Xinyuan Real Estate Co., Ltd. Announces First Quarter 2020 Financial Results

BEIJING,June 5,2020 -- Xinyuan Real Estate Co.,Ltd. ("Xinyuan" or the "Company") (NYSE: XIN),an NYSE-listed real estate developer and property manager operating primarily in China and in the U.S.,today announced its unaudited financial results for the first quarterended March 31,2020.

First Quarter2020 Highlights

Total revenue was US$125.8 million in the first quarter of 2020 compared to US$468.9 million in the first quarter of 2019.

Net loss was US$39.1 million in the first quarter of 2020 compared to net income of US$18.2 million in the first quarter of 2019.

Diluted net loss per ADS attributable to shareholders were US$0.73 in the first quarter of 2020 compared to diluted net income of US$0.33 in the first quarter of 2019.

Xinyuan's Chairman Yong Zhang commented,"First quarter results were heavily affected by the COVID-19 outbreak. Project construction and pre-sales were delayed by the nationwide lock-down,which disrupted our supply chain. Suppliers and engineering firms resumed operations toward the end of March,an early sign of economic recovery as China gradually re-opens for business. We are working closely with all suppliers and partners to restart construction,and anticipate returning to normal business pace early in the third quarter this year."

Mr. Zhang added,"Notably,our Hong Kong-listed property management company performed well. Property management is a recurring revenue business that is not particularly impacted by outside factors such as pandemic,the economy,or other forces. Recently,Xinyuan Property Management was again recognized for its strong execution and leadership position. In May 2020,we were designated as a '2020 leading listed company of property management service in business performance'. We are proud to achieve this honor."

Mr. Zhang concluded,"Despite the short-term challenges of this unprecedented pandemic,our fundamental business strengths are intact. We continue to streamline project construction,optimize cost control,and expand sales channels. We ended the quarter with a solid cash balance and ample liquidity. We fully redeemed the US$200 million senior notes on March 19. We will continue repurchase our ADRs depending on market conditions. With the majority of our projects in China,we remain optimistic about our business outlook for this year. Our high-quality residential projects and best-in-class property services continue to attract our customers. We believe these efforts will drive positive performance for the rest of 2020 and beyond."

First Quarter2020 Financial Results

Contract Sales

Contract sales in China totaled US$153.3 million in the first quarter of 2020compared to US$478.9 million in the first quarter of 2019andUS$653.6 million in the fourth quarter of 2019.

The Company's GFA sales in China were90,500 square meters in the first quarterof 2020 compared to 211,400 square meters in the first quarter of 2019and 356,900 square meters in the fourth quarter of 2019.

The average selling price ("ASP") per square meter sold in China was RMB11,809 (US$1,693) in the first quarterof 2020 compared to RMB15,269 (US$2,264) in the first quarter of 2019 and RMB12,628 (US$1,831) in the fourth quarter of 2019.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q1 2019

Q4 2019

Q1 2020

GFA

ASP

GFA

ASP

GFA

ASP

(m2,000s)

(RMB)

(m2,000s)

(RMB)

Xingyang Splendid II

10.2

7,478

0.2

7,667

0.1

8,399

Jinan Royal Palace

1.6

15,661

2.0

11,432

0.4

6,838

Xuzhou Colorful City

-

-

-0.1

14,000

0.1

6,879

Chengdu Thriving Family

-0.1

7,729

-

-

-

-

Sanya Yazhou Bay No.1

0.4

25,615

12.8

14,411

0.5

22,816

Xi'an Metropolitan

0.6

11,253

1.9

10,909

2.2

11,742

Jinan Xin Central

0.1

13,170

2.9

10,382

0.8

30,644

Henan Xin Central I

0.1

14,887

0.5

23,764

-1.1

9,828

Zhengzhou Fancy City I

-1.4

15,073

-

-

-0.9

-

Zhengzhou Fancy City II (South)

-0.1

12,660

-

-

-

-

Kunshan Xindo Park

-

31,766

-

-

-

-

Zhengzhou International New City I

-

-

6.2

19,541

0.4

27,968

Xingyang Splendid III

0.4

7,046

1.5

13,652

-

40,922

Zhengzhou International New City II

-

-

4.4

22,965

0.4

29,421

Zhengzhou International New City III A

-0.2

14,713

-

-

-

-

Zhengzhou Fancy City II (North)

