6-K 1 xin-6k_20170922.htm FORM 6-K xin-6k_20170922.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

FOR THE MONTH OF SEPTEMBER 2017

COMMISSION FILE NUMBER: 001-33863

XINYUAN REAL ESTATE CO., LTD.

27/F, China Central Place, Tower II

79 Jianguo Road, Chaoyang District

Beijing 100025

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F                      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                        No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________.

 

 

 


 

TABLE OF CONTENTS

 

 

Exhibit 101

The following financial statements as of and for the six months ended June 30, 2017 from the Xinyuan Real Estate Co., Ltd.’s Report on Form 6-K for the month of September 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed consolidated balance sheets as of December 31, 2016 (audited) and June 30, 2017 (unaudited), (ii) Condensed consolidated statements of comprehensive income for the six months ended June 30, 2016 and 2017 (unaudited), (iii) Condensed consolidated statements of cash flows for the six months ended June 30, 2016 and 2017 (unaudited), and (iv) Notes to unaudited condensed consolidated financial statements for the six months ended June 30, 2016 and 2017.

 

1


 

EXPLANATORY NOTE

Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) is furnishing this Form 6-K to provide six-month interim financial statements and incorporate such financial statements into the Company’s registration statements referenced below.

This Form 6-K is hereby incorporated by reference into the registration statements of the Company on Form S-8 (Registration Numbers 333-152637, 333-198525 and 333-205371) and on Form F-3 (Registration Number 333-192046) and any outstanding prospectus, offering circular or similar document issued or authorized by the Company that incorporates by reference any of the Company’s reports on Form 6-K that are incorporated into its registration statements filed with the Securities and Exchange Commission, and this Form 6-K shall be deemed a part of each such document from the date on which this Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

FORWARD-LOOKING STATEMENTS

This Report on Form 6-K, including the Exhibits hereto, contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “is expected to,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions or negatives of such expressions. These forward-looking statements include, among others, statements about:

 

our anticipated growth strategies;

 

our future business development, results of operations and financial condition;

 

our expectations with respect to our ability to acquire adequate financing for our future business development;

 

our expectations with respect to our ability to acquire adequate suitable land use rights for future development; and

 

our belief with respect to market opportunities in, and growth prospects of, our target market cites in China and our targeted areas in the United States.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. However, a number of known and unknown risks, uncertainties and other factors could affect the accuracy of these statements. Among the important factors to consider in evaluating our forward-looking statements are:

 

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;

 

laws, regulations and policies relating to real estate developers and the real estate industry in the markets 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; and

 

fluctuations in general economic and business conditions in the markets in which we operate.

2


 

Additional factors which could adversely impact our business and financial performance, including the risks outlined in our 2016 Form 20-F under “Item 3. Key Information - D. Risk Factors.” You should read thoroughly this Report on Form 6-K and the Exhibits hereto with the understanding that our actual future results may be materially different from and/or worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this Report on Form 6-K relate only to events or information as of the date on which the statements are made in this Report on Form 6-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities laws.

3


 

EXHIBIT INDEX

 

Exhibit

Number

 

Description

 

 

 

Exhibit 99.1

 

Unaudited interim consolidated financial statements as of June 30, 2017 and for the six months ended June 30, 2017 and 2016 of Xinyuan Real Estate Co., Ltd. and its Subsidiaries.

 

 

 

Exhibit 99.2

 

Selected consolidated financial data as of June 30, 2017 and December 31, 2016 and for the six months ended June 30, 2017 and 2016 of Xinyuan Real Estate Co., Ltd. and its Subsidiaries.

 

 

 

Exhibit 99.3

 

Operating and Financial Review and Prospects as of June 30, 2017 and for the six months ended June 30, 2017 and 2016 of Xinyuan Real Estate Co., Ltd. and its Subsidiaries.

 

 

 

Exhibit 101

 

The following financial statements as of and for the six months ended June 30, 2017 from the Company’s Report on Form 6-K for the month of September 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed consolidated balance sheets as of December 31, 2016 (audited) and June 30, 2017 (unaudited), (ii) Condensed consolidated statements of comprehensive income for the six months ended June 30, 2016 and 2017 (unaudited), (iii) Condensed consolidated statements of cash flows for the six months ended June 30, 2016 and 2017 (unaudited), and (iv) Notes to unaudited condensed consolidated financial statements for the six months ended June 30, 2016 and 2017.

