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Earnings Release Xinyuan Real Estate Co., Ltd. Announces First Quarter 2020 Financial Results BEIJING, China, June 5, 2020 - 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 first quarter ended March 31, 2020. First Quarter 2020 Highlights • Total revenue was US$125.8 million in the first quarter of 2020 compared to US$468.9 million in the first quarter of 2019. • Net loss was US$39.1 million in the first quarter of 2020 compared to net income of US$18.2 million in the first quarter of 2019. • Diluted net loss per ADS attributable to shareholders were US$0.73 in the first quarter of 2020 compared to diluted net income of US$0.33 in the first quarter of 2019. Xinyuan’s Chairman Yong Zhang commented, “First quarter results were heavily affected by the COVID-19 outbreak. Project construction and pre-sales were delayed by the nationwide lock-down, which disrupted our supply chain. Suppliers and engineering firms resumed operations toward the end of March, an early sign of economic recovery as China gradually re-opens for business. We are working closely with all suppliers and partners to restart construction, and anticipate returning to normal business pace early in the third quarter this year.” Mr. Zhang added, “Notably, our Hong Kong-listed property management company performed well. Property management is a recurring revenue business that is not particularly impacted by outside factors such as pandemic, the economy, or other forces. Recently, Xinyuan Property Management was again recognized for its strong execution and leadership position. In May 2020, we were designated as a ‘2020 leading listed company of property management service in business performance’. We are proud to achieve this honor.” Mr. Zhang concluded, “Despite the short-term challenges of this unprecedented pandemic, our fundamental business strengths are intact. We continue to streamline project construction, optimize cost control, and expand sales channels. We ended the quarter with a solid cash balance and ample liquidity. We fully redeemed the US$200 million senior notes on March 19. We will continue repurchase our ADRs depending on market conditions. With the majority of our projects in China, we remain optimistic about our business outlook for this year. Our high-quality residential projects and best-in-class property services continue to attract our customers. We believe these efforts will drive positive performance for the rest of 2020 and beyond.” First Quarter 2020 Financial Results Contract Sales 1 Contract sales in China totaled US$153.3 million in the first quarter of 2020 compared to US$478.9 million in the first quarter of 2019 and US$653.6 million in the fourth quarter of 2019. The Company’s GFA sales in China were 90,500 square meters in the first quarter of 2020 compared to 211,400 square meters in the first quarter of 2019 and 356,900 square meters in the fourth quarter of 2019. The average selling price (“ASP”) per square meter sold in China was RMB11,809 (US$1,693) in the first quarter of 2020 compared to RMB15,269 (US$2,264) in the first quarter of 2019 and RMB12,628 (US$1,831) in the fourth quarter of 2019. Breakdown of GFA Sales and ASPs by Project in China Q1 2019 Q4 2019 Q1 2020 Project GFA ASP GFA ASP GFA ASP (m2, 000s) (RMB) (m2, 000s) (RMB) (m2, 000s) (RMB) Xingyang Splendid II 10.2 7,478 0.2 7,667 0.1 8,399 Jinan Royal Palace 1.6 15,661 2.0 11,432 0.4 6,838 Xuzhou Colorful City - - -0.1 14,000 0.1 6,879 Chengdu Thriving Family -0.1 7,729 - - - - Sanya Yazhou Bay No.1 0.4 25,615 12.8 14,411 0.5 22,816 Xi’an Metropolitan 0.6 11,253 1.9 10,909 2.2 11,742 Jinan Xin Central 