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BEIJING, Nov. 27, 2020 /PRNewswire/ -- 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 third quarterended September 30, 2020. ThirdQuarter2020 Highlights Total revenue in the third quarter of 2020 increased 130.5% to US$ 655.4 million from US$284.4 million in the second quarter of 2020. Net income in the third quarter of 2020was US$ 29.5 million, compared tonet loss of US$30.1 million in the second quarter of 2020. Diluted net income per ADS attributable to shareholders in the third quarter of 2020was US$0.46, compared to diluted net loss of US$0.49 in the second quarter of 2020. Mr. Yong Zhang, Xinyuan's Chairman, stated, "I am glad to share our third quarter business results, in which we made remarkable progress from last quarter. We believe that consumer spending has broadly been restored across China, driving better business conditions. Our contract sales recovered with several major projects in Zhengzhou and Qingdao launched for presale as planned, reaching around 11.8 billion RMB or US$1.68 billion accumulatively by the end of third quarter. We also made encouraging progress on projects in Beijing and Xi'an, which should be able to launch in the fourth quarter. With a burgeoning pipeline in Tier-1 and Tier-2 cities, we are confident that Xinyuan can withstand market fluctuations and capitalize on opportunities." Mr. Zhang continued: "Balance sheet optimization has always been our top mission. In this quarter, we further reduced the proportion of short-term debt from 46% in December 2019 to 37% in September 2020, a $240 million reduction from $1.49 billion to $1.25 billion, and it's fully covered by our cash position. Liquidity improved due to ample cash collection and issuance of offshore bonds in third quarter, and recently further strengthened after the landing of RMB 900 million onshore corporate bonds. Stronger balance sheet brings additional resources needed to drive our growth strategy and to build a diverse and dynamic real estate ecosystem." Third Quarter2020 Financial Results Revenue In the third quarter of 2020, the Company's total revenue increased 31.7% to US$ 655.4 million from US$497.6 million in the third quarter of 2019 and increased 130.5% from US$284.4 million in the second quarter of 2020. Gross Profit Gross profit for the third quarter of 2020 was US$ 105.3 million, compared to gross profit of US$123.5 million in the third quarter of 2019 and a gross profit of US$19.2 million in the second quarter of 2020. Selling, General and Administrative Expenses SG&A expenses were US$ 57.9 million for the third quarter of 2020, compared to US$57.6 million for the third quarter of 2019 and US$51.4 million for the second quarter of 2020. As a percentage of total revenue, SG&A expenses were 8.8% compared to 11.6% in the third quarter of 2019and 18.1% in the second quarter of 2020. Net Income Net income for the third quarterof 2020 was US$ 29.5 million, compared to net income of US$5.4 million for the third quarter of 2019 and net loss of US$30.1 million for the second quarter of 2020. Net margin was 4.5% compared to 1.1% in the third quarter of 2019 and negative 10.6% in the second quarter of 2020. Diluted net earnings per ADS was US$0.46, compared to diluted net earnings of US$0.07 per ADS in the third quarter of 2019 and diluted net loss of US$0.49 per ADS in the second quarter of 2020. Balance Sheet As ofSeptember 30, 2020, the Company's cash and restricted cash was US$ 1,252.0 million, which reflects an increase of US$ 252.2 million from US$ 999.8 million as of June 30, 2020. As ofSeptember 30, 2020, short term debt outstanding was US$ 1,255.6 million, total debt outstanding was US$ 3,374.6 million. The balance of the Company's real estate properties under development at the end of the third quarter of 2020 was US$ 2,592.0 million compared to US$ 3,094.9 million at the end of the second quarter of 2020. Real Estate Project Status in China The Company commenced pre-sales of two new project in the third quarter of 2020, Zhengzhou Xinyuan Palace Iand Qingdao Lingshan Bay Dragon Seal. Below is a summary table of projects that were active and available for sale in the thirdquarterof 