Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter 2018 Financial Results

BEIJING,Feb. 15,2019 -- 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 also in other countries,today announced its unaudited financial results for the fourth quarterended December31,2018.

Fourth Quarter2018 Highlights

On January 1,2018,the Company adopted ASC 606 to recognize revenue for contracts executed after the adoption on an "over time" basis using costs incurred,an input measure. As such,fourth quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.

Contract sales decreased 12.1% to US$724.0 million from US$823.3 million in the fourth quarter of 2017 and increased 26.7% from US$571.3 million in the third quarter of 2018.

Total revenue increased 49.1% to US$1,081.8 million from US$725.7 million in the fourth quarter of 2017 and increased 81.7% from US$595.5 million in the third quarter of 2018.

Gross profit increased 72.0% to US$310.2 million,or 28.7% of total revenue,from US$180.3 million,or 24.8% of total revenue,in the fourth quarter of 2017 and increased 107.9% from US$149.2 million,or 25.1% of total revenue,in the third quarter of 2018.

Selling,General and Administrative ("SG&A") expenses as a percentage of total revenue decreased to 9.9% from 10.8% in the fourth quarter of 2017 and increase from 8.0% in the third quarter of 2018.

Net income increased 194.4% to US$104.2 million from US$35.4 million in the fourth quarter of 2017,and increased 336.0% from US$23.9 million in the third quarter of 2018.

Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$1.15 compared to US$0.50 in the fourth quarter of 2017 and US$0.31 in the third quarter of 2018.

Full Year 2018Highlights

For the year ended December 31,contract sales decreased 8.2% to US$2,264.5 million from US$2,465.7 million in 2017. GFA sales decreased 22.2% to 1,066,782 square meters from 1,371,621 square meters in 2017.

Total revenues increased 11.6% to US$2,207.2 million from US$1,976.9 million in 2017.

Gross profit was US$607.5 million,or 27.5% of revenue in 2018,compared to a gross profit of US$459.6 million,or 23.2% of revenue in 2017.

SG&A expenses were US$241.1 million,or 10.9% of revenue in 2018,compared to US$212.6 million,or 10.8% of revenue in 2017.

Net income was US$106.1 million in 2018 compared to US$80.1 million in 2017. Diluted earnings per ADS were US$1.15 in 2018 compared to US$0.97 per ADS in 2017.

Mr. Yong Zhang,Xinyuan's Chairman,stated,"We are pleased that Xinyuan has maintained strong growth despite the downward pressure on sales across the industry. The total amount of contracts signed in 2018 was US$3,223.6 million,representing 42.4% growth compared to US$2,263.0 million achieved in 2017. Correspondingly,our full year total revenue increased by double digits. Due to the successful selection and execution of our projects,gross profit margin for the year reached 27.5%,resulting in bottom line growth of more than 30%,well above our forecast of 15-20%. Our contract sales in 2018 decreased year over year,mainly because we only included contracts qualified for revenue recognition. As those excluded contracts meet the revenue recognition requirement,our contract sales will recover in the coming quarters."

"During the fourth quarter,we commenced pre-sales on ten new projects in China that reflected our strategy in tier-two cities,which made significant contributions to our total GFA sales and total contract sales," continued Mr. Zhang,"We also invested in our future growth by expanding our land bank with the acquisitions of Huzhou Silk Town and Xingyang Splendid New Project. Our under planning stage projects in China,U.S,and Malaysia continued to proceed as planned,and our UK project made further progress in both construction and sales."

"The macro economic environment and government restriction policies still pose certain challenges for our industry. However,Xinyuan's operating strategy and strong execution capabilities are the foundations of our steady growth. We will remain focused on selecting quality tier-one and tier-two city projects and will supplement our core business with value-added services in a strategic way to solidify our leading market position. We maintain our commitment to controlling our financial leverage and maximizing Xinyuan's financial health. We are optimistic in the outlook for our industry and long-term growth. We are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang.

Fourth Quarter2018 Financial Results

Contract Sales

Contract sales in China totaled US$724.0million in the fourth quartercompared to US$817.1million in the fourth quarterof 2017andUS$571.3million in the thirdquarter of 2018.

