PR Newswire
BEIJING, Nov, 14, 2016
BEIJING, Nov, 14, 2016 /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 third quarter ended September 30, 2016.
Third Quarter 2016 Highlights
Mr. Yong Zhang, Xinyuan's Chairman, stated, "We are pleased to report another quarter of solid operational and financial results with significant growth in both contract sales and revenue. Overall project sales remained active in the third quarter aided by steady market demand resulting in GFA and ASP growth at the majority of our projects. We were also pleased to complete our debt refinancing through a series of activities that extended the maturity of our long-term debt, lowered financing costs and hedged our exposure to currency risk.
Among our U.S. projects, our Oosten project in Williamsburg, Brooklyn is performing well with approximately 76% of the total units at this project pre-sold as of September 30, 2016. As construction at Oosten nears successful completion, we expect to begin construction on the other two projects in Manhattan and Queens respectively in the quarters ahead. Among our projects in China, we were pleased to expand our presence in the provincial capital cities of Zhengzhou and Changsha. Given the convenient location and attractive land price paid for these two projects, we can establish average selling prices at levels that can provide highly attractive returns on investment for Xinyuan.
In early October, the local governments in about 20 cities announced housing purchase restriction policies to cool a market with escalating prices. These policies will negatively impact our financial results in the fourth quarter. While we remain cautious about recent policy changes, our financial position is solid and we have confidence in our prudent operational strategy. 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.
Third Quarter 2016 Financial Results
Contract Sales
Contract sales totaled US$525.4 million in the third quarter of 2016 compared to US$ 309.7 million in the third quarter of 2015 and US$474.4 million in the second quarter of 2016. The Company's GFA sales increased to 340,700 square meters in the third quarter of 2016 from 233,300 square meters in the third quarter of 2015 and decreased from 344,600 square meters in the second quarter of 2016. The average selling price ("ASP") per square meter sold was RMB10,140 (US$1,542) in the third quarter of 2016 compared to RMB8,196 (US$1,328) in the third quarter of 2015 and RMB8,992 (US$1,377) in the second quarter of 2016.
The Company commenced pre-sales of two new projects in the third quarter of 2016, Kunshan Xindo Park and Zhengzhou International New City I, which contributed 9.1% and 0.4% of total GFA sales, respectively.
Breakdown of GFA Sales and ASPs by Project
Project | Q3 2015 | Q2 2016 | Q3 2016 | Unsold GFA | |||
GFA | ASP | GFA | ASP | GFA | ASP | ||
(m2000) | (RMB) | (m2000) | (RMB) | (m2000) | (RMB) | (m2000) | |
Zhengzhou Xin City | 0.1 | 3,927 | -0.1 | 13,136 | -0.7 | 14,767 | 5.6 |
Zhengzhou Thriving Family | - | 3,401 | 0.1 | 10,446 | - | - | 16.1 |
Xingyang Splendid I | 4.2 | 5,149 | 2.1 | 5,281 | 2.7 | 6,020 | 38.8 |
Xingyang Splendid II | 0.2 | 9,500 | 8.6 | 5,253 | 16.2 | 4,979 | 104.2 |
Kunshan Royal Palace | 36.4 | 9,148 | 29.0 | 15,586 | 8.4 | 21,099 | 18.4 |
Suzhou Lake Royal Palace | 39.0 | 9,446 | 10.6 | 21,575 | 6.1 | 20,782 | 23.2 |
Jinan Xinyuan Splendid | 3.3 | 7,986 | 1.3 | 9,499 | 0.1 | 9,401 | 9.3 |
Jinan Royal Palace | 26.2 | 6,294 | 32.0 | 6,874 | 28.2 | 7,501 | 229.0 |
Xuzhou Colorful City | 5.1 | 9,424 | 2.9 Werbung Mehr Nachrichten zur Xinyuan Real Estate ADR Aktie kostenlos abonnieren
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