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Xinyuan Real Estate
Investor Presentation
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1
Disclaimer
This presentation has been prepared by Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “ Company” ) and has notbeen independently verified. No representations or warranties, express or implied, are made and no relianceshould be placed on the accuracy, fairness or completeness of the information presented or contained in thesematerials. Neither the Company nor any of its affili ates, advisers or representatives or the Bookrunner acceptany responsibilit y whatsoever for any loss howsoever arising f rom any information presented or contained in orderived from these materials. The information presented or contained in these materials is subject to changewithout notice and its accuracy is not guaranteed. None of the Company, any underwriter, or any of theirrespective directors, officers, employees, agents or advisors shall be in any way responsible for the contents ofthis presentation, or shall be liable for any loss arising from use of the information contained in this presentation
or otherwise arising in connection therewith.This presentation is st rictly confidential, is being given solely for use as a support for oral discussions at theroadshow presentations and may not be retained, copied, reproduced or redistr ibuted to any other person in anymanner. Unauthorized retention, copying, reproduction or redistr ibution of these materials to U.S. persons orother parties (including journalists) could result in a substantial delay to, or otherwise prejudice, the success ofthe offering. You agree to keep the contents of this presentation strictly confidential.
The information contained in this presentation does not cons titute or form part of any offer to sell or issue orsolici tation or invitation of an offer to buy or acquire securities of Xinyuan in any jurisdict ion or an inducement toenter into investment activity, nor may it or any part of it fo rm the basis of or be relied on in connection with anycontract or commitment whatsoever. Specifically, this presentation does not constitute a “ prospectus” withinthe meaning of the U.S. Securities Act of 1933, as amended. The company has filed a registration statement withthe U.S. Securities and Exchange Commission (“ SEC”) for the securities to be offered in the proposed offering .
Any decision to purchase secur it ies in the proposed o ffering should be made solely on the basis of theinformation contained in the prospectus included in the registration statement. This presentation does notcontain all relevant information relating to the Company or it s securities, particularly with respect to the risks anduncertainties involved wi thin an investment in the securities of the Company, and is qualified in it s entirety byreference to the detailed information appearing in the prospectus. Before you invest, you should read theprospectus supplement and prospectus in the registration statement and other documents the Company hasfiled with the SEC in connection with this proposed offering for more complete information about the Company
and this o ffering. You may get these documents for free by visiting the SEC Web site at www.sec.gov.
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Agenda
Who are we
Who buys our apartments
Business model
Financial highlights
I
II
III
IV
AppendixV
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3
3662
142
309356
449 450
2004 2005 2006 2007 2008 2009 2010
Company overview
A leading real estate developer operating in Tier II & III cities in China
Provides high-quality, affordable residential projects to middle income customers
Solid operational track record in 7 cities, covering 44.7 mill ion people
First Chinese real estate developer lis ted on NYSE in 2007
Project GFA(‘000M2) Unit
Completed 21 1,857,281 21,091
Under construct ion 8 1,804,721 20,737
Under planning 4 913,045
Total 33 4,575,047
Net Revenue (US$ mn)
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Our history
Expanded in to 2 Tier II & III cities
- Chengdu and Kunshan
US$280 mil lion IPO in December
Expanded into 3 Tier II cities- Jinan, Suzhou and Hefei
Blue Ridge China and EquityInternational entered as strategicinvestors
Completed Zhengzhou Xinyuan Splendid,our flagship project with 386,322 m2 GFA
Ranked No.1 in Zhengzhou by residentialcontract sales
New land acquisition of approx 1 millionm2 through 5 auctions
