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Xinyuan Real Estate Company Ltd. Segments Revenues 2015 2016 2017 2018 2019

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Xinyuan Real Estate Company Ltd. Segments Revenues 2015 2016 2017 2018 2019 June 11, 2021 Zacks Small-Cap Research Steven Ralston, CFA 312-265-9426 Sponsored – Impartial - Comprehensive [email protected] scr.zacks.com Sponsored – Impartial - Comprehensive 10 S. Riverside Plaza, Chicago, IL 60606 Xinyuan Real Estate Co. Ltd. (XIN-NYSE) Xinyuan Real Estate Completes the OUTLOOK Construction of 5 Projects Xinyuan Real Estate develops and sells real estate properties, primarily large-scale, high quality, multi-family residential projects (multi-layer, sub- high-rise and high-rise apartment buildings) in select Tier 1 and Tier 2 cities in China. Xinyuan has a Utilizing valuation analysis of comparative strong project pipeline. In China, the company property development companies operating in benefits from two macro-economic trends: a China, a target price for Xinyuan Real Estate is growing middle class and an increasing degree $7.16 per ADS, which is based on an expected of urbanization. Management has developed a price-to-book multiple of 0.49 successful standardized and scalable business model. The company has expanded internationally with a few projects in the New York City area Current Price (12/08/20) $2.93 (Brooklyn, Manhattan and Queens) and London Valuation $7.16 (Canary Wharf). SUMMARY DATA 52-Week High $4.12 Risk Level Average 52-Week Low $1.68 Type of Stock Small-Value One-Year Return (%) -28.51 Industry Real Estate Dev. Beta 1.54 Average Daily Volume (ADSs) 106,953 ZACKS ESTIMATES ADSs Outstanding (million) 53.54 Market Capitalization ($mil.) $156.9 Revenue (in millions of $) Short Interest Ratio (days) 1.13 Q1 Q2 Q3 Q4 Year Institutional Ownership (%) 3.86 Insider Ownership (%) 55.0 (Mar) (Jun) (Sep) (Dec) (Dec) 2018 174 A 361 A 595 A 1,092 A 2,218 A Ann. Cash Dividend per ADS $0.10 2019 469 A 609 A 498 A 907 A 2,483 A Dividend Yield (%) 3.41 2020 126 A 284 A 655 A 925 E 1 ,990 E 2021 2,850 E 5-Yr. Historical Growth Rates Earnings per ADS Sales (%) 14.4 (EPADS is operating earnings before non-recurring items) Earnings Per Share (%) N/M Q1 Q2 Q3 Q4 Year Dividend (%) N/M (Mar) (Jun) (Sep) (Dec) (Dec) 2018 -$0.16 A -$0.11 A $0.31 A $1.09 A $1.13 A P/E using TTM EPS N/M 2019 $0.33 A $0.19 A $0.07 A $0.62 A $1.20 A P/E using 2020 Estimate N/M 2020 -$0.73 A -$0.49 A $0.44 A $0.84 E $0.04 E P/E using 2021 Estimate 2.0 2021 $1.45 E Quarterly EPADS may not equal annual EPADS due to rounding. © Copyright 2021, Zacks Investment Research. All Rights Reserved. RECENT NEWS Construction Completed of Five Residential Projects On June 10, 2021, Xinyuan Real Estate announced that the construction of five (5) new properties has been completed, namely Chengdu Xinyuan City, Zhengzhou International New City III, Jinan Royal Spring Palace, Zhengzhou Fancy City II and Tianjin Spring Royal Palace. These projects offer high-quality accommodations that meet the needs of middle-class consumers. Located in Shu Du New Town in the Pi Du District in Chengdu, Chengdu Xinyuan City is only 800 meters from Xinyuan City, which is served by numerous restaurants and shopping malls. The residential buildings equipped with smart home systems, which are connected to air floor heating, central air conditioning and water purification system. Chengdu Xinyuan City is also in close proximity to the Modi River, Municipal Park, Knowledge Park, Cuckoo Park, Rhododendron Park and Chuangzhi Park. Located in the downtown city highlands of Zhengzhou, Zhengzhou International New City III provides high-quality property management services and the conveniences of a lively city. The project’s calming amenity is a courtyard. Located in Zhangqiu, Jinan Royal Spring Palace is surrounded by the calm spaces of Baimai Springs, Yanming Springs and various parks. The property is also conveniently served by the public transportation facilities of Zhangqiu Railway Station and the public bus lines 3 and 11.The project is also close to various medical, commercial, and education facilities. Located two kilometers east of the center of the Erqi Ecological New City, Zhengzhou Fancy City II is conveniently located to subway lines 7 and 9. Various educational and commercial facilities are nearby. Located in Wuqing District of Tianjin, close to Beijing-Tianjin intercity railway and the six expressways, Tianjin Spring Royal Palace project covers a site area of 133,499 square meters. The 1,076-unit project is composed of 71,602 square meters in high-rise buildings, 1,291 square meters for retail stores and 71,688 square meters for multi-layer buildings. Pre-sales began in January 2018. The staff of Xinyuan Real Estate is in the process of delivering the units to clients. Zacks Investment Research Page 2 scr.zacks.com Report of 2020 Financial Results Delayed Xinyuan Real Estate has not been able to file Form 20-F for 2020 by its due date (April 30th) since the company’s Audit Committee is still in the process of conducting an independent review of certain connected