0.1 13,170 2.9 10,382 0.8 30,644 Henan Xin Central I 0.1 14,887 0.5 23,764 -1.1 9,828 Zhengzhou Fancy City I -1.4 15,073 - - -0.9 - Zhengzhou Fancy City II (South) -0.1 12,660 - - - - Kunshan Xindo Park - 31,766 - - - - Zhengzhou International New City I - - 6.2 19,541 0.4 27,968 Xingyang Splendid III 0.4 7,046 1.5 13,652 - 40,922 Zhengzhou International New City II - - 4.4 22,965 0.4 29,421 Zhengzhou International New City III A -0.2 14,713 - - - - Zhengzhou Fancy City II (North) 3.5 9,838 6.7 9,594 -3.2 10,700 Tianjin Spring Royal Palace II 8.1 12,670 1.4 12,615 4.8 14,250 Zhengzhou International New City III D -0.1 14,461 0.9 23,353 - - Zhengzhou Hangmei International Wisdom 2.3 7,144 0.8 6,699 - 7,090 City I Zhengzhou International New City III B 0.8 13,262 0.1 12,947 - - Changsha Furong Thriving Family 0.2 9,779 -0.1 9,730 0.1 9,632 Chengdu Xinyuan City 33.1 9,511 80.0 10,499 39.0 10,849 Kunshan Xinyu Jiayuan 5.5 24,208 6.4 23,443 1.6 23,826 Xingyang Splendid IV 1.0 7,027 30.9 7,789 14.3 7,336 Suzhou Suhe Bay * 30.0 21,680 - - - - Zhengzhou Hangmei International Wisdom 0.5 7,350 4.7 7,332 0.9 7,246 City II Qingdao Royal Dragon Bay 15.3 20,285 21.5 19,769 3.8 22,854 Jinan Royal Spring Bay 2.7 9,201 16.0 8,596 8.0 8,493 Xinyuan Golden Water View 19.0 18,817 13.5 21,629 -0.2 19,744 City-Zhengzhou Zhengzhou Fancy City III 20.5 12,637 16.5 12,183 2.5 12,321 2 Zhengzhou International New City III C 17.3 12,260 3.3 10,527 0.1 11,897 Zhengzhou International New City IV A12 24.8 14,254 24.7 16,598 1.2 17,825 Zhengzhou International New City IV B10 7.9 13,969 15.3 10,157 2.1 10,740 Suzhou Galaxy Bay 2.4 13,790 0.6 19,157 0.2 24,328 Suzhou Gusu Shade I 0.8 36,262 0.4 30,076 - - Dalian International Health Technology 0.1 13,618 12.1 9,606 1.9 11,465 Town I Xingyang Splendid V - - 22.8 7,647 0.6 5,206 Suzhou Gusu Shade II ** - - 2.9 38,330 0.8 23,508 Zhengzhou International New City V A04 - - 21.8 14,082 5.3 13,576 Huzhou Silk Town *** - - 3.5 15,415 0.7 16,710 Foshan Xinchuang AI International Science - - 12.7 10,795 2.4 10,533 and Technology Innovation Valley Others 4.1 - 5.2 - 0.8 - Total 211.4 15,269 356.9 12,628 90.5 11,809 * 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. Revenue In the first quarter of 2020, the Company’s total revenue decreased 73.2% to US$125.8 million from US$468.9 million in the first quarter of 2019 and decreased 86.1% from US$906.7 million in the fourth quarter of 2019. Gross Profit Gross profit for the first quarter of 2020 was US$28.1 million, or 22.3% of total revenue, compared to gross profit of US$131.0 million, or 27.9% of total revenue, in the first quarter of 2019 and a gross profit of US$146.5 million, or 16.2% of total revenue, in the fourth quarter of 2019. Selling, General and Administrative Expenses SG&A expenses were US$44.0 million for the first quarter of 2020 compared to US$56.1 million for the first quarter of 2019 and US$73.8 million for the fourth quarter of 2019. As a percentage of total revenue, SG&A expenses were 35.0% compared to 12.0% in the first quarter of 2019 and 8.1% in the fourth quarter of 2019. Net Income Net loss for the first quarter of 2020 was US$39.1 million compared to net income of US$18.2 million for the first quarter of 2019 and net income of US$39.6 million for the fourth quarter of 2019. Net margin was negative 31.1% compared to 3.9% in the first quarter of 2019 and 4.4% in the fourth quarter of 2019. Diluted net loss per ADS were US$0.73 compared to diluted net earnings of US$0.33 per ADS in the first quarter of 2019 and diluted net earnings of US$0.62 per ADS in the fourth quarter of 2019.
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