Expanded in to Xuzhou ( a Tier III city)
Xinyuan was founded in Zhengzhou
Chengdu Xinyuan Splendid
Zhengzhou Central Garden
Suzhou Colorful Garden
Zhengzhou City Manor
Zhengzhou Longhai Star
Zhengzhou splendid
Hefei Wangjiang Garden
Jinan City Family
Kunshan International City Garden
Source: Company Information
1997
2004
2005
2006
2007
2009
2010 Top 10 Regional Brand of ChinaReal Estate Company
Acquis it ion o f J iantou Xinyuan2010
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Economic indicators 2010
Population (mn)GDP
Growth
Zhengzhou 7.5 13.00%
Jinan 6.7 12.7%
Kunshan 1.7 14.2%
Suzhou 6.3 13.0%
Hefei 5.1 17.5%
Chengdu 12.9 15.0%
Xuzhou 8.7 13.9%
Focus on high-growth Tier II & III cities withstrong economic fundamentals
Geographic focus on high-growth Tier II & III cities
Source: 2010 National Economicand Social Development StatisticalBulletin of various cities
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Higher growth in XIN developed cities (GDP growth)
Continuous urbanization in China and highergrowth rate in XIN developed cit ies
Source: Development Centre of the State Council
China’s real estate industry benefits from continuously rising urbanization
10.1% 10.4% 11.1% 11.4%9.0% 8.7%
10.2%
15.6% 15.2% 15.7% 16.7%14.7% 13.9% 13.7%
0.0%
10.0%
20.0%
2004 2005 2006 2007 2008 2009 2010
China Average of XIN developed cities
43.0%43.9% 44.9% 45.7% 46.6% 47.1%
65%
0.0%
10.0%
20.0%
30.0%
40.0%50.0%
60.0%
70.0%
2005 2006 2007 2008 2009 2010 2030
2005 2006 2007 2008 2009 2010 2030
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0.45
0.35 0.34
0.320.29
0.260.25
0.20
0.11
0.00
0.10
0.20
0.30
0.40
0.50
Business model:low-inventory and high asset-turnover
Landacquisition
Target mature land ready for immediatedevelopment
Focus on urban/city-fringe sites withtransportation and amenity support
Land acquisition via open auctions to
minimize title and relocation issues
Planning Early planning and design prior to land
acquisition to compress constructionlead times
Optimized product mix andstandardized designs to expeditedevelopment execution
Construction
Early product positioning and marketingto further minimize time-to-market
Marketing
The Xinyuan model Asset turnover – Total 2010
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Pre-selling mitigates financingand overall development risks
Constructionloans
Bank loan is availableup to 65% of land cost
Full amount paid by
buyers at pre-salestage
Sales contractnon-recourse unlessdeveloper defaults ondelivery
Pre-saleproceeds
Equity
Land cost: 35% oftotal project cost
Land usepermit/Designpermit/Constructionpermit: 10% of totalproject cost
Funding sources
30%
Developmentphase
Sources offunding
Contractsales
Landacquisi-
tion
Construction
Equity Bank loans
1
Cash in flowCash ou tflow
Quarter
Average Development Process ( Project wi th GFA of 200,000sqm)
35%
Planning and
architecture design
Pre-sales
30%
• Construction starts within 2-3 quarters upon land acquisition
• Pre-sales starts within 3-4 months after construction commence
• 95% sales completed before project completion
• Cash flow becomes positive in the 4th
-5th
quarter
Deli-
very
2 3 4 5 6 7 8 9 10
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Product positioned to cater mid-incomeend-users
Total transaction price distribution
(By GFA for available sale as of 31 Dec 2010)
11%9%
28%
32%
8%12%
0%
10%
20%
30%
40%
124.7
74.582.1
116.9
101.3
0
40
80
120
160
Shanghai Zhengzhou Chengdu Suzhou Jinan
Annual household income( in RMB‘000 as of 31 Dec 2010)
Note 1: 60sqm apartment, 4 people in a household2: Data from CRIC (NASDAQ: CRIC) and Economic and Social Development Statistics
Household income is less thanRMB120k/year in Tier II cities
50% of our product is betweenRMB 300-800k/apartment
Home price is between 5-8 times ofannual household income, stable inthe past 4 years in Tier II cities
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2007 2008 2009 2010
Home price/ Household income
Shanghai Zhengzhou Chengdu Suzhou Jinan
Shanghai
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Stable Sale/Rent rate in Tier II cities
200
250
300
350
400
450
500
550
600
2006 2007 2008 2009 2010
Sale/Rent Ratio
Chengdu Jinan Shanghai Zhengzhou
Sale/Rent ratio in Tier II cities is much lower than Tier I cities in the past four years. Stable Sale/Rent ratio indicates a reasonable ASP track in Tier II cities. XIN’s ASP increased by 4.2 % from RMB7,584 ($ 1,120) in Q4 2010 to RMB7,908 ($1,201)in Q1 2011, still reasonable and sustainable.