The Company's GFA sales in China were 355,609 square meters in the fourth quarterof 2018 compared to 443,600square meters in the fourth quarterof 2017and 277,500 square meters in the thirdquarter of 2018.

The average selling price ("ASP") per square meter sold in China was RMB13,461 (US$2,036) in the fourth quarterof 2018 compared to RMB12,118 (US$1,794) in the fourth quarterof 2017 and RMB13,406(US$2,059) in the thirdquarter of 2018.

The Company commenced pre-sales of ten new projects in the fourth quarter of 2018,Zhengzhou Hangmei International Wisdom City II,Dalian International Health Technology Town I,Qingdao Royal Dragon Bay,Jinan Royal Spring Bay,Xinyuan Golden Water View City,Zhengzhou Fancy City III,Zhengzhou International New City III C,Zhengzhou International New City IV,Suzhou Galaxy Bay,and Suzhou Gusu Shade I. The presales contributed 46.5% and 48.9% of total GFA sales and total contract sales,respectively.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q4 2017

Q3 2018

Q4 2018

GFA

ASP

GFA

ASP

GFA

ASP

(m2,000s)

(RMB)

(m2,000s)

(RMB)

Xingyang Splendid II

1.6

11,650

1.2

13,900

0.7

10,354

Kunshan Royal Palace

1.3

24,232

-

-

-

-

Jinan Royal Palace

35.5

12,404

25.9

16,426

1.4

9,548

Xuzhou Colorful City

31.4

11,246

0.1

10,989

1.9

29,363

Chengdu Thriving Family

15.8

10,724

1.1

8,012

-

-

Changsha Xinyuan Splendid

4.2

18,379

0.2

19,771

4.2

12,796

Sanya Yazhou Bay No.1

2.7

27,497

(0.9)

23,515

0.2

4,995

Xi'an Metropolitan

21.2

9,719

1.8

10,546

1.7

10,592

Zhengzhou Xindo Park

11.3

11,110

4.1

8,015

0.1

8,651

Jinan Xin Central

16.9

11,477

1.3

12,839

3.6

16,789

Henan Xin Central I

9.5

12,890

0.3

18,931

-

-

Zhengzhou Fancy City I

2.0

14,004

0.2

17,481

0.2

16,081

Zhengzhou Fancy City II (South)

4.4

15,899

0.4

17,780

-

-

Tianjin Spring Royal Palace I

2.5

12,590

-

-

0.3

-

Kunshan Xindo Park

12.7

22,311

2.4

24,014

5.1

20,108

Zhengzhou International New City I

33.9

4,401

2.3

25,725

0.2

25,544

Henan Xin Central II

10.4

11,858

0.2

16,913

-

-

Xingyang Splendid III

18.9

7,237

2.7

8,018

1.1

7,779

Changsha Mulian Royal Palace

21.6

12,899

4.0

14,445

1.5

19,790

Zhengzhou International New City

II

76.7

13,711

3.4

13,388

0.6

-

Zhengzhou International New City

III A

73.6

14,058

(0.1)

14,150

0.1

14,150

Zhengzhou Fancy City II (North)

31.2

9,499

2.5

9,567

4.9

12,569

Tianjin Spring Royal Palace II

-

-

23.6

12,691

15.3

13,583

Zhengzhou International New City

III D

-

-

14.0

14,264

-

9,987

Zhengzhou Hangmei International

Wisdom City I

-

-

18.9

7,230

15.9

7,115

Zhengzhou International New City

III B

-

-

54.5

14,135

10.4

13,561

Changsha Furong Thriving Family

-

-

68.4

9,773

3.4

9,915

Chengdu Xinyuan City

-

-

7.1

9,988

67.0

9,961

Kunshan Xinyu Jiayuan

-

-

13.1

26,108

10.6

25,963

Xingyang Splendid IV

-

-

14.7

7,576

6.1

7,455

Suzhou Suhe Bay *

-

-

9.6

21,722

14.4

21,536

Zhengzhou Hangmei International

Wisdom City II

-

-

-

-

14.2

7,313

Qingdao Royal Dragon Bay

-

-

-

-

20.5

21,099

Jinan Royal Spring Bay

-

-

-

-

18.2

9,160

Xinyuan Golden Water View City

-

-

-

-

32.6

19,026

Zhengzhou Fancy City III

-

-

-

-

16.8

12,850

Zhengzhou International New City

III C

-

-

-

-

28.6

11,062

Zhengzhou International New City

IV

-

-

-

-

9.3

14,109

Suzhou Galaxy Bay

-

-

-

-

24.3

13,868

Suzhou Gusu Shade I (Suzhou New

Project)

