Xinyuan Real Estate Co., Ltd.

CIK:0001398453|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 514,674,995	$ 804,974,475	$ 950,012,173
Costs of revenue:
Total costs of revenue	(432,244,970)	(672,509,119)	(878,056,065)
Gross profit	82,430,025	132,465,356	71,956,108
Selling and distribution expenses	(5,410,108)	(9,927,659)	(29,458,486)
General and administrative expenses	(38,120,563)	(74,244,144)	(96,106,518)
Gain on disposal of property held for lease	72,070	0	5,687,312
Impairment loss on goodwill			(1,481,006)
Operating (loss)/income	38,971,424	48,293,553	(49,402,590)
Interest income	3,121,364	4,779,314	8,207,327
Interest expense	(117,409,422)	(176,940,318)	(158,008,411)
Net gain on debt extinguishment	48,643,696	169,932,886	9,620,914
Loss on short-term investments	(700,539)	(7,626,097)	(71,675,454)
Share of loss of equity investees	(9,230,998)	(17,914,070)	(26,166,538)
Exchange gains	8,264,806	13,482,057	39,952,338
Gain on modification of debt	21,253,128	26,372,965
Other (loss)/income	15,962,738	25,426,872	(1,968,849)
(Loss)/income from operations before income taxes	8,876,197	85,807,162	(249,441,263)
Income taxes expenses	(54,899,488)	(55,275,451)	(9,241,462)
Net (loss)/income	(46,023,291)	30,531,711	(258,682,725)
Net (loss)/income attributable to non-controlling interest	(4,995,448)	9,750,314	(4,670,836)
Net (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders	$ (51,018,739)	$ 40,282,025	$ (263,353,561)
(Loss)/income per share:
Basic	$ (0.45)	$ 0.38	$ (2.44)
Diluted	$ (0.45)	$ 0.38	$ (2.44)
Shares used in computation:
Basic	112,234,853	106,686,376	107,849,225
Diluted	112,234,853	106,686,376	107,849,225
Foreign currency translation adjustments	$ (5,025,283)	$ (6,770,114)	$ (67,014,536)
Comprehensive (loss)/income	(51,048,574)	23,761,597	(325,697,261)
Comprehensive income/(loss) attributable to non-controlling interest	(3,888,395)	11,532,734	5,804,943
Comprehensive (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders	(54,936,969)	35,294,331	(319,892,318)
Real estate sales
Revenue:
Revenue	385,528,684	658,073,173	809,412,923
Costs of revenue:
Cost of revenue	(334,795,000)	(557,662,795)	(768,356,253)
Real estate management services income
Revenue:
Revenue	96,508,350	93,676,874	105,460,071
Costs of revenue:
Cost of revenue	(79,733,796)	(72,310,054)	(79,609,736)
Real estate lease income
Revenue:
Real estate lease income	19,987,093	37,218,451	20,782,612
Costs of revenue:
Cost of real estate lease income	(10,035,727)	(33,920,221)	(20,287,953)
Other revenue
Revenue:
Revenue	12,650,868	16,005,977	14,356,567
Costs of revenue:
Cost of revenue	$ (7,680,447)	$ (8,616,049)	$ (9,802,123)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (46,023,291)	$ 30,531,711	$ (258,682,725)
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Depreciation and amortization	(809,102)	22,506,645	13,168,207
Stock-based compensation expenses (Note 15)	1,102,260		568,047
Deferred tax expenses/(benefit)	43,064,499	(98,128,752)	92,635,419
Amortization of deferred charges	345,921	7,739,849	5,728,866
Share of loss of equity investees	9,230,998	17,914,070	26,166,538
Exchange gain	(8,264,806)	(13,482,057)	(39,952,338)
Changes in unrecognized tax benefit	17,636,751	11,044,674	6,298,039
Gain on extinguishment of debt (Note 11)	(48,643,696)	(169,932,886)	(9,620,914)
Loss on short-term investments	700,539	7,626,097	71,675,454
Gain on disposal of property held for lease	(72,070)		(5,687,312)
Proceeds from disposal of short-term investments			359,025
Gain on modification of debt	(21,253,128)	(26,372,965)
Allowance for doubtful accounts	2,430,695	2,082,081	2,119,346
Impairment loss on goodwill			1,481,006
Others	5,524,096	3,404,181	(64,687)