 

 

4


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

XINYUAN REAL ESTATE CO., LTD.

 

 

By:

 

/s/ Yuan (Helen) Zhang

Name:

 

Yuan (Helen) Zhang

Title:

 

Chief Financial Officer

 

Date: September 22, 2017

 

 

 

5


 

Exhibit 99.1

Xinyuan Real Estate Co., Ltd. and Subsidiaries

CONTENTS

 

F-1


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2016 (AUDITED)

AND JUNE 30, 2017 (UNAUDITED)

(All amounts stated in US$, except for number of shares data)

 

 

 

 

 

 

December 31,

 

 

June 30,

 

 

 

Notes

 

2016

 

 

2017

 

 

 

 

 

 

 

US$

 

 

US$

 

 

 

 

 

 

 

(Audited)

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

578,244,378

 

 

 

953,511,338

 

Restricted cash

 

 

 

 

 

 

328,499,059

 

 

 

321,614,668

 

Short-term investments

 

 

3

 

 

 

39,310,595

 

 

 

49,685,723

 

Accounts receivable

 

 

 

 

 

 

32,703,517

 

 

 

27,668,667

 

Other receivables

 

 

 

 

 

 

31,822,187

 

 

 

38,749,716

 

Deposits for land use rights

 

 

 

 

 

 

153,252,126

 

 

 

80,376,122

 

Other deposits and prepayments

 

 

 

 

 

 

525,263,384

 

 

 

492,217,775

 

Advances to suppliers

 

 

 

 

 

 

27,457,335

 

 

 

38,465,493

 

Real estate properties development completed

 

 

4

 

 

 

477,179,252

 

 

 

381,237,725

 

Real estate properties under development (including real estate properties under development of the consolidated variable interest entities (“Consolidated VIEs”) to be used only to settle obligations of the Consolidated VIEs of US$105,056,385 and US$118,406,540 as of December 31, 2016 and June 30, 2017, respectively)

 

 

4

 

 

 

1,719,135,164

 

 

 

2,135,226,368

 

Amounts due from related parties

 

 

10

 

 

 

17,731,875

 

 

 

24,583,947

 

Amounts due from employees

 

 

10

 

 

 

620,462

 

 

 

1,482,166

 

Other current assets

 

 

 

 

 

 

225,785

 

 

 

583,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

 

 

3,931,445,119

 

 

 

4,545,403,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate properties held for lease, net

 

 

 

 

 

 

159,873,934

 

 

 

191,021,265

 

Deposits for land use rights

 

 

 

 

 

 

28,830,907

 

 

 

29,522,910

 

Property and equipment, net

 

 

 

 

 

 

34,090,096

 

 

 

33,154,475

 

Other long-term investment

 

 

5

 

 

 

241,648

 

 

 

9,098,521

 

Investment in joint ventures

 

 

 

 

 

 

7,555,911

 

 

 

7,501,664

 

Deferred tax assets

 

 

 

 

 

 

49,689,528

 

 

 

50,189,636

 

Other assets

 

 

 

 

 

 

24,718,147

 

 

 

40,976,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 

 

 

 

4,236,445,290

 

 

 

4,906,868,290

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

F-2


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2016 (AUDITED)

AND JUNE 30, 2017 (UNAUDITED) (Continued)

(All amounts stated in US$, except for number of shares data)

 

 

 

 

 

 

December 31,

 

 

June 30,

 

 

 

Notes

 

2016

 

 

2017

 

 

 

 

 

 

 

US$

 

 

US$

 

 

 

 

 

 

 

(Audited)

 

 

(Unaudited)

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and notes payable (including accounts payable and notes payable of the Consolidated VIEs without recourse to the primary beneficiary of US$2,321,966 and US$2,367,075 as of December 31, 2016 and June 30, 2017, respectively)

 

 

 

 

 

 

524,663,366

 

 

 

482,028,204

 

Short-term bank loans and other debt

 

 

6

 

 

 

178,576,151

 

 

 

109,855,800

 

Customer deposits

 

 

 

 

 

 

150,545,253

 

 

 

173,326,136

 

Income tax payable

 

 

 

 

 

 

120,573,148

 

 

 

102,735,919

 

Other payables and accrued liabilities (including other payables and accrued liabilities of the Consolidated VIEs without recourse to the primary beneficiary of US$1,583,399 and US$2,667,181 as of December 31, 2016 and June 30, 2017, respectively)

 