-

-

-

-

0.1

36,692

Dalian International Health

Technology Town I

-

-

-

-

0.9

14,212

Others

4.3

-

0.5

-

19.2

-

Total

443.6

12,118

277.5

13,406

355.6

13,461

* The Company owns 16.66% equity interest in a joint venture,Suzhou Hengwan Real Estate Co.,Ltd. which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method.

Revenue

In the fourth quarterof 2018,the Company's total revenue increased 49.1% to US$1,081.8 million from US$725.7 million in the fourth quarter of 2017 and increased 81.7% from US$595.5 million in the third quarter of 2018.

Gross Profit

Gross profit for the fourth quarterof 2018 was US$310.2 million,compared to a gross profit of US$180.3 million,in the fourth quarter of 2017 and a gross profit of US US$149.2 million,in the third quarter of 2018.

Selling,General and Administrative Expenses

SG&A expenses were US$106.6million for the fourth quarterof 2018 compared to US$78.2million for the fourth quarterof 2017andUS$47.7million for the thirdquarter of 2018. As a percentage of total revenue,SG&A expenses were 9.9% compared to 10.8% in the fourth quarterof 2017and 8.0% in the thirdquarter of 2018.

Net Income

Net income for thefourth quarterof 2018 was US$104.2 million compared to US$35.4million for the fourth quarterof 2017andUS$23.9million for the thirdquarter of 2018. Net margin was 9.6% compared to 4.9% in the fourth quarterof 2017and 4.0% in the thirdquarter of 2018. Diluted earnings per ADS were US$1.15 compared to US$0.50per ADS in the fourth quarterof 2017 and US$0.31per ADS in the thirdquarter of 2018.

Balance Sheet

As of December31,the Company's cash and cash equivalents (including restricted cash) decreased to US$1,188.2 million from US$1,416.9 million as of September30,2018.

Total debt outstanding was US$3,452.1million,which reflected a decrease of US$632.3million compared to US$4,084.4 million at the end of the thirdquarter of 2018. The balance of the Company's real estate properties under development at the end of the fourth quarterof 2018 was US$3,804.6million compared to US$4,469.1 million at the end of the thirdquarter of 2018.

Adoption of ASC606

On January 1,the Company adopted ASC 606: Revenue from Contracts with Customers ("ASC 606") issued by the Financial Accounting Standards Board. The Company adopted ASC 606 using the modified retrospective approach and applied the adoption only to contracts not completed as of the date of adoption,with no restatement of comparative periods,and a cumulative-effect adjustment to retained earnings recognized as of the date of adoption.

The following tables show the actual annual 2017 operating results and the annual 2017 operating results if the Company had adopted ASC 606 on January 1,2017.

2017 Financial Results Prior to ASC 606

2017 Total

2017 Q1

2017 Q2

2017 Q3

2017 Q4

USD'000

USD'000

USD'000

USD'000

USD'000

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Contract Sales

2,465,663

305,382

732,476

604,520

823,285

1. Revenue

1,976,907

280,714

488,165

482,373

725,655

Gross Profit

459,628

62,567

107,922

108,842

180,297

Gross Profit Margin

23.2%

22.3%

22.1%

22.6%

24.8%

SG&A

212,568

35,505

47,894

50,976

78,193

Interest Expense

66,153

9,325

20,195

11,418

25,215

2. Profit Before Income Taxes

193,228

22,042

46,678

38,895

85,613

Income Taxes

113,117

14,625

25,901

22,366

50,225

3. Net Profit

80,111

7,417

20,777

16,529

35,388

2017 Financial Results Adjusted for ASC 606 Adoption

2017 Total

2017 Q1

2017 Q2

2017 Q3

2017 Q4

USD'000

USD'000

USD'000

USD'000

USD'000

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Contract Sales

2,584,038

354,572

184,834

247,499

797,133

Gross Profit

346,635

70,098

31,576

49,599

195,362

Gross Profit Margin

21.9%

19.8%

17.1%

20.0%

24.5%

SG&A

212,215

2. Profit Before Income Taxes

80,235

29,573

(29,669)

(20,347)

100,678

Income Taxes

75,653

19,295

890

7,991

47,477

3. Net Profit

4,582

10,278

(30,559)

(28,338)

53,201

Real Estate Project Status in China

Below is a summary table of projects that were active and available for sale in the fourth quarterof 2018.