3.5

9,838

6.7

9,594

-3.2

10,700

Tianjin Spring Royal Palace II

8.1

12,670

1.4

12,615

4.8

14,250

Zhengzhou International New City III D

-0.1

14,461

0.9

23,353

-

-

Zhengzhou Hangmei International Wisdom

City I

2.3

7,144

0.8

6,699

-

7,090

Zhengzhou International New City III B

0.8

13,262

0.1

12,947

-

-

Changsha Furong Thriving Family

0.2

9,779

-0.1

9,730

0.1

9,632

Chengdu Xinyuan City

33.1

9,511

80.0

10,499

39.0

10,849

Kunshan Xinyu Jiayuan

5.5

24,208

6.4

23,443

1.6

23,826

Xingyang Splendid IV

1.0

7,027

30.9

7,789

14.3

7,336

Suzhou Suhe Bay *

30.0

21,680

-

-

-

-

Zhengzhou Hangmei International Wisdom

City II

0.5

7,350

4.7

7,332

0.9

7,246

Qingdao Royal Dragon Bay

15.3

20,285

21.5

19,769

3.8

22,854

Jinan Royal Spring Bay

2.7

9,201

16.0

8,596

8.0

8,493

Xinyuan Golden Water View

City-Zhengzhou

19.0

18,817

13.5

21,629

-0.2

19,744

Zhengzhou Fancy City III

20.5

12,637

16.5

12,183

2.5

12,321

Zhengzhou International New City III C

17.3

12,260

3.3

10,527

0.1

11,897

Zhengzhou International New City IV A12

24.8

14,254

24.7

16,598

1.2

17,825

Zhengzhou International New City IV B10

7.9

13,969

15.3

10,157

2.1

10,740

Suzhou Galaxy Bay

2.4

13,790

0.6

19,157

0.2

24,328

Suzhou Gusu Shade I

0.8

36,262

0.4

30,076

-

-

Dalian International Health Technology

Town I

0.1

13,618

12.1

9,606

1.9

11,465

Xingyang Splendid V

-

-

22.8

7,647

0.6

5,206

Suzhou Gusu Shade II **

-

-

2.9

38,330

0.8

23,508

Zhengzhou International New City V A04

-

-

21.8

14,082

5.3

13,576

Huzhou Silk Town ***

-

-

3.5

15,415

0.7

16,710

Foshan Xinchuang AI International Science

and Technology Innovation Valley

-

-

12.7

10,795

2.4

10,533

Others

4.1

-

5.2

-

0.8

-

Total

211.4

15,269

356.9

12,628

90.5

11,809

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

** The Company owns a 19.99% equity interest in Suzhou Litai Real Estate Co.,which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method.

*** The Company owns a 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co.,which develops Huzhou Silk Town. Based on the articles of association,the company cannot exercise control of Huzhou Silk Town,but has the ability to exercise significant influence over Huzhou Silk Town's operating and financial decisions and accounted for it as an equity method investment.

Revenue

In the first quarter of 2020,the Company's total revenue decreased 73.2% to US$125.8 million from US$468.9 million in the first quarter of 2019 and decreased 86.1% from US$906.7 million in the fourth quarter of 2019.

Gross Profit

Gross profit for the first quarterof 2020 was US$28.1 million,or 22.3% of total revenue,compared to gross profit of US$131.0 million,or 27.9% of total revenue,in the first quarter of 2019 and a gross profit of US$146.5 million,or 16.2% of total revenue,in the fourth quarter of 2019.

Selling,General and Administrative Expenses

SG&A expenses were US$44.0 million for the first quarter of 2020 compared to US$56.1 million for the first quarter of 2019 and US$73.8 million for the fourth quarter of 2019. As a percentage of total revenue,SG&A expenses were 35.0% compared to 12.0% in the first quarter of 2019and 8.1% in the fourth quarter of 2019.

Net Income

Net loss for the first quarterof 2020 was US$39.1 million compared to net income of US$18.2 million for the first quarter of 2019 and net income of US$39.6 million for the fourth quarter of 2019. Net margin was negative 31.1% compared to 3.9% in the first quarter of 2019 and 4.4% in the fourth quarter of 2019. Diluted net loss per ADS were US$0.73 compared to diluted net earnings of US$0.33 per ADS in the first quarter of 2019 and diluted net earnings of US$0.62 per ADS in the fourth quarter of 2019.

Balance Sheet

As ofMarch 31,2020,the Company's cash and restricted cash (including bank deposit for long-term debt) decreased to US$933.1 million from US$1,102.6 million as of December 31,2019.

Total debt outstanding was US$3,039.6 million,which reflects a decrease of US$175.5 million from US$3,215.1 million at the end of the fourth quarter of 2019.

