/p>\n<\/td>\n<\/tr>\n Kunshan Xinyu Jiayuan<\/span><\/p>\n<\/td>\n 107.9<\/span><\/p>\n<\/td>\n 59.4<\/span><\/p>\n<\/td>\n 48.5<\/span><\/p>\n<\/td>\n<\/tr>\n Xingyang Splendid IV<\/span><\/p>\n<\/td>\n 151.8<\/span><\/p>\n<\/td>\n 84.1<\/span><\/p>\n<\/td>\n 67.7<\/span><\/p>\n<\/td>\n<\/tr>\n Suzhou Suhe Bay *<\/span><\/p>\n<\/td>\n 62.6<\/span><\/p>\n<\/td>\n 62.6<\/span><\/p>\n<\/td>\n –<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou Hangmei International Wisdom City II<\/span><\/p>\n<\/td>\n 78.4<\/span><\/p>\n<\/td>\n 39.1<\/span><\/p>\n<\/td>\n 39.3<\/span><\/p>\n<\/td>\n<\/tr>\n Qingdao Royal Dragon Bay<\/span><\/p>\n<\/td>\n 162.2<\/span><\/p>\n<\/td>\n 104.3<\/span><\/p>\n<\/td>\n 57.9<\/span><\/p>\n<\/td>\n<\/tr>\n Jinan Royal Spring Bay<\/span><\/p>\n<\/td>\n 116.9<\/span><\/p>\n<\/td>\n 64.1<\/span><\/p>\n<\/td>\n 52.8<\/span><\/p>\n<\/td>\n<\/tr>\n Xinyuan Golden Water View City-Zhengzhou<\/span><\/p>\n<\/td>\n 331.4<\/span><\/p>\n<\/td>\n 100.7<\/span><\/p>\n<\/td>\n 230.7<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou Fancy City III<\/span><\/p>\n<\/td>\n 80.6<\/span><\/p>\n<\/td>\n 77.6<\/span><\/p>\n<\/td>\n 3.0<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City III C<\/span><\/p>\n<\/td>\n 82.3<\/span><\/p>\n<\/td>\n 73.8<\/span><\/p>\n<\/td>\n 8.5<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City IV A12<\/span><\/p>\n<\/td>\n 199.7<\/span><\/p>\n<\/td>\n 181.8<\/span><\/p>\n<\/td>\n 17.9<\/span><\/p>\n<\/td>\n<\/tr>\n Zhengzhou International New City IV B10<\/span><\/p>\n<\/td>\n 92.3<\/span><\/p>\n<\/td>\n 67.9<\/span><\/p>\n<\/td>\n 24.4<\/span><\/p>\n<\/td>\n<\/tr>\n Suzhou Galaxy Bay<\/span><\/p>\n<\/td>\n 76.5<\/span><\/p>\n<\/td>\n 73.3<\/span><\/p>\n<\/td>\n 3.2<\/span><\/p>\n<\/td>\n<\/tr>\n Suzhou Gusu Shade I<\/span><\/p>\n<\/td>\n 12.0<\/span><\/p>\n<\/td>\n 8.8<\/span><\/p>\n<\/td>\n 3.2<\/span><\/p>\n<\/td>\n<\/tr>\n Dalian International Health Technology Town I<\/span><\/p>\n<\/td>\n 103.8<\/span><\/p>\n<\/td>\n 44.7<\/span><\/p>\n<\/td>\n 59.1<\/span><\/p>\n<\/td>\n<\/tr>\n Xingyang Splendid V<\/span><\/p>\n<\/td>\n 80.5<\/span><\/p>\n<\/td>\n 61.6<\/span><\/p>\n<\/td>\n 18.9<\/span><\/p>\n<\/td>\n<\/tr>\n Suzhou Gusu Shade II **<\/span><\/p>\n<\/td>\n 14.3<\/span><\/p>\n<\/td>\n 8.4<\/span><\/p>\n<\/td>\n 5.9<\/span><\/p>\n<\/td>\n<\/tr>\n\n
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<\/strong><\/span>Projects as of
June 30, 2020<\/strong><\/span><\/p>\n<\/td>\n\n
June 30, 2020<\/strong><\/span><\/p>\n<\/td>\n\n
June 30, 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n