Project

GFA

(m2 '000s)

Total Active Project

Sold to date

Unsold to date

Xingyang Splendid II

137.1

83.6

53.5

Kunshan Royal Palace

280.6

278.9

1.7

Jinan Royal Palace

449.5

427.2

22.3

Xuzhou Colorful City

130.7

121.6

9.1

Chengdu Thriving Family

203.4

198.1

5.3

Changsha Xinyuan Splendid

251.6

249.5

2.1

Sanya Yazhou Bay No.1

117.6

100.8

16.8

Xi'an Metropolitan

286.0

269.0

17.0

Zhengzhou Xindo Park

134.4

132.0

2.4

Jinan Xin Central

194.4

183.3

11.1

Henan Xin Central I

262.2

252.4

9.8

Zhengzhou Fancy City I

166.7

160.3

6.4

Zhengzhou Fancy City II (South)

84.1

81.9

2.2

Tianjin Spring Royal Palace I

139.2

131.3

7.9

Kunshan Xindo Park

89.0

87.9

1.1

Zhengzhou International New City I

360.7

338.4

22.3

Henan Xin Central II

109.5

103.8

5.7

Xingyang Splendid III

121.1

115.8

5.3

Zhengzhou International New City II

176.0

163.2

12.8

Zhengzhou International New City III A

96.0

95.4

0.6

Zhengzhou Fancy City II (North)

108.7

84.6

24.1

Tianjin Spring Royal Palace II

144.6

53.1

91.5

Zhengzhou International New City III D

46.1

43.7

2.4

Zhengzhou Hangmei International Wisdom City I

64.7

50.9

13.8

Zhengzhou International New City III B

118.8

116.2

2.6

Changsha Furong Thriving Family

72.3

71.9

0.4

Chengdu Xinyuan City

742.8

74.1

668.7

Kunshan Xinyu Jiayuan

107.9

23.6

84.3

Xingyang Splendid IV

22.0

20.7

1.3

Suzhou Suhe Bay *

62.6

24.0

38.6

Zhengzhou Hangmei International Wisdom City II

68.8

14.2

54.6

Qingdao Royal Dragon Bay

154.9

20.5

134.4

Jinan Royal Spring Bay

117.0

18.2

98.8

Xinyuan Golden Water View City

338.8

35.8

303.0

Zhengzhou Fancy City III

80.6

16.7

63.9

Zhengzhou International New City III C

79.9

28.5

51.4

Zhengzhou International New City IV

198.4

9.2

189.2

Suzhou Galaxy Bay

76.5

24.3

52.2

Suzhou Gusu Shade I (Suzhou New Project)

12.0

0.2

11.8

Dalian International Health Technology Town I

103.9

0.9

103.0

Others

44.7

-

44.7

Total active projects

6,555.8

4,305.7

2,250.1

* The Company owns 16.66% equity interest in a joint venture,Ltd. which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method.

As of December 31,the Company's total saleable GFA was approximately 5,698,700square 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

(m2 '000s)

Pre-sales

Scheduled

Tongzhou Xinyuan Royal Palace

102.3

To be determined

Xinyuan Chang'an Royal Palace

226.0

To be determined

Zhengzhou International New City Land Bank (all land is grouped together

and will be developed gradually)

1,393.1

To be determined

Zhuhai Xin World

70.0

To be determined

Lingshan Bay Dragon Seal

380.0

To be determined

Zhengzhou Hangmei Project Land Bank (all land is grouped together

and will be developed gradually)

192.7

To be determined

Zhengzhou Zhongmou Project*

480.0

N/A

Wuhan Canglong Royal Palace

185.0

To be determined

Suzhou Gusu Shade II (Suzhou New Project)

12.1

To be determined

Dalian International Health Technology Town II

44.5

To be determined

Huzhou Silk Town

134.9

To be determined

Xingyang Splendid New Project

228.0

To be determined

Total projects under planning

3,448.6

Total active projects

2,250.1

Total of all Xinyuan unsold projects in China

5,698.7

* In the fourth quarter of 2018,this project is now fully engaged in the construction management service business.