The balance of the Company's real estate properties under development at the end of the first quarter of 2020 was US$3,176.4 million compared to US$3,254.4 million at the end of the fourth quarter of 2019.

Real Estate Project Status in China

Below is a summary table of projects that were active and available for sale in the first quarterof 2020.

Project

GFA

(m2,000s)

Total Active Projects

as of March 31,2020

Sold as of

March 31,

2020

Unsold as of

March 31,

2020

Xingyang Splendid II

118.5

98.1

20.4

Jinan Royal Palace

449.6

436.3

13.3

Xuzhou Colorful City

130.8

122.6

8.2

Sanya Yazhou Bay No.1

117.6

101.8

15.8

Xi'an Metropolitan

286.0

274.0

12.0

Jinan Xin Central

194.4

187.7

6.7

Henan Xin Central I

261.5

252.6

8.9

Zhengzhou Fancy City I

166.7

158.3

8.4

Tianjin Spring Royal Palace I

139.7

131.6

8.1

Zhengzhou International New City I

356.6

351.1

5.5

Xingyang Splendid III

120.9

118.8

2.1

Zhengzhou International New City II

176.0

170.4

5.6

Zhengzhou Fancy City II (North)

108.7

98.7

10.0

Tianjin Spring Royal Palace II

144.6

86.4

58.2

Zhengzhou International New City III D

46.1

45.2

0.9

Zhengzhou Hangmei International Wisdom City I

64.7

56.3

8.4

Zhengzhou International New City III B

118.8

118.0

0.8

Changsha Furong Thriving Family

72.3

72.3

0.0

Chengdu Xinyuan City

741.8

235.0

506.8

Kunshan Xinyu Jiayuan

107.9

55.7

52.2

Xingyang Splendid IV

151.8

75.1

76.7

Suzhou Suhe Bay *

62.6

62.6

-

Zhengzhou Hangmei International Wisdom City II

78.4

38.8

39.6

Qingdao Royal Dragon Bay

156.5

96.7

59.8

Jinan Royal Spring Bay

116.8

54.6

62.2

Xinyuan Golden Water View City-Zhengzhou

331.4

77.9

253.5

Zhengzhou Fancy City III

80.6

76.4

4.2

Zhengzhou International New City III C

82.3

69.5

12.8

Zhengzhou International New City IV A12

199.7

180.5

19.2

Zhengzhou International New City IV B10

92.3

53.2

39.1

Suzhou Galaxy Bay

76.5

72.9

3.6

Suzhou Gusu Shade I

12.0

8.6

3.4

Dalian International Health Technology Town I

103.8

34.9

68.9

Xingyang Splendid V

80.5

54.9

25.6

Suzhou Gusu Shade II **

14.3

7.7

6.6

Zhengzhou International New City V A04

104.9

27.4

77.5

Huzhou Silk Town ***

141.4

22.6

118.8

Foshan Xinchuang AI International Science and

Technology Innovation Valley

194.4

15.0

179.4

Others

59.0

-

59.0

Total active projects

6,062.4

4,200.2

1,862.2

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

** The Company owns a 19.99% equity interest in Suzhou Litai Real Estate Co.,but has the ability to exercise significant influence over Huzhou Silk Town's operating and financial decisions and accounted for it as an equity method investment.

As of March 31,the Company's total saleable GFA was approximately 4,467,600 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company's projects in China:

Unsold GFA as of

March 31,2020

(m2,000s)

Pre-sales

Scheduled

Tongzhou Xinyuan Royal Palace-Beijing

102.3

To be determined

Xinyuan Chang'an Royal Palace-Xi'an

226.0

To be determined

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

will be developed gradually)

879.3

To be determined

Zhuhai Xin World

70.0

To be determined

Lingshan Bay Dragon Seal-Qingdao

380.0

To be determined

Zhengzhou Hangmei Project Land Bank(all land is grouped together and will be

developed gradually)

181.5

To be determined

Wuhan Hidden Dragon Royal Palace

185.0

To be determined

Dalian International Health Technology Town II

34.4

To be determined

Foshan Xinchuang AI International Science and Technology Innovation Valley II

262.4

To be determined

Taizhou Yihe Yayuan *

127.9

To be determined

Suzhou He'an Garden **

156.6

To be determined

Total projects under planning

2,605.4

Total active projects

1,862.2

Total of all Xinyuan unsold projects in China

4,467.6

* The Company owns 40% equity interest in Taizhou Yiju Real Estate Co.,Ltd. which develops Taizhou Yihe Yayuan.

