Xinyuan sees debt rise by $819.4 million in Q4; cash also increases

By Devika Patel

Knoxville, Tenn., Feb. 9 – Xinyuan Real Estate Co., Ltd. saw its total debt outstanding increase by $819.4 million to $3,311,800,000 at the end of the fourth quarter of 2017, compared to total debt of $2,492,400,000 at the end of the third quarter of 2017, primarily due to a two-part sale of bonds completed in November and December.

Conversely, as of Dec. 31, 2017, the company’s cash and cash equivalents, including restricted cash, increased to $1,481,000,000 from $1,187,200,000 as of Sept. 30, 2017.

“[Our higher debt this quarter] is mainly due to the new bond issuance,” chief financial officer Helen Zhang said on the company’s fourth quarter and year ended Dec. 31, 2017 earnings conference call on Friday.

On Nov. 22, Xinyuan issued $200 million of three-year 8 7/8% senior notes due 2020.

On Dec. 1, the company issued another $100 million of the 8 7/8% notes, which were sold as a tack-on to the $200 million of notes due 2020 issued in November.

Xinyuan is a real estate developer and property manager based in Beijing.

© 2015 Prospect News.
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