Update on Real Estate Projects in the United States

As of December 31,a total of 176 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$259.3 million. During 2018,revenues were US$8.8 million.

During the quarter,the Company completed the construction up to the 6th floor for Hudson Garden project in the Hell's Kitchen area of Manhattan,New York City. During the year,the design drawings were optimized,increasing the number of units from 82 to 92. Of the 38,000 SF of retail/commercial space a total of 29,000 SF were leased to the U.S. department store retailer Target with a 20-year lease. Soft launch of sales began in the fourth quarter of 2018.

The Company continued to execute on the planning,governmental approvals,and pre-development activities of its ground-up project in Flushing,the Landmark Preservation Committee approved the Company's landmark protection plan and awarded the Company a Certificate of Appropriateness. The transfer phase for landmarked artifacts is to be completed by the end of February 2019.

Real Estate Project Update in the United Kingdom

During the fourth quarter of 2018,another 8 floors were added to the structural core of the Madison project,resulting in 42 out of 53 floors built. Thestructureof the tower is expected to be complete in mid-2019 and construction remains on track 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,133 apartments have been sold.

Business Outlook

For 2019,the Company expects an increase in total contract sales of approximately 10% and an increase in consolidated net income of 15%-20% over 2018.

Conference Call Information

The Company will hold a conference call at 8:00am ET on February 15,2019,to discuss its fourth quarter 2018 results. Listeners may access the call by dialing:

US Toll Free:

1-888-220-8451

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 February 22,by dialing:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

9013329

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 31,2017. Except as required by law,we undertake no obligation to update or review publicly any forward-looking statements,whether as a result of new information,future events or otherwise,after the date on which the statement is made.

Notes to Unaudited Financial Information

This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed,which could result in significant differences between our audited financial statements and this unaudited financial information.

For more information,please contact:

In China:

Xinyuan Real Estate Co.,Ltd.

Mr. Charles Wang

Investor Relations Director

Tel: +86 (10) 8588-9376

Email: irteam@xyre.com

ICR,LLC

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

December 31,

September 30,

December 31,

2018

2018

2017

(unaudited)

(unaudited)

(unaudited)

Total revenue

1,081,829

595,460

725,656

Total costs of revenue

(771,613)

(446,284)

(545,358)

Gross profit

310,216

149,176

180,298

Selling and distribution expenses

(44,833)

(12,282)

(28,274)

General and administrative expenses

(61,783)

(35,414)

(49,920)

Operating income

203,600

101,480

102,104

Interest income

10,357

8,084

4,431

Interest expense

(20,610)

(21,778)

(25,215)

Net realized (loss)/ gain on short-term investments

(4,959)

2,119

4,012

Unrealized gain/ (loss) on short-term investments

575

(1,121)

(2,116)

Other income/ (expense)

905

(443)

2,170

Net loss on debt extinguishment

(21,444)

-

-

Exchange (loss)/ gain

(65)

(15,451)

1,043

Share of loss of equity investees

(2,169)

(2,620)

(816)

Income from operations before income taxes

166,190

70,270

85,613

Income taxes

(61,969)

(46,415)

(50,226)

Net income

104,221

23,855

35,387

Net income attributable to non-controlling interest

(33,140)

(3,729)

(2,375)

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

shareholders

71,081

20,126

33,012

Earnings per ADS:

Basic

1.17

0.32

0.51

Diluted

1.15

0.31

0.50

ADS used in computation:

Basic

60,957

63,734

64,754

Diluted

61,894

64,472

65,927

XINYUAN REAL ESTATE CO.,except per share data)

Twelve months ended

December 31,

2018

2017

(unaudited)

(audited)

Total revenue

2,207,218

1,907

Total costs of revenue

(1,599,743)

(1,517,279)

