PR Newswire
BEIJING, Feb. 14, 2017
BEIJING, Feb. 14, 2017 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and in other countries, today announced its unaudited financial results for the fourth quarter ended December 31, 2016.
Fourth Quarter 2016 Highlights
Full Year 2016 Highlights
Mr. Yong Zhang, Xinyuan's Chairman, stated, "Our fourth quarter results were in-line with our forecast from last quarter. Despite the implementation of new government restriction policies impacting China's overall housing market, our revenue and gross profit still achieved strong levels of growth on an annual and quarterly basis. Our ability to make operational adjustments to our projects in wake of government restrictions contributed favorably to our financial results. We reduced operating expenses and experienced high-margin residential unit sales activity, which helped support average selling prices."
"We continued to make progress with our real estate development projects in both mainland China and overseas markets. Among our U.S. projects, our Oosten project in Williamsburg, Brooklyn is performing well with approximately 80% of the total units pre-sold as of December 31, 2016. As construction at Oosten nears successful completion, we are pleased to recognize a total of $152 million in revenue from this project in 2016. Our two other NYC projects-one in Manhattan and the other in Queens, are progressing according to plan. In China, we continue to add to our land bank for future development with the recent acquisition in 2017 to secure land use rights for three land parcels in Zhengzhou, a market where Xinyuan has enjoyed great historical success."
"While we remain cautious about the policy and market changes, we continue to execute our selective land acquisition and project development strategy in 2017. Our financial position is solid and we have confidence in our flexible operational strategy and the development of our overseas projects. Finally, we remain committed to delivering value to our shareholders through the continuation of our quarterly cash dividend program and remain committed to our share repurchase program," concluded Mr. Zhang.
Fourth Quarter 2016 Financial Results
Revenue
In the fourth quarter of 2016, the Company's total revenue increased 22.2% to US$505.3 million from US$413.6 million in the fourth quarter of 2015 and increased 13.7% from US$444.3 million in the third quarter of 2016. Revenue contributed by the Company's US-based Oosten project, which from an accounting standpoint is recognized upon delivery of the completed unit rather than POC method, contributed approximately $117.5 million or 23.3% of total revenue in the fourth quarter and has been a valuable contributor to the Company's financial performance in 2016.
Contract Sales
Contract sales in China totaled US$347.8 million in the fourth quarter of 2016 compared to US$574.2 million in the fourth quarter of 2015 and US$525.4 million in the third quarter of 2016. The Company's GFA sales in China decreased to 222,000 square meters in the fourth quarter of 2016 from 420,900 square meters in the fourth quarter of 2015 and decreased from 340,700 square meters in the third quarter of 2016. The average selling price ("ASP") per square meter sold in China was RMB10,401 (US$1,566) in the fourth quarter of 2016 compared to RMB8,493 (US$1,364) in the fourth quarter of 2015 and RMB10,140 (US$1,542) in the third quarter of 2016.The ASP increase was due to the product mix of units sold and the Company's efforts to maintain pricing integrity. Sales in the U.S. totaled US$117.5 million at the end of fourth quarter of 2016.
The Company commenced pre-sales of one new project in the fourth quarter of 2016, Henan Xin Central II, which contributed 4.1% of total GFA sales in China.
Breakdown of GFA Sales and ASPs by Project in China
Project | Q4 2015 | Q3 2016 | Q4 2016 | Unsold GFA | |||
GFA | ASP | GFA | ASP | GFA | ASP | ||
(m2000) | (RMB) | (m2000) | (RMB) | (m2000) | (RMB) | (m2000) | |
Zhengzhou Xin City | 0.8 | 12,908 | -0.7 | 14,767 | 0.1 | - | 5.5 |
Zhengzhou Thriving Family | 0.1 | 6,054 | - | - | 0.1 | 36,188 | 16.0 |
Xingyang Splendid I | 12.2 | 5,050 | 2.7 | 6,020 | 3.4 | 7,221 | 35.5 |
Xingyang Splendid II | 4.4 | 4,983 | 16.2 | 4,979 | 21.4 | 6,213 | 82.8 |
Kunshan Royal Palace | 34.5 | 9,465 | 8.4 | 21,099 | 2.0 | 23,137 | 16.4 |
Suzhou Lake Royal Palace | 28.7 | 13,482 | 6.1 | 20,782 | 6.1 | 21,464 | 17.0 |
Jinan Xinyuan Splendid | 1.8 | 8,122 | 0.1 | 9,401 | 0.1 | 10,878 | 9.1 |
Jinan Royal Palace | 44.1 | 6,270 | 28.2 | 7,501 | 29.1 | 8,798 | 200.5 |
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