Xinyuan Real Estate Co., Ltd. (NYSE:XIN) Q2 2020 Earnings Conference Call - Final Transcript
Sep 02, 2020 • 08:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Xinyuan Real Estate Company Second Quarter 2020 Earnings Conference Call. [Operator Instructions]. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.
Now I'll turn the call over to Julia Qian, Managing Director of The Blueshirt Group Asia. Ms. Qian, please proceed.
Julia, pardon the interruption. We are having trouble, hearing your line.
With me today are Mr. Yong Zhang, Chairman and Chief Executive Officer; Mr. Brian Chen, Chief Financial Officer; Mr. Hongwu Zhang, Vice President. Mr. Yong Zhang will deliver opening remarks and Mr. Brian Chen will provide additional details on the company's financial results and outlook.
Before we continue, please note that today's discussion will contain forward-looking statements made on the Safe Harbor provision of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involves inherent risks and uncertainties. As such, the company's actual results may be materially different from expectations expressed today. Further information regarding these and other risks and uncertainties, is included in company's public filing with the SEC. The company does not assume any obligations to update any forward-looking statements, except as required under applicable law.
With that, let me now turn the call over to our Chairman and CEO, Mr. Yong Zhang. Please go ahead, Mr. Zhang.
Thank you, Julia and hello everyone. Thank you for joining our second quarter of 2020 earnings conference call. Our second quarter results reflected consumer housing consumption, [Indecipherable] and economic challenges. We are on the path to catch up with the full year sales guidance. With the total contract sales of the first half reaching around $1.18 billion, and total revenue of second quarter increasing about 126% from the first quarter. Recently in quarter three [Phonetic], certain major projects such as Qingdao Lingshan and Chengdu Xinyuan have successfully launched. So we now are holding a more optimistic will [Phonetic] towards the full year sales results. This is [Indecipherable] of sales and cash collection.
We are leveraging [Phonetic] to further optimize our debt cost structure, and an improved [Indecipherable] position, total debt and net debt cash flow [Indecipherable]. While the cash balance increased at the end of quarter two, [Indecipherable] work over, the percentage of short debt reached record low level since 2017. We are also managing to further expand our funding channel. Recently, we have issued offshore USD [Phonetic] bond. The property management company also successfully completed its follow-up offering, because we are committed in our long-term outlook, as well as near-term recovery. We will keep paying dividends again this quarter. It will be as same as the previous quarter. We are proud of our persistence of paying dividends for the past several years.
With that, I will now turn the call over to our CFO, Brian Chen, who will offer more details on the financial performance. Brian, please go ahead.
Thank you, Chairman, and good morning everyone and thank you all for attending