 

 

 

 

 

199,661,165

 

 

 

242,832,041

 

Payroll and welfare payable (including payroll and welfare payable of the Consolidated VIEs without recourse to the primary beneficiary of nil and US$1,603 as of December 31, 2016 and June 30, 2017, respectively)

 

 

 

 

 

 

19,521,772

 

 

 

11,923,036

 

Current portion of long-term bank loans and other debt

 

 

7,8

 

 

 

704,695,082

 

 

 

1,077,419,087

 

Current maturities of capital lease obligations

 

 

13

 

 

 

3,923,394

 

 

 

4,313,809

 

Mandatorily redeemable non-controlling interests

 

 

2(a)

 

 

 

12,613,522

 

 

 

12,916,273

 

Amounts due to related parties

 

 

10

 

 

 

66,229,724

 

 

 

69,307,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

 

 

 

1,981,002,577

 

 

 

2,286,657,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term bank loans

 

 

7

 

 

 

235,885,009

 

 

 

360,945,449

 

Other long-term debt

 

 

8

 

 

 

974,791,324

 

 

 

1,099,563,119

 

Deferred tax liabilities

 

 

 

 

 

 

93,106,706

 

 

 

172,894,391

 

Unrecognized tax benefits

 

 

9

 

 

 

20,491,988

 

 

 

20,493,767

 

Capital lease obligations, net of current maturities

 

 

13

 

 

 

15,015,508

 

 

 

13,092,632

 

Amounts due to related parties

 

 

10

 

 

 

 

 

 

1,542,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

 

3,320,293,112

 

 

 

3,955,190,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-3


XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2016 (AUDITED)

AND JUNE 30, 2017 (UNAUDITED) (Continued)

(All amounts stated in US$, except for number of shares data)

 

 

 

 

 

 

December 31,

 

 

June 30,

 

 

 

Notes

 

2016

 

 

2017

 

 

 

 

 

 

 

US$

 

 

US$

 

 

 

 

 

 

 

(Audited)

 

 

(Unaudited)

 

Shareholders equity

 

 

 

 

 

 

 

 

 

 

 

 

Common shares, US$0.0001 par value:

 

 

 

 

 

 

 

 

 

 

 

 

Authorized-500,000,000 shares; shares issued and outstanding-129,966,045 shares as of June 30, 2017 (December 31, 2016: 131,426,741 shares)

 

 

 

 

 

 

16,051

 

 

 

16,151

 

Treasury shares

 

 

 

 

 

 

(53,734,088

)

 

 

(65,589,869

)

Additional paid-in capital

 

 

 

 

 

 

538,414,246

 

 

 

542,040,455

 

Statutory reserves

 

 

 

 

 

 

95,973,296

 

 

 

95,964,858

 

Retained earnings

 

 

 

 

 

 

354,273,848

 

 

 

357,146,978

 

Accumulated other comprehensive income

 

 

14

 

 

 

(34,682,888

)

 

 

(11,255,929

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Xinyuan Real Estate Co., Ltd. shareholders' equity

 

 

 

 

 

 

900,260,465

 

 

 

918,322,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interest

 

 

15

 

 

 

15,891,713

 

 

 

33,355,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

 

 

 

 

916,152,178

 

 

 

951,678,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

 

 

 

 

 

4,236,445,290

 

 

 

4,906,868,290

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

F-4


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2017 (UNAUDITED)

(All amounts stated in US$, except for number of shares data)

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

Notes

 

 

2016

 

 

2017

 

 

 

 

 

 

 

US$

 

 

US$

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate sales, net of sales taxes of US$34,932,216 for the six months ended June 30, 2016 and US$6,721,058 for the six months ended June 30, 2017.

 

 

 

 

 

 

594,465,950

 

 

 

746,338,113

 

Real estate management services income

 

 

 

 

 

 

12,867,287

 

 

 

16,793,921

 

Real estate lease income

 

 

 

 

 

 

2,980,041

 

 

 

4,592,865

 

Other revenue

 

 

 

 

 

 

1,693,558

 

 

 

1,153,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

 

 

 

 

612,006,836

 

 

 

768,878,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of real estate sales

 

 

 

 

 

 

(471,580,587

)

 

 

(578,883,729

)

Cost of real estate management services

 

 

 

 

 

 

(10,052,465

)

 

 

(13,149,916

)

Cost of real estate lease income

 

 

 

 

 

 

(1,795,262

)