transactions with Xinyuan Property Management in order to ascertain if those transactions has any impact on the 2020 financial statements of Xinyuan Real Estate. KEY POINTS Xinyuan Real Estate develops and sells real estate properties, primarily large-scale, high quality, multi-family residential projects in China (approximately 95% of revenues in 2019) . Benefits from two macro-economic trends a growing middle class an increasing degree of urbanization. management targets select Tier 1 and Tier 2 cities over 40% of revenues is generated from projects in Zhengzhou potential to ramp up activity on other Tier 2 cities to Zhengzhou’s level . Developed successful standardized and scalable business model land acquisition/plan & design/construction/pre-sales/delivery specialize in multi-layer, sub-high-rise and high-rise apartment buildings modern, sleek buildings; mid-sized units with contemporary interiors contains at least one calming amenity, such as landscaped garden or courtyard conveniently located near public transportation, shopping centers, cinemas, etc. provides home-based smart technology services . Xinyuan Real Estate has a strong pipeline of projects 28 projects under construction and 10 in the planning stage The company has expanded internationally . New York City area (Brooklyn, Manhattan and Queens) . London (Canary Wharf The Madison Project) . Malaysia (project in land reclamation phase in a coastal city) Xinyuan Property Management Service – majority owned subsidiary . Formed in 1998 by Xinyuan Real Estate . Listed on Hong Kong Exchange under ticker 1895 in 2019 . 30%+ top-line growth company providing: property management services for Xinyuan Real Estate (~87% of revenues) and property management services for third parties (~13% of revenues) . Xinyuan Real Estate holds 300,000,000 shares representing a 54% ownership position Real estate leasing business (0.6% of revenues in 2019) . Sometimes, Xinyuan develops commercial properties (shopping malls, supermarkets, etc.) to provide ancillary community services for its large-scale residential projects . The company retains ownership of these facilities and leases out the space Xinyuan Real Estate has an impressive history of developing and selling an increasing amount of residential projects, 60 over the last 20+ years. The company primarily operates in China, a growing country which is experiencing positive demographic trends and functions under a managed economy. Xinyuan has a strong project pipeline. Zacks Investment Research Page 3 scr.zacks.com No. of Projects under Construction & Being Planned 50 42 40 40 28 30 22 23 24 16 20 13 12 12 12 13 14 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 OVERVIEW Headquartered in Beijing, Xinyuan Real Estate develops and sells real estate properties, primarily large-scale, high quality, multi-family residential projects in strategically selected high growth cities (Tier 1 and Tier 2) in China. The company has expanded internationally with projects in the New York City area (Brooklyn, Manhattan and Queens) and London (Canary Wharf). In addition, the company acquires land for development, not only in China (primarily through public auctions of government land and negotiated land sales), but also in Malaysia (through the acquisition of 100% of a Malaysian company which owns offshore landfill development rights). Furthermore, Xinyuan develops and retains commercial properties (shopping malls, supermarkets, hotels etc.) and offers other real estate-related services, such as property management and technology-based platforms for financing, sales and smart home products. Founded in 1997 by Yong Zhang, Xinyuan Real Estate commenced operations in Zhengzhou (pronounced jung jō), the provincial capital of Henan Province. In late-2000, the company completed its first project, Zhengzhou Longhai Star Garden, a 239-unit residential community with multi-layer, sub- high-rise and high-rise buildings with a central garden. By 2003, the company had completed a total of three projects, which combined comprised of 1,327 units with gross floor area (GFA) of 142.6 square meters (m2). Having gained several years of operating experience, management had developed a standardized and scalable business model that provides high quality, multi-family residential properties to the burgeoning middle-class in growing urban areas of China. Starting in 2004 and continuing to benefit from governmental policies that encouraged the development of mid-priced residential housing for middle-income consumers, Xinyuan embarked on an aggressive construction plan. Between 2004 and 2006, the company became the fastest growing residential property developer in Zhengzhou in terms of contracted sales by completing an additional eight projects, which were comprised of 3,898 units with 441.6 m2 GFA. Importantly, during this time, Xinyuan Real Estate began developing and gaining experience with larger projects (over 1,600 units with over 110,000 GFA), demonstrating the company’s ability to construct larger scale residential housing in China’s real estate development market.
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