** The Company owns 24% equity interest in Suzhou Kairongchen Real Estate Co.,Ltd. which develops Suzhou He'an Garden. The Company accounts for its investment under the equity method. Based on the articles of association,the company cannot exercise control of Suzhou He'an Garden,but has the ability to exercise significant influence over Suzhou He'an Garden 's operating and financial decisions and accounted for it as an equity method investment.

Update on United States Real Estate Projects

As of March 31,we have sold 177 units out of 216 units at the Oosten project in Brooklyn,New York. Total revenue from this project has reached US$260.1 million. Of the remaining 38 unsold units,26 are rented with lease terms ranging from 12 months to 24 months.

Progress continues at the Hudson Garden project,BLOOM ON FORTY FIFTH,in the Hell's Kitchen area of Manhattan,New York City. As of March 31,the Company had completed superstructure construction,precast concrete facade,and window installation. During the past year,the project's design drawings were optimized,increasing the number of residential units from 82 to 92. Of the total sellable 34,903 square feet of retail/commercial space,a total of 28,090 square feet has been leased to the U.S. department store retailer Target for a 20-year term. Another 1,910 square feet was leased to a dermatologist's office for a 15-year term.

As of quarter end,construction is still ahead of schedule and under budget. The onsite sales office and model apartments are expected to be fully furnished during the second quarter 2020 and ready to show to brokers and potential buyers.The residentialunit sales strategy started with a first phase launch in China during Q4 2019 in which we exhibited in five Tier 1 and Tier 2 cities,leveraging Xinyuan's own client database and established third-party channels. The start of the second phase in New York City,will depend on the progress of New York City's re-opening from the pandemic.

At the RKO project in Flushing,New York,the Company continued to execute on the planning,governmental approvals,and pre-development activities. As of March 31,we have engaged GKV Architects to develop new architectural plans,and completed the schematic design for the condo and hotel mixed-use development. The demolition is expected to be completed by the end of November 2020.

Update on the United Kingdom Real Estate Project

During the first quarter of 2020,works on site continue to progress,primarily focused on internal fit out,but completion will be delayed from the contract completion date of October 2020.At this stage it is still hard to accurately forecast the extent of the delay. We are working closely with the main contractor to establish a revised completion plan.

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,136 apartments have been sold.

Business Outlook

The company strives to achieve contract sales of 20 billion to 22 billion RMB in 2020,with consolidated net income in the range of $60 million to $80 million.

However,the company believes that the COVID-19 outbreak is likely to have a material and extended adverse impact on its operational and financial results for full year 2020. With that,the above outlook may be subject to change in light of uncertainties and situations related to how overall market develops as well as company's business performance in the following months.

Conference Call Information

The Company will hold a conference call at 8:00am ET on June 5,to discuss its first quarter 2020 results. Listeners may access the call by dialing:

US Toll Free:

1-800-949-2175

Toll/International:

1-323-994-2131

Mainland China:

4001 209101

Hong Kong Toll Free:

800 961 105

United Kingdom Toll Free:

0800 358 6377

A webcast will also be available through the Company's investor relations website at http://ir.xyre.com.

A replay of the conference call may be accessed by phone at the following numbers until June 12,2020:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

5689652

A live and archived webcast of the conference call will be available at http://ir.xyre.com.

AboutXinyuan Real Estate Co.,Ltd.

Xinyuan Real Estate Co.,Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and 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,among others. 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 City. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information,please visithttp://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 impact of the COVID-19 pandemic on the real estate markets and economies of the cities and countries in which we operate; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws,regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission,including our annual report on Form 20-F for the year ended December 31,2018. Except as required by law,we undertake no obligation to update or review publicly any forward-looking statements,whether as a result of new information,future events or otherwise,after the date on which the statement is made.

Notes to Unaudited Financial Information

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

For more information,please contact:

Xinyuan Real Estate Co.,Ltd.