Note: Sale represents the total price of a 60 sqm apartmentRent represents the monthly rent of a 60 sqm apartment
Shanghai
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EX-audit partner at PWC
Qualifiedaudit committeefinancialexpert underSEC rules
Tom Werheimer
Strong board and committees
Chairman & CEO
Over 20 years experience ofreal estate development
EMBA from TsinghuaUniversity
Zhang Yong34 yr experience in accounting,finance, and general management
BA from Stanford UniversityMBA from Santa Clara University
Audit committee member at 2US-listed Chinese companies
Thomas Gurnee (CFO)
Yuyan Yang (Director & VP) Yinfei Hao (Director & VP)
Senior Fellow atthe Finance
SecuritiesInstitute ofRenminUniversity
Executive president of BeijingHuiye Huacheng InvestmentConsulting Co.
Yong Cui
Director of thePolicyResearchCenter of theMOHURD
Former deputyDirector of
Institute of Market Research underthe PRC State Council’s D&R Center.
Huai Chen
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Financial Highlights
Q1 2011 Q1 2010 YoY % Q1 2011 Q4 2010 QoQ %
Contract sales 98.0 110.7 -32% 98.0 194.1 -50%
GFA sales(‘000M2) 81.6 126.9 -36% 81.6 173.2 -53%
Revenue 91.8 110.7 -17% 91.8 137.2 -33%
Gross Margin 27.3% 22.3% 5% 27.3% 30.2% -2.9%
SG&A/Rev % 8.0% 7.1% 1% 8.0% 6.7% 1.4%
Operating Margin 20% 16.3% 3.7% 20% 24.9% -4.9%
Net Income 11.7 11.9 -2% 11.7 21.6 -46%
EPS ($/ADS) 0.16 0.14 0.16 0.28
Unit: in US$’mn
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Financial highlights
Net income (USD million)
Revenue USD mil lion GFA sold ’000 m2
Net Earnings per ADS (USD)
126.9
86.2
137.5
173.2
81.6
0
100
200
1Q10 2Q10 3Q10 4Q10 1Q11
110.7
94.5107.6
137.2
91.8
0
40
80
120
160
1Q10 2Q10 3Q10 4Q10 1Q11
11.99.6
8.0
21.6
11.7
0.0
10.0
20.0
30.0
1Q10 2Q10 3Q10 4Q10 1Q11
0.16
0.120.10
0.28
0.16
0.00
0.10
0.20
0.30
1Q10 2Q10 3Q10 4Q10 1Q11
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147%
111%
64%
43%
22% 19% 18% 16%
0%
40%
80%
120%
160%
Liquidity trends
Total debt (USD million)
Net gearing ratio (%)Total cash (USD million)
Net gearing comparison ( % ) as of 31/12/2010
15.1%
33.7%31.5%
16.0%14.0%
0%
20%
40%
1Q10 2Q10 3Q10 4Q10 1Q11
292
223264
295
349
0
100
200
300
400
1Q10 2Q10 3Q10 4Q10 1Q11
295
327
342
296
322
260
280
300
320
340
360
1Q10 2Q10 3Q10 4Q10 1Q11
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Projects Pipeline
2011Q1 2011Q2E QoQ %
GFA sales(m2) 81,600
Contract sales 98.0 155-160 58%-63%Revenue 91.8 140-150 53%-63%
Net Income 11.7 20 71%
Unit: US$ mn
393
184
86110
453 468
410
462 443
318
157 171
246
0
100
200
300
400
500
600
A p r - 1 0
M a y - 1 0
J u n - 1 0
J u l y - 1 0
A u g - 1 0
S e p - 1 0
O c t - 1 0
N o v - 1 0
D e c - 1 0
J a n - 1 1
F e b - 1 1
M a r - 1 1
A p r - 1 1
M a y - 1 1
J u n - 1 1
J u l - 1 1
A u g - 1 1
S e p - 1 1
O c t - 1 1
N o v - 1 1
D e c - 1 1
Contract sales for 2011
Sales curve from Jan to Apr in 2011 similar to, but milder than that in Apr to Jul2010, impacted by additional restrictive government policies Full year outlook remains strong with health sales growth and solid profits
RMB:mn
0
200400600800
1,0001,2001,4001,6001,8002,000
Contract sales for 2011/2012
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Listing on NYSE in 2007
Ticker XIN (NYSE)
Price $2.25(as of May.11, 2011)
Shares Out. 76.5 million ADS
Market Cap. $172.1 million
5.38 5.22 5.43 5.66.06 6.24 6.4
6.8 7.0
3.74
6.48
4.64 4.473.99
2.38 2.46 2.63 2.35
0
1
2
3
4
5
6
7
8
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Book value v.s. Stock price (US$/ADS)
Book Value/ADS Stock Price
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Xuzhou Colorful Garden
Xinyuan’s first development in Tier III cities
in China, attracting large number of middle
income customer.