Changes in operating assets and liabilities:
Accounts receivable	(934,499)	(14,027,916)	22,272,540
Real estate properties development completed and under development	61,571,275	(53,100,033)	(506,304,362)
Contract assets	8,704,038	18,055,825	(18,682,950)
Real estate properties held for lease	19,822,059	13,493,374	(51,502,401)
Advances to suppliers	2,099,119	13,595,505	61,413,770
Other receivables	32,859,111	(2,456,245)	(103,913,042)
Deposits for land use rights	1,244,327	1,326,894	(1,182,046)
Other deposits and prepayments	20,903,928	57,657,023	15,076,597
Other current assets	352,598	6,975,279	(6,456,006)
Amounts due from related parties	(1,996,056)	7,825,323	47,297,291
Amounts due from employees	214,327	405,575	(47,565)
Other assets	9,438,651	769,425	14,383,358
Accounts payable	(16,920,975)	89,556,104	(94,511,442)
Customer deposits	(205,242,047)	(522,223,988)	210,848,409
Income tax payable	(26,233,265)	58,023,234	13,392,278
Other payables and accrued liabilities	157,349,835	258,398,911	(29,962,164)
Payroll and welfare payable	(3,845)	(1,980,925)	2,392,037
Amounts due to related parties		2,000,000	(10,979,186)
Net cash (used in)/provided by operating activities	18,198,247	(270,773,987)	(530,272,913)
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of properties held for lease and property and equipment	9,202,167	82,512	3,264,138
Purchase of property and equipment	(590,389)	(372,937)	(28,681)
Acquisition of subsidiaries, net of cash acquired	(268,836)		510,108,525
Acquisition of long-term investments	192,012	414,661
Purchase of Investment product	1,428,264	(1,411,891)
Proceeds of sales of equity interest of subsidiaries		180,702
Loan to employees			554,309
Net cash provided by/(used in) investing activities	9,963,218	(1,106,953)	513,898,291
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares		1,595,830
Purchase of treasury shares (Note 18)	(440,576)	(731,871)
Disposal of ordinary shares	640,367
Dividends to shareholders	(3,392,800)		(4,661,341)
Amounts due to related parties	(2,396,841)	5,432,379	(4,068,750)
Repayments of short-term bank loans and current portion of long-term bank loans	(81,115,077)	(110,453,807)	(205,502,651)
Proceeds from short-term bank loans and current portion of long-term bank loans	2,106,648		5,825,838
Repayment of long-term bank loans			(38,472,000)
Proceeds from long-term bank loans	27,746,217	20,314,059	83,335,835
Repayment of other short-term debt	(83,972,898)		(4,059,023)
Proceeds from other short-term debt	32,500,000		85,768,101
Repayment of other long-term debt			(98,522,299)
Proceeds from other long-term debt	4,775,069	36,508,218	124,661,778
Payment of principal from finance lease			(5,207,694)
Proceeds from mandatorily redeemable non-controlling interests	1,138,179	42,171	475,728
Contributions from non-controlling interests, net	3,141,404
Net cash used in financing activities	(99,270,308)	(47,293,021)	(60,426,478)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(71,108,843)	(319,173,961)	(76,801,100)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7,326,513)	(10,733,108)	(82,342,346)
Cash, cash equivalents and restricted cash, at beginning of year	230,821,240	560,728,309	719,871,755
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR	152,385,884	230,821,240	560,728,309
SUPPLEMENTARY INFORMATION ON CASH FLOWS
Cash and cash equivalents	94,444,126	129,243,923	283,131,542
Restricted cash	57,941,758	101,577,317	277,596,767
Incomes taxes paid	24,272,715	44,064,294	99,120,026
Interest paid	$ 37,822,272	$ 34,991,943	$ 112,037,414

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 94,444,126	$ 129,243,923
Restricted cash	57,941,758	101,577,317
