Xinyuan Real Estate Co., Ltd. (NYSE:XIN) Q3 2020 Earnings Conference Call - Final Transcript

Nov 27, 2020 • 08:00 am ET


Xinyuan Real Estate Co., Ltd. (NYSE:XIN) Q3 2020 Earnings Conference Call - Final Transcript


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Welcome to the Xinyuan Real Estate Company Third Quarter 2020 Earnings Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] If you have any objections, you may disconnect at this time.

I will now hand the call over to Julia Qian, Managing Director of The Blueshirt Group Asia. Ms. Qian, please proceed.

Julia Qian

Hello, everyone. Thank you all for joining us on today's conference call to discuss Xinyuan Real Estate Company's financial results for the third quarter of 2020. We released the result early today. The press release is available on the company's website, as well as from the Newswire services.

On the call with me today are Mr. Zhang Yong, Chairman and Chief Executive Officer; Mr. Brian Chen, Chief Financial Officer; and Mr. Zhang Hongwu, President. Mr. Zhang Yong 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 under Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actually results may be materially different from expectations expressed today.

Further information regarding these and other risks and uncertainties is included in the company's public filing with the SEC. The company does not assume any obligation 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. Zhang Yong. Please go ahead, Mr. Zhang.

Yong Zhang

Thank you, Julia, and hello, everyone. Thank you for joining our third quarter of 2020 earnings conference call. Xinyuan delivered a strong quarter, thanks to -- rapid economic recovery. The effective control of pandemic of resumed demand in real estate residential sector. We are pleased that several major projects started pre-sales in Q3, resulting in recovery from top line to bottom line. We also made encouraging progress on projects in Beijing and Xi'an, which are planned to launch in the fourth quarter.

Generally speaking, we are seeking to our project launching plan for 2020, unlocking substantial volume of high quality residential units in top tier cities, that we have accumulated in the past years with sufficient salable results on hand. Xinyuan is more capable of withstanding market fluctuations and seizing business opportunities.

On our financial and we made our endeavors to further optimize our balance sheet, with the recovery of cash collection and active debt management. Our short debt at the end of Q3 was covered by the cash on hand. In the future, we will still be very careful on balancing the growth as well as maintaining the financial health.

We had a solid recovery in Q3, as we strive to manage our financial position prudently. The dividend for this quarter will be the same as the previous quarter. We are proud of our persistence of paying dividends for the past several years.