Located in downtown business centre withrich supporting facilities.
Project highlights
Total GFA: 102,096 m2Presale Date: August 2010Expected 04/10-03/12Construction Period:% of GFA Sold: 74%
Master Planning: Multi-layers and High rise
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Yipinxiangshan II
Located in the north of Zhengzhou with
convenient transportation condition and
good environment
Project highlights
Total GFA: 198,638 m2Presale Date: March 2011Expected 01/11-06/13Construction Period:% of GFA Sold: 2%
Master Planning: Multi-layers and High rise
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Chengdu Xinyuan Splendid II
Total GFA: 219,500 m2Presale Date: Q2 2010ExpectedConstruction Period: 02/2010-10/2012% of GFA Sold: 53%
Master Planning: Multi-layers and High rise
15-minute drive from downtown Chengdu
Designed as a “park” community leveraging
prox imi ty to a 300,000sqm ecological park,
combined wi th 80% landscaping ratio
Wide variety of sports facilit ies including
golf course, basketball courts, etc around
the project
Project highlights
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Jinan Xinyuan Splendid
Along the Xiaoqing He River wi th great v iew
Located in the core area of Binhe New
District in Jinan city with great price increase
potential
Project highlights
Total GFA: 520,990 m2Presale Date: May 2011Expected 02/11-12/13Construction Period:Master Planning: Multi-layers and High rise
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Zhengzhou Royal Palace
Located in business centre of Zhengzhou,
next to former “ Land King” with rich
education resources around the program
5 minutes drive to the political centre of
Zhengzhou, attracting number of civilservants there
Project highlights
Total GFA: 134,180 M2Presale Date: Q3 2011Expected 03/11-04/13Construction Period:Master Planning: Multi-layers and High rise
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Appendix I
Financial statements
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P & L
(All US$ amounts and number o f shares data in thousands, except per share data)
P&L summary
Three months ended
Mar 31, Dec 31, Mar 31,
2011 2010 2010
Revenue 91,784 137,191 110,744
Cost of revenue (66,711) (95,806) (86,032)
Gross profit $25,073 41,385 24,712
Selling and distribution expenses (1,887) (3,328) (2,390)
General and administrative expenses (5,501) (5,817) (5,220)
Operating income $17,685 32,240 16,802
Interest income 604 655 650
Share of income in an equity investee 1,273 562
Exchange gains/ (losses) 33 1 20
Change in fair value of warrant liabilities
Income from operations before income taxes $18,322 34,179 18,034
Income taxes (6,661) (12,572) (6,134)
Net income $11,661 21,625 11,900
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Balance sheet summary
As o f Mar,31
2011
As o f Dec 31,
2010
As o f Mar 31,
2010
As o f Mar,31
2011
As o f Dec 31,
2010
As o f Mar 31,
2010
($'000) ($'000) ($'000) ($'000) ($'000) ($'000)
Cash and cash equivalents 348,593 295,631 291,744 Short-term bank loans 210,478 108,566 53,763
Receivables & other prepayment 88,767 66,696 73,287 Accounts payable & other payables 173,880 194,371 245,072
Real estate property under development 674,401 710,585 655,401 Customer deposits 41,904 22,789 13,231
Real estate property for sale 9,231 1,470 1,019 Tax payable 39,530 39,681 10,154
Other current assets 595 663 2,598 Deferred tax liabilities 22,333 19,945 17,693
Total current assets 1,121,587 1,075,045 1,024,049 Warrant liabilities 0 0 0
Other current debt 0 0 106,790
Real estate property under development Total current liabilities 488,125 385,352 446,703