 

 

(4,454,101

)

Other costs

 

 

 

 

 

 

(2,379,095

)

 

 

(1,901,483

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of revenue

 

 

 

 

 

 

(485,807,409

)

 

 

(598,389,229

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

126,199,427

 

 

 

170,489,099

 

Selling and distribution expenses

 

 

 

 

 

 

(16,921,743

)

 

 

(28,558,928

)

General and administrative expenses

 

 

 

 

 

 

(55,604,870

)

 

 

(54,839,800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

53,672,814

 

 

 

87,090,371

 

Interest income

 

 

 

 

 

 

12,693,566

 

 

 

6,973,766

 

Interest expense

 

 

 

 

 

 

(10,063,297

)

 

 

(29,520,400

)

Net realized gain on short-term investments

 

 

3

 

 

 

915,903

 

 

 

2,844,695

 

Unrealized gain on short-term investments

 

 

3

 

 

 

766,955

 

 

 

1,777,579

 

Share of loss of equity investees

 

 

 

 

 

 

(597,966

)

 

 

(508,247

)

Exchange gains/(loss)

 

 

 

 

 

 

235,624

 

 

 

(97,185

)

Other income

 

 

 

 

 

 

4,108,053

 

 

 

159,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

 

 

 

 

 

61,731,652

 

 

 

68,719,804

 

Income taxes

 

 

 

 

 

 

(27,032,761

)

 

 

(40,525,242

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

34,698,891

 

 

 

28,194,562

 

Net income attributable to non-controlling interest

 

 

15

 

 

 

(2,053,922

)

 

 

(11,655,638

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders

 

 

 

 

 

 

32,644,969

 

 

 

16,538,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11

 

 

 

0.24

 

 

 

0.13

 

Diluted

 

 

11

 

 

 

0.23

 

 

 

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-5


XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2017 (UNAUDITED) (Continued)

(All amounts stated in US$, except for number of shares data)

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

Notes

 

 

2016

 

 

2017

 

 

 

 

 

 

 

US$

 

 

US$

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Shares used in computation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11

 

 

 

134,617,909

 

 

 

128,317,210

 

Diluted

 

 

11

 

 

 

138,984,932

 

 

 

131,557,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income, net of tax of nil

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

14

 

 

 

(19,435,836

)

 

 

23,426,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

15,263,055

 

 

 

51,621,521

 

Comprehensive income attributable to non-controlling interest

 

 

 

 

 

 

(2,053,922

)

 

 

(12,290,819

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Xinyuan Real Estate Co., Ltd. Shareholders

 

 

 

 

 

 

13,209,133

 

 

 

39,330,702

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

F-6


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2017 (UNAUDITED)

(All amounts stated in US$, except for number of shares data)

 

 

 

Six months ended June 30,

 

 

 

2016

 

 

2017

 

 

 

US$

 

 

US$

 

 

 

(Unaudited)

 

 

(Unaudited)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

 

34,698,891

 

 

 

28,194,562

 

Adjustments to reconcile net income to net cash (used in)/provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,321,389

 

 

 

6,887,338

 

Stock-based compensation expenses

 

 

5,271,661

 

 

 

2,266,757

 

Deferred tax (benefit)/expense

 

 

(26,387,082

)

 

 

9,190,815

 

Amortization of deferred charges

 

 

2,233,891

 

 

 

2,775,738

 

Share of loss of equity investees

 

 

597,966

 

 

 

508,247

 

Exchange (gains)/loss

 

 

(235,624

)

 

 

97,185

 

Changes in unrecognized tax benefit

 

 

305,511

 

 

 

 

Net realized gain on short-term investments

 

 

(915,903

)

 

 

(2,844,695

)

Unrealized gain on short-term investments

 

 

(766,955

)

 

 

(1,777,579

)

Proceeds from disposal of trading securities

 

 

16,410,536

 

 

 

577,866,769

 

Purchase of trading securities

 

 

(46,414,501

)

 

 

(583,492,828

)

Bargain purchase gain

 

 

(2,004,507

)

 

 

 

Effect of remeasurement of equity interest in joint venture

 

 

(2,100,563

)

 

 

 

Others

 

 

(820,514

)

 

 

181,913

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

25,830,383

 

 

 

6,121,326

 

Real estate properties development completed

 

 

2,883,228

 

 

 

87,425,687

 

Real estate properties under development

 

 

20,317,523

 

 

 