2020. Project GFA (m2, 000s) Total Active Projects as of September 30, 2020 Sold as ofSeptember 30, 2020 Unsold as of September 30, 2020 Xingyang Splendid II 118.5 98.3 20.2 Jinan Royal Palace 449.8 441.5 8.3 Xuzhou Colorful City 130.8 123.3 7.5 Sanya Yazhou Bay No.1 119.2 119.0 0.2 Xi'an Metropolitan 286.0 276.3 9.7 Jinan Xin Central 195.7 192.0 3.7 Henan Xin Central I 261.5 253.4 8.1 Zhengzhou Fancy City I 166.7 160.4 6.3 Tianjin Spring Royal Palace I 139.7 131.6 8.1 Zhengzhou International New City I 356.7 353.1 3.6 Xingyang Splendid III 120.9 119.2 1.7 Zhengzhou International New City II 176.0 170.3 5.7 Zhengzhou Fancy City II (North) 108.7 102.4 6.3 Tianjin Spring Royal Palace II 144.6 91.4 53.2 Zhengzhou International New City III D 46.1 45.2 0.9 Zhengzhou Hangmei International Wisdom City I 64.7 59.0 5.7 Zhengzhou International New City III B 118.8 118.5 0.3 Changsha Furong Thriving Family 72.0 72.0 0.0 Chengdu Xinyuan City 741.6 402.9 338.7 Kunshan Xinyu Jiayuan 107.9 64.2 43.7 Xingyang Splendid IV 151.8 107.8 44.0 Suzhou Suhe Bay * 62.6 62.6 - Zhengzhou Hangmei International Wisdom City II 78.4 42.4 36.0 Qingdao Royal Dragon Bay 161.9 108.1 53.8 Jinan Royal Spring Bay 116.9 80.5 36.4 Xinyuan Golden Water View City-Zhengzhou 331.4 120.2 211.2 Zhengzhou Fancy City III 80.6 77.4 3.2 Zhengzhou International New City III C 82.3 75.7 6.6 Zhengzhou International New City IV A12 199.7 185.4 14.3 Zhengzhou International New City IV B10 92.3 69.5 22.8 Suzhou Galaxy Bay 76.5 73.4 3.1 Suzhou Gusu Shade I 12.0 9.4 2.6 Dalian International Health Technology Town I 103.8 63.8 40.0 Xingyang Splendid V 80.5 66.1 14.4 Suzhou Gusu Shade II ** 14.3 10.0 4.3 Zhengzhou International New City V A04 104.9 51.3 53.6 Huzhou Silk Town *** 146.7 33.4 113.3 Foshan Xinchuang AI International Science and Technology Innovation Valley 194.4 42.4 152.0 Suzhou Linhu Lake**** 156.4 12.6 143.8 Zhengzhou Xinyuan Palace I 122.0 19.0 103.0 Qingdao Lingshan Bay Dragon Seal***** 381.2 25.5 355.7 Others 56.5 56.5 Total active projects 6,733.0 4,730.5 2,002.5 * 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., Ltd., 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., Ltd., 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. **** The Company owns a 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd., which develops Suzhou Linhu Lake. The Company accounts for its investment under the equity method. ***** The Company owns a 49% equity interest in Qingdao Wisdom City Industry Development Co., Ltd. , which develops Qingdao Lingshan Bay Dragon Seal. The Company has the land use rights and property development and accounted for it as an equity method investment. As of September 30, 2020, the Company's total saleable GFA was approximately 4,056,500 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 September 30, 2020 (m2, 000s) Pre-sales Scheduled Tongzhou Xinyuan Royal Palace-Beijing 102.3 Q4, 2020 Xinyuan Chang'an Royal Palace-Xi'an 226.0 Q4, 2020 Zhengzhou International New City Land Bank(all land is grouped together and will be developed gradually) 862.4 To be determined Zhuhai Xin World 70.0 To be determined Zhengzhou Hangmei Project Land Bank(all land is grouped together and will be developed gradually) 201.1 To be determined Wuhan Hidden Dragon Royal Palace 182.9 To be determined Dalian International Health Technology Town II 44.4 To be determined Foshan Xinchuang AI International Science and Technology Innovation Valley II 236.8 To be determined Taizhou Yihe Yayuan * 128.1 To be determined Total projects under planning 2,054.0 Total active projects 2,002.5 Total of all Xinyuan unsold projects in China 4,056.5 * The Company owns 40% equity interest in Taizhou Yiju Real Estate Co., Ltd. which develops Taizhou Yihe Yayuan. Update on United States Real Estate Projects At the Oosten project in Brooklyn, New York City, as of September 30, 2020, a total of 179 units out of 216 units were sold. Total revenue from this project has reached US$261.0 million. Of the remaining 37 unsold units, 21 are rented with lease terms ranging from 12 months to 24 months. At the Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City, as of September 30, 2020, the Company had completed