Short-term investments	3,106,107	5,422,264
Accounts receivable, net	42,101,736	44,252,051
Deposits for land use rights	30,270,992	31,973,682
Other deposits and prepayments	235,424,409	259,752,148
Advances to suppliers	37,155,618	39,803,727
Real estate properties development completed and under development	3,206,897,355	3,307,964,969
Other current assets	966,930	900,641
Total current assets	4,240,524,897	4,493,212,025
Non-current assets
Real estate properties held for lease, net	306,314,884	322,552,001
Deposits for land use rights and properties	31,996,013	32,473,512
Property and equipment, net	13,331,980	25,543,359
Long-term investments	67,898,666	73,787,743
Deferred tax assets	282,311,518	283,687,539
Amounts due from related parties	14,641,366	14,805,229
Contract assets	25,373,383	34,255,318
Operating lease right-of-use assets	372,277	1,615,626
Other assets	39,712,747	51,460,879
Total non-current assets	781,952,834	840,181,206
TOTAL ASSETS	5,022,477,731	5,333,393,231
Current liabilities
Accounts payable and notes payable (including accounts payable and notes payable of the VIEs without recourse to the primary beneficiary of US$13,215 and US$13,021 as of December 31, 2023 and 2024, respectively)	992,213,130	1,023,913,738
Short-term bank loans and other debt	62,364,365	63,295,071
Customer deposits	525,882,552	740,013,355
Income tax payable	264,605,419	294,923,155
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIEs without recourse to the primary beneficiary of US$3,831,970 and US$2,134,884 as of December 31, 2023 and 2024, respectively)	779,236,665	659,501,859
Payroll and welfare payable (including payroll and welfare payable of the VIEs without recourse to the primary beneficiary of US$319,565 and US$164,573 as of December 31, 2023 and 2024, respectively)	13,989,715	14,191,467
Current portion of long-term bank loans and other debt	1,082,607,536	1,265,784,530
Operating lease liabilities, current portion	747,044	2,228,329
Mandatorily redeemable non-controlling interests	10,725,626	9,741,467
Amounts due to related parties	$ 69,493,602	$ 72,910,425
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Total current liabilities	$ 3,801,865,654	$ 4,146,503,396
Non-current liabilities
Long-term bank loans	180,976,059	152,088,997
Deferred tax liabilities	399,069,727	347,969,036
Unrecognized tax benefits	104,307,339	103,047,687
Other long-term debt	478,767,048	476,033,481
Operating lease liabilities	77,442	338,252
Total non-current liabilities	1,163,197,615	1,079,477,453
Total liabilities	4,965,063,269	5,225,980,849
Commitments and contingencies
Shareholders' deficit
Common shares, US$0.0001 par value: Authorized500,000,000 shares; shares issued and outstanding- 112,812,481 shares as of December 31, 2024 (2023: 113,671,841 shares)	17,554	17,554
Additional paid-in capital	534,233,824	546,549,246
Statutory reserves	180,160,066	179,843,852
Accumulated deficits	(671,470,599)	(616,742,846)
Accumulated other comprehensive loss	(30,521,402)	(26,603,172)
Treasury shares	(116,593,657)	(116,793,448)
Total Xinyuan Real Estate Co., Ltd. shareholders' deficit	(104,174,214)	(33,728,814)
Non-controlling interest	161,588,676	141,141,196
Total equity	57,414,462	107,412,382
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,022,477,731	5,333,393,231
Nonrelated Party
Current assets
Other receivables	339,695,310	378,656,298
Related Party
Non-current assets
Amounts due from related parties	14,641,366	14,805,230
Current liabilities
Amounts due to related parties	69,493,602	72,910,425
Related Parties, Excluding Employees
Current assets
Other receivables	191,715,053	192,626,511
Employees
Current assets
Other receivables	$ 805,503	$ 1,038,494