(190,999,510

)

Real estate properties held for lease

 

 

(532,482

)

 

 

(31,019,439

)

Advances to suppliers

 

 

(3,720,032

)

 

 

(10,206,454

)

Other receivables

 

 

119,468,434

 

 

 

(4,982,595

)

Deposits for land use rights

 

 

(41,387,969

)

 

 

(25,894,715

)

Other deposits and prepayments

 

 

29,395,254

 

 

 

44,850,418

 

Other current assets

 

 

1,796,533

 

 

 

(653,641

)

Amounts due from related parties

 

 

(58,153,898

)

 

 

(6,790,212

)

Amounts due from employees

 

 

(1,538,762

)

 

 

(835,920

)

Other assets

 

 

2,059,626

 

 

 

(14,448,652

)

Accounts payable

 

 

(49,788,059

)

 

 

(53,622,472

)

Customer deposits

 

 

8,652,670

 

 

 

18,935,748

 

Income tax payable

 

 

(6,007,499

)

 

 

(20,372,658

)

Other payables and accrued liabilities

 

 

(3,117,907

)

 

 

40,843,728

 

Payroll and welfare payable

 

 

(13,872,499

)

 

 

(7,948,831

)

 

 

 

 

 

 

 

 

 

Net cash provided/(used in) by operating activities

 

 

16,478,740

 

 

 

(129,743,970

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-7


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2017 (UNAUDITED) (Continued)

(All amounts stated in US$, except for number of shares data)

 

 

 

Six months ended June 30,

 

 

 

2016

 

 

2017

 

 

 

US$

 

 

US$

 

 

 

(Unaudited)

 

 

(Unaudited)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Disposal of properties held for lease and property and equipment

 

 

83,564

 

 

 

159,353

 

Purchase of property and equipment

 

 

(921,985

)

 

 

(2,673,991

)

Acquisition of subsidiaries, net of cash acquired

 

 

15,055,431

 

 

 

 

Acquisition of other long-term investment

 

 

 

 

 

(8,780,788

)

Acquisition of other equity method investment

 

 

(11,543,711

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided/(used in) investing activities

 

 

2,673,299

 

 

 

(11,295,426

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

1,454,020

 

 

 

185,815

 

Purchase of shares under Restricted Stock Unit (“RSU”) plan

 

 

(4,003,999

)

 

 

 

Purchase of treasury shares

 

 

(21,216,816

)

 

 

(11,855,780

)

Dividends to shareholders

 

 

(7,015,794

)

 

 

(13,674,234

)

(Increase)/decrease in restricted cash

 

 

(111,232,195

)

 

 

13,696,761

 

Amounts due to related parties

 

 

 

 

 

1,314,496

 

Repayments of short-term bank loans and current portion of long-term bank loans

 

 

(503,479,828

)

 

 

(14,868,503

)

Proceeds from short-term bank loans and current portion of long-term bank loans

 

 

335,814,445

 

 

 

26,367,481

 

Repayment of long-term bank loans

 

 

 

 

 

(1,403,019

)

Proceeds from long-term bank loans

 

 

41,624,237

 

 

 

170,375,060

 

Repayment of other short-term debt

 

 

 

 

 

(364,240,569

)

Proceeds from other short-term debt

 

 

12,249,492

 

 

 

428,837,561

 

Repayment of other long-term debt

 

 

(37,766,126

)

 

 

(60,018,729

)

Proceeds from other long-term debt

 

 

314,944,294

 

 

 

342,318,842

 

Deferred charges

 

 

(3,308,992

)

 

 

(13,215,796

)

Capital lease payments

 

 

(1,204,634

)

 

 

(2,021,892

)

Repayment of mandatorily redeemable non-controlling interests

 

 

(2,296,780

)

 

 

(12,731,957

)

Proceeds from mandatorily redeemable non-controlling interests

 

 

459,356

 

 

 

12,734,867

 

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

 

15,020,680

 

 

 

501,800,404

 

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

 

34,172,719

 

 

 

360,761,008

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(4,871,495

)

 

 

14,505,952

 

Cash and cash equivalents, at beginning of period

 

 

387,528,092

 

 

 

578,244,378

 

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, AT END OF PERIOD

 

 

416,829,316

 

 

 

953,511,338

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

F-8


 

XINYUAN REAL ESTATE CO., LTD. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2017 (UNAUDITED)

(All amounts stated in US$, except for number of shares data)