Gross profit

607,475

459,628

Selling and distribution expenses

(83,425)

(75,724)

General and administrative expenses

(157,677)

(136,845)

Operating income

366,373

247,059

Interest income

31,891

16,859

Interest expense

(96,876)

(66,153)

Net realized (loss)/ gain on short-term investments

(1,129)

7,874

Unrealized (loss)/ gain on short-term investments

(1,483)

2,096

Other (expense)/ income

(367)

2,326

Net loss on debt extinguishment

(21,444)

(15,880)

Exchange (loss)/ gain

(26,395)

757

Share of loss of equity investees

(8,938)

(1,710)

Income from operations before income taxes

241,632

193,228

Income taxes

(135,571)

(113,117)

Net income

106,061

80,111

Net income attributable to non-controlling interest

(32,048)

(16,484)

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

74,013

63,627

Earnings per ADS:

Basic

1.16

0.99

Diluted

1.15

0.97

ADS used in computation:

Basic

63,564

64,352

Diluted

64,590

65,803

XINYUAN REAL ESTATE CO.,LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

December 31,

2018

2018

2017

(unaudited)

(unaudited)

(audited)

ASSETS

Current assets

Cash and cash equivalents

772,367

1,000,886

894,551

Restricted cash

415,803

416,060

566,676

Short-term investments

8,442

243,036

57,740

Accounts receivable

54,314

77,743

100,553

Other receivables

120,100

114,829

73,194

Deposits for land use rights

42,254

43,610

103,716

Other deposits and prepayments

248,965

316,974

272,022

Advances to suppliers

49,204

56,026

36,731

Real estate properties development completed

853,342

678,029

840,393

Real estate properties under development

3,804,555

4,469,128

1,996,001

Amounts due from related parties

242,432

157,422

125,662

Amounts due from employees

1,694

4,420

2,174

Other current assets

520

910

799

Total current assets

6,613,992

7,579,073

5,070,212

Real estate properties held for lease,net

273,371

272,526

277,933

Property and equipment,net

38,114

32,241

32,386

Long-term investment

566,968

612,901

829,773

Deferred tax assets

137,561

136,828

82,006

Deposits for land use rights

21,855

21,804

22,956

Amounts due from related parties

50,904

29,538

24,666

Contract assets

17,426

18,517

-

Other assets

132,921

134,920

44,502

TOTAL ASSETS

7,853,112

8,838,348

6,384,434

XINYUAN REAL ESTATE CO.,

2018

2018

2017

(unaudited)

(unaudited)

(audited)

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

780,576

626,425

690,839

Short-term bank loans and other debt

43,711

190,932

247,758

Customer deposits

1,912,848

2,490,508

438,342

Income tax payable

220,883

110,353

169,839

Deferred tax liabilities-current

223,888

-

-

Other payables and accrued liabilities

374,259

496,956

300,120

Payroll and welfare payable

34,263

10,093

31,445

Current portion of long-term bank loans and other debt

1,647,918

2,105,469

1,648,233

Current maturities of capital lease obligations

6,135

4,629

4,472

Mandatorily redeemable non-controlling interests

22,621

14,159

15,593

Amounts due to related parties

12,489

70,044

128,178

Total current liabilities

5,279,591

6,119,568

3,674,819

Non-current liabilities

Long-term bank loans

720,039

622,849

11,019

Other long-term debt

1,040,455

1,165,132

1,404,814

Deferred tax liabilities

9,170

202,878

164,204

Unrecognized tax benefits

31,231

31,231

Capital lease obligations,net of current maturities

10,443

8,409

11,415

Amounts due to related parties

4,609

30,702

29,919

TOTAL LIABILITIES

7,095,538

8,180,769

5,327,421

Shareholders' equity

Common shares

16

16

16

Treasury shares

(87,639)

(78,265)

(67,792)

Additional paid-in capital

525,554

543,253

543,338

Statutory reserves

162,207

105,844

105,660

Retained earnings

104,509

94,317

382,124

Accumulated other comprehensive (loss) /income

(28,286)

(29,068)

29,226

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

676,361

636,097

992,572

Non-controlling interest

81,213

21,482

64,441

Total equity

757,574

657,579

1,057,013

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

7,434

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