Real estate properties held for lease, net 19,755 19,876 17,063 Long-term bank loans 74,107 148,277 136,287
Property and equipment, net 2,598 2,687 4,728 Unrecognized tax benefits 13,272 13,153 12,760
Interests in an equity investee-
- 1,458 Warrant liabilities 0 0 0
Other non-current assets 5,466 9,109 8,131 Other long-term debt 38,939 39,018 0
Total non-current assets 27,819 28,920 31,380 Total liabilities 614,443 585,800 595,750
Total Shareholder's Equity 534,580 518,165 459,679
TOTAL ASSETS 1,149,406 1,103,965 1,055,429Total liabilities& shareholder's Equity
1,149,406 1,103,965 1,055,429
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Appendix II
Project summary
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Project Summary
As o f Mar 31, 2011
Chengdu Hefei Jinan Kunshan Suzhou Xuzhou Zhengzhou Total
Completed Projects
No. of Projects 1 3 2 18 24
No. of Units 1,649 6,584 3,296 16,112 27,641
GFA(Sq.m) 145,455 425,272 279,619 1,478,465 2,328,810
Project Under Construction
No. of Projects 2 1 1 1 3 8
No. of Units 6,851 5,103 2,436 858 5,774 21,022
GFA(Sq.m) 450,373 496,866 205,591 102,096 541,185 1,796,111
Project Under Planning
No. of Projects 1 4 5
No. of UnitsGFA(Sq.m) 526,990 584,694 1,111,683
Total No. of Projects 2 1 4 1 3 1 25 37
Total Units 6,851 1,649 6,584 5,103 5,732 858 21,886 48,663
Total GFA(Sq.m) 450,373 145,455 952,262 496,866 485,210 102,096 2,604,344 5,236,605
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Projects Under Construction / Planning
As of Mar 31, 2011
Chengdu Xinyuan SplendidKunshan International City GardenZhengzhou Commercial Plaza Suzhou Lake SplendidJinan International City Garden
1. “M” refers to multi-layer buildings, “H” refers to high-rise buildings and “S” refers to sub-high-rise buildings
2. Suzhou International City Garden was previously being developed under the name Suzhou Xinyuan Splendid
Project Name LocationType of
Products¹
EstimatedConstruction
Period
Pre-saleCommencement
TimeTotal Site
Area (Sq.m)
TotalResidentialGFA (Sq.m) Total Units Units Sold
Unsold GFA(Sq.m)
Suzhou International City Garden²
Suzhou H 2008.02 - 2011.04 2008.05 119,089 205,591 2,436 1,206 105,372Kunshan International City Garden
Kunshan M/H 2008.07 - 2012.12 2008.09 200,008 497,041 5,103 3,753 149,464
Chengdu Xinyuan Splendid I Chengdu H 2007.11 - 2010.12 2008.09 34,007 230,942 4,069 2,935 46,604
Zhengzhou Modern City Zhengzhou H/S 2010.02-2012.07 2010.05 60,556 256,905 2,562 1,387 122,826
Chengdu Xinyuan Splendid II Chendu H 2010.02-2012.10 2010.04 30,497 219,480 2,782 1,160 131,645
Xuzhou Xinyuan Colorful Garden Xuzhou M/H 2010.04-2012.03 2010.08 46,777 102,097 858 469 48,461
Zhengzhou Yipinxiangshan Phase I Zhengzhou M/H 2008.04-2009.12 2008.08 57,289 94,252 979 952 3,214
Zhengzhou Yipin xiangshan Phase II Zhengzhou M/S 2011.03 81,345 198,638 1,948 0 198,638
Total 629,568 1,804,946 20,737 11,862 806,224
Project Under Planning
As of Mar 31, 2011
Zhengzhou Century East A Zhengzhou H 2011.06 22,418 77,825
Zhengzhou Century East B Zhengzhou H 2011.07 51,372 174,050
Zhengzhou Royal Place Zhengzhou H 2011.07 45,716 134,180
Jinan Xinyuan Splendid Jinan H 2011.05 200,180 526,990
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Thank you!
Q&AContact information:
Ms. Helen ZhangInvestor Relation DirectorXinyuan Real Estate Co., Ltd.
Phone: +86 (10) 8588-9255E-mail: yuan.z@xyre.com
Mr. Tom GurneeChief Financial Officer Xinyuan Real Estate Co., Ltd.Phone: +86 (10) 8588-9390E-mail: tom.gurnee@xyre.com
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