superstructure construction, precast concrete facade, and windows installation. Of the total sellable 34,903 square feet of retail/commercial space, a total of 28,090 square feet have been leased to the U.S. department store retailer Target for a 20 year term and another 1,910 square feet have been leased to a dermatologist's office for a 15 year lease term. Target's grand opening was on October 25, 2020. The substantial completion of construction is expected in December 2020 and under budget. The temporary certification of occupancy of entire building is expected by the end of December 2020. The onsite sales office and model apartments were fully furnished during the second quarter 2020. 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 second phase of sales was officially launched in New York City during Q3 2020. At the RKO project in Flushing, New York, the Company continued to execute on the planning, governmental approvals, and pre-development activities. As of September 30, 2020, 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 the first quarter 2021. The procurement of general contractor for the construction started during Q3 2020. Update on the United Kingdom Real Estate Project During the third quarter of 2020, work on site continued to progress, primarily focused on internal fit out, but completion will be delayed from the contract completion date of October 2020 due to the impact of Covid-19 on construction sites. Our current forecast is that construction will be completed in first quarter 2021, assuming no further restrictions on working conditions. 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, 151 apartments have been sold. Business Outlook We remain optimistic and positive for the remainder of 2020. But in light of future uncertainties relating to COVID-19 developments and economical fluctuations, as well as the government restrictions on the real estate industry, the Company expects 2020 contract sales of around RMB 18 billion. Conference Call Information The Company will hold a conference call at 8:00am ET on November 27, 2020, to discuss its third quarter 2020 results. Listeners may access the call by dialing: US Toll Free: 1-800-458-4121 Toll/International: 1-323-794-2093 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 December 4, 2020: US: 1-844-512-2921 International: 1-412-317-6671 Access code: 4456736 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, 2019. 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 WangInvestor Relations DirectorTel: +86 (10) 8588-9376Email:[emailprotected] The Blueshirt Group In U.S.: Ms. Julia QianEmail: [emailprotected] In China: Ms. Susie WangMobile: +86 (138) 1081-7475Email: [emailprotected] 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 September 30, June 30, September 30, 2020 2020 2019 (unaudited) (unaudited) (unaudited) Total revenue 655,412 284,361 497,638 Total costs of revenue (550,074) (265,143) (374,134) Gross profit 105,338 19,218 123,504 Selling and distribution expenses (20,327) (15,943) (21,067) General and administrative expenses (37,581) (35,434) (36,556) Gain on disposal of property held for lease 82,806 - - Operating income/(loss) 130,236 (32,159) 65,881 Interest income 3,409 4,322 4,245 Interest expense (36,496) (30,434) (31,338) Gain on short-term investments 3,410 3,460 2,486 Other (loss)/gain (330) (1,114) 6,493 Net (loss)/income on debt extinguishment (277) 332 (2,272) Exchange gain/(loss) 1,656 (1,960) (7,655) Share of gain/(loss) of equity investees 8,851 473 (2,142) Income/(loss) from operations before income taxes 110,459 (57,080) 35,698 Income tax (expenses)/benefits (80,910) 27,021 (30,256) Net income/(loss) 29,549 (30,059) 5,442 Net (loss)/income attributable to non-controlling interest (6,181) 3,819 (1,298) Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. shareholders 23,368 (26,240) 4,144 Earnings /(loss) per ADS: Basic 0.46 (0.49) 0.07 Diluted 0.46 (0.49) 0.07 ADS used in computation: Basic 53,588 53,639 56,329 Diluted 53,591 53,639 56,624 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) Nine months ended September 30, September 30, 2020 2019 (unaudited) (unaudited) Total revenue 1,065,542 1,575,930 Total costs of revenue (912,880) (1,162,162) Gross profit 152,662 413,768 Selling and distribution expenses (42,610) (61,106) General and administrative expenses (110,693) (115,543) Gain on disposal of property held for lease 82,806 - Operating income/(Loss) 82,165 237,119 Interest income 11,900 13,294 Interest expense (97,193) (84,028) Gain on short-term investments 7,771 4,162 Other (expense)/income (1,652) 5,720 Net loss on debt extinguishment (1,055) (8,816) Exchange loss (1,154) (8,464) Share of gain/(loss) of equity investees 8,300 (5,444) Income from operations before income taxes 9,082 153,543 Income taxes (48,732) (110,086) Net (loss)/income (39,650) 43,457 Net loss attributable to non-controlling interest (2,745) (9,050) Net (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders (42,395) 34,407 (Loss)/earnings per ADS: Basic (0.79) 0.60 Diluted (0.79) 0.60 ADS used in computation: Basic 53,710 57,404 Diluted 53,710 57,758 XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (All US$ amounts and number of shares data in thousands) September 30, June 30, December 31, 2020 2020 2019 (unaudited) (unaudited) (audited) ASSETS Current assets Cash and restricted cash 1,068,754 820,769 989,587 Short-term investments 22,431 5,850 5,596 Accounts receivable 95,474 88,103 97,912 Other receivables 412,095 330,833 287,300 Deposits for land use rights 29,956 28,816 26,375 Other deposits and prepayments 318,785 300,348 277,463 Advances to suppliers 75,029 66,317 44,358 Real estate properties development completed 657,079 415,430 458,205 Real estate properties under development 2,591,955 3,094,871 3,254,388 Amounts due from related parties 251,950 266,735 200,758 Amounts due from employees 3,480 1,594 2,351 Other current assets 5,279 18,186 772 Total current assets 5,532,267 5,437,852 5,645,065 Restricted cash, non-current 183,206 179,059 112,998 Real estate properties held for lease, net 490,391 511,800 515,869 Property and equipment, net 40,561 40,043 43,004 Long-term investment 614,611 593,547 613,620 Deferred tax assets 198,536 188,034 260,153 Deposits for land use rights and properties 33,773 32,488 32,969 Amounts due from related parties 41,188 39,465 82,687 Contract cost assets 21,945 20,703 23,093 Operating lease right-of-use assets 7,266 8,635 11,801 Other assets 85,855 76,415 80,405 TOTAL ASSETS 7,249,599 7,128,041 7,421,664 XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (All US$ amounts and number of shares data in thousands) September 30, June 30, December 31, 2020 2020 2019 (unaudited) (unaudited) (audited) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and notes payable 902,557 992,679 1,166,660 Short-term bank loans and other debt 16,420 56,881 73,419 Customer deposits 973,004 1,224,998 1,106,099 Income tax payable 152,639 155,914 298,228 Other payables and accrued liabilities 455,920 530,436 323,164 Payroll and welfare payable 10,554 10,269 24,224 Current portion of long-term bank loans and other debt 1,239,211 1,177,657 1,418,955 Lease liability, current portion 6,412 7,143 11,284 Mandatorily redeemable non-controlling interests 7,326 6,981 8,857 Amounts due to related parties 88,302 53,667 53,682 Total current liabilities 3,852,345 4,216,625 4,484,572 Non-current liabilities Long-term bank loans 734,282 747,387 686,065 Other long-term debt 1,384,679 1,026,103 1,036,691 Deferred tax liabilities 377,434 299,468 338,593 Unrecognized tax benefits 116,309 114,085 73,605 Lease liability 2,574 3,373 10,187 Amounts due to related parties - 24,853 - TOTAL LIABILITIES 6,467,623 6,431,894 6,629,713 Shareholders' equity Common shares 16 16 16 Treasury shares (115,091) (114,454) (113,720) Additional paid-in capital 562,505 546,022 543,291 Statutory reserves 175,002 175,002 175,008 Retained earnings 77,247 37,301 135,873 Accumulated other comprehensive loss (25,152) (44,843) (50,167) Total Xinyuan Real Estate Co., Ltd. shareholders' equity 674,527 599,044 690,301 Non-controlling interest 107,449 97,103 101,650 Total equity 781,976 696,147 791,951 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,249,599 7,128,041 7,421,664 SOURCE Xinyuan Real Estate Co., Ltd. Related Links http://www.xyre.com

Answer: Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results