UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

 

FOR THE MONTH OF OCTOBER 2024

COMMISSION FILE NUMBER: 001-33863

 

XINYUAN REAL ESTATE CO., LTD.

 

27/F, China Central Place, Tower II
79 Jianguo Road, Chaoyang District
Beijing 100025
People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x                             Form 40-F ¨

 

 

 

 

 

 

Exhibit Index

 

Exhibit No. Description
   
99.1 Press Release of Xinyuan Real Estate Co., Ltd. dated October 25, 2024

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Xinyuan Real Estate Co., Ltd.
     
  By: /s/ Yong Zhang
  Name: Yong Zhang
  Title: CEO

 

Date: October 25, 2024

 

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Exhibit 99.1

 

Xinyuan Real Estate Co., Ltd. Announces First Half 2024 Financial Results

 

Beijing, October 25, 2024 -- Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), an NYSE-listed real estate developer operating primarily in China with projects in the United States, today announced its unaudited financial results for the six months ended June 30, 2024.

 

Financial Results for the First Half of 2024

 

Revenue

 

For the first half of 2024, the Company’s total revenue decreased by 59.9% to US$155.6 million, compared to US$388.2 million for the first half of 2023, and the Company’s average selling price per square meter for real estate properties sold in China decreased by 41.1% to RMB8,951 (US$1,260), compared to RMB15,413 (US$2,226) for the first half of 2023. The decrease in revenue was mainly due to a significant decline in signings, which were affected by the overall downturn in the real estate industry. The decrease in average selling price is primarily attributable to the change in the proportion of real estate sales in different types of real estate property products.

 

Gross Profit

 

Gross profit decreased by US$36.8 million to US$39.8 million, or 25.6% of total revenue for the first half of 2024 from US$76.6 million, or 19.7% of total revenue for the first half of 2023. The increase of gross profit rate was mainly due to optimization of project costs.

 

SG&A Expenses

 

SG&A expenses increased by 4.3% to US$22.9 million for the first half of 2024 from US$21.9 million for the first half of 2023. As a percentage of total revenue, SG&A expenses were 14.7% and 5.6% for the first half of 2024 and 2023, respectively. The main reason for the significant increase in the percentage of SG&A is the substantial decline in total revenue.

 

Net Loss

 

Net loss increased by US$1.2 million to US$47.9 million for the first half of 2024 from US$46.7 million for the first half of 2023.

 

Balance Sheets

 

As of June 30, 2024, the Company’s cash and restricted cash decreased to US$169.3 million from US$230.8 million as of December 31, 2023.

 

Total debt outstanding was US$1,960.4 million as of June 30, 2024, an increase of 0.2% from US$1,957.2 million as of December 31, 2023.

 

The balance of the Company’s real estate properties completed and under development at the end of the second quarter of 2024 was US$3,309.6 million compared to US$3,308.0 million as of December 31, 2023.

 

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About Xinyuan Real Estate Co., Ltd.

 

Xinyuan is an NYSE-listed real estate developer primarily in China with projects in the United States. 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, Tianjin, Zhengzhou, Jinan, Qingdao, Chengdu, Xi’an, Suzhou, Dalian, Zhuhai and Foshan. 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 include statements about future debt and financial position, potential future collaborative efforts, 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 successfully enter new geographic markets, develop 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; the impact of pandemics, such as the COVID-19 pandemic, on the real estate market and the economies in our markets; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2023. 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 and has not undergone external review. 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.