Mr.Charles Wang

Investor Relations Director

Tel: +86 (10) 8588-9376

Email:irteam@xyre.com

The Blueshirt Group

In U.S.: Ms. Julia Qian

Email: Julia@blueshirtgroup.com

In China: Ms. Susie Wang

Mobile: +86 (138) 1081-7475

Email: susie@blueshirtgroup.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

March 31,

December 31,

March 31,

2020

2019

2019

(unaudited)

(unaudited)

(unaudited)

Total revenue

125,769

906,703

468,853

Total costs of revenue

(97,663)

(760,161)

(337,804)

Gross profit

28,106

146,542

131,049

Selling and distribution expenses

(6,340)

(25,655)

(19,406)

General and administrative expenses

(37,678)

(48,144)

(36,644)

Operating (loss)/income

(15,912)

72,743

74,999

Interest income

4,169

38,200

4,085

Interest expense

(30,263)

(29,747)

(24,306)

Gain/(loss) on short-term investments

901

(2,711)

1,171

Other (loss)/income

(208)

129

94

Net (loss)/gain on debt extinguishment

(1,110)

235

(4,589)

Exchange (loss)/gain

(850)

1,088

3,545

Share of (loss)/gain of equity investees

(1,024)

28

(1,600)

(Loss)/income from operations before income taxes

(44,297)

79,965

53,399

Income taxes

5,157

(40,392)

(35,209)

Net (loss)/income

(39,140)

39,573

18,190

Net (income)/loss attributable to non-controlling interest

(383)

(5,634)

1,419

Net (loss)/income attributable to Xinyuan Real Estate Co.,

Ltd. shareholders

(39,523)

33,939

19,609

(Loss)/earnings per ADS:

Basic

(0.73)

0.62

0.33

Diluted

(0.73)

0.62

0.33

ADS used in computation:

Basic

53,904

54,774

58,911

Diluted

53,936

59,325

XINYUAN REAL ESTATE CO.,LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

March 31,

2020

2019

2019

(unaudited)

(audited)

(unaudited)

ASSETS

Current assets

Cash and restricted cash

794,076

989,587

1,127,198

Short-term investments

7,060

5,596

-

Accounts receivable

87,508

97,912

44,473

Other receivables

273,866

287,300

171,271

Deposits for land use rights

25,970

26,375

46,038

Other deposits and prepayments

292,506

277,463

258,490

Advances to suppliers

46,081

44,358

47,909

Real estate properties development completed

434,478

458,205

623,871

Real estate properties under development

3,176,368

3,254,388

4,001,981

Amounts due from related parties

201,958

200,758

257,625

Amounts due from employees

2,392

2,351

4,315

Other current assets

13,999

772

602

Total current assets

5,356,262

5,645,065

6,583,773

Restricted cash,non-current

138,975

112,998

-

Real estate properties held for lease,net

516,158

515,869

305,897

Property and equipment,net

41,086

43,004

37,512

Long-term investment

602,224

613,620

566,816

Deferred tax assets

267,021

260,153

241,823

Deposits for land use rights and properties

32,463

32,969

22,276

Amounts due from related parties

80,824

82,687

27,289

Contract assets

22,239

23,093

16,292

Operating lease right-of-use assets

9,563

11,801

14,039

Other assets

77,628

80,405

135,710

TOTAL ASSETS

7,144,443

7,421,664

7,951,427

XINYUAN REAL ESTATE CO.,

2020

2019

2019

(unaudited)

(audited)

(unaudited)

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable and notes payable

1,049,106

1,166,660

704,397

Short-term bank loans and other debt

38,719

73,419

27,326

Customer deposits

1,152,811

1,106,099

1,827,630

Income tax payable

279,473

298,228

198,148

Other payables and accrued liabilities

400,140

323,164

341,919

Payroll and welfare payable

10,952

24,224

12,812

Current portion of long-term bank loans and other debt

1,393,265

1,418,955

1,823,724

Lease liability,current portion

12,033

11,284

12,604

Mandatorily redeemable non-controlling interests

6,856

8,857

22,892

Amounts due to related parties

54,869

53,682

41,204

Total current liabilities

4,398,224

4,484,572

5,012,656

Non-current liabilities

Long-term bank loans

795,867

686,065

790,267

Other long-term debt

811,717

1,036,691

872,468

Deferred tax liabilities

337,366

338,593

412,354

Unrecognized tax benefits

74,049

73,605

45,939

Lease liability

6,233

10,187

16,530

Amounts due to related parties

-

-

32,537

-

TOTAL LIABILITIES

6,423,456

6,629,713

7,182,751

Shareholders' equity

Common shares

16

16

16

Treasury shares

(114,284)

(113,720)

(97,934)

Additional paid-in capital

544,860

543,291

532,641

Statutory reserves

175,020

175,008

166,501

Retained earnings

85,286

135,873

112,660

Accumulated other comprehensive loss

(70,745)

(50,167)

(10,409)

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

620,153

690,301

703,475

Non-controlling interest

100,834

101,650

65,201

Total equity

720,987

791,951

768,676

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

7,427

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