Investor Relations

Tel: +86 (10) 8588-9376

Email: irteam@xyre.com

 

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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)

 

   Six months ended 
   June 30,   June 30, 
   2024   2023 
   (unaudited)   (unaudited) 
Total revenue   155,556    388,241 
           
Total costs of revenue   (115,759)   (311,640)
Gross profit   39,797    76,601 
           
Selling and distribution expenses   (2,574)   (2,264)
General and administrative expenses   (20,281)   (19,642)
Gain on disposal of property held for lease   72    - 
           
Operating income   17,014    54,695 
           
Interest income   1,457    2,858 
Interest expenses   (73,321)   (85,290)
Loss on short-term investments   (1,036)   (2,185)
Gain on extinguishment of debt   9,637    2,897 
Debt restructuring income   -    8,755 
Other income/(expenses)   11,647    (1,774)
Exchange gain   4,977    17,975 
Share of loss of equity investees   (9,849)   (7,846)
           
Loss from operations before income taxes   (39,474)   (9,915)
           
Income tax expenses   (8,376)   (36,765)
           
Net loss   (47,850)   (46,680)
Net income attributable to non-controlling interest   1,666    8,045 
Net loss attributable to Xinyuan Real Estate Co., Ltd. shareholders   (46,184)   (38,635)
           
Loss per ADS:          
Basic   (8.17)   (7.17)
Diluted   (8.17)   (7.17)
ADS used in computation:          
Basic   5,651    5,392 
Diluted   5,651    5,392 

 

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XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

   June 30,   December 31, 
   2024   2023 
   (unaudited)   (audited) 
ASSETS          
Current assets          
Cash and restricted cash   169,262    230,821 
Short-term investments   4,377    5,422 
Accounts receivable   37,795    44,252 
Other receivables   351,676    378,656 
Deposits for land use rights   31,966    31,974 
Other deposits and prepayments   258,409    259,752 
Advances to suppliers   48,351    39,804 
Real estate properties development completed and under development   3,309,556    3,307,965 
Amounts due from related parties   192,682    192,627 
Amounts due from employees   4,432    1,038 
Other current assets   2,142    901 
           
Total current assets   4,410,648    4,493,212 
           
Restricted cash, non-current   -    - 
Real estate properties held for lease, net   314,237    322,552 
Property and equipment, net   23,925    25,543 
Long-term investment   67,307    73,788 
Deferred tax assets   289,676    283,688 
Deposits for land use rights and properties   32,273    32,474 
Amounts due from related parties   14,717    14,805 
Contract cost assets   26,117    34,255 
Operating lease right-of-use assets   1,518    1,616 
Other assets   45,793    51,461 
           
TOTAL ASSETS   5,226,211    5,333,393 

 

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XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

   June 30,   December 31, 
   2024   2023 
   (unaudited)   (audited) 
LIABILITIES AND          
SHAREHOLDERS’ EQUITY          
Current liabilities          
Accounts payable and notes payable   972,834    1,023,914 
Short-term bank loans and other debt   62,903    63,295 
Customer deposits   677,700    740,013 
Income tax payable   229,702    294,923 
Other payables and accrued liabilities   712,672    659,502 
Payroll and welfare payable   9,660    14,191 
Current portion of long-term bank loans and other debt   1,241,910    1,265,785 
Lease liability, current portion   1,697    2,228 
Mandatorily redeemable non-controlling interests   10,439    9,741 
Amounts due to related parties   72,729    72,910 
           
Total current liabilities   3,992,246    4,146,503 
           
Non-current liabilities          
Long-term bank loans   166,575    152,089 
Other long-term debt   489,044    476,033 
Deferred tax liabilities   419,584    347,969 
Unrecognized tax benefits   103,048    103,048 
Lease liability   152    338 
Amounts due to related parties   -    - 
           
TOTAL LIABILITIES   5,170,649    5,225,981 
           
Shareholders’ equity          
Common shares   18    18 
Treasury shares   (117,179)   (116,793)
Additional paid-in capital   546,277    546,549 
Statutory reserves   179,459    179,844 
Retained earnings   (664,876)   (616,743)
Accumulated other comprehensive loss   (26,997)   (26,603)
Total Xinyuan Real Estate Co., Ltd. shareholders’ equity   (83,298)   (33,729)
Non-controlling interest   138,859    141,141 
Total equity   55,561    107,412 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   5,226,211    5,333,393 

 

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