Exhibit 12.1

XINYUAN REAL ESTATE CO., LTD.

Computation of Ratio of Earnings (before fixed charges) to Fixed Charges

	2004		2005		2006		2007		2008
Pre-tax income/(loss) from continuing operations before adjustment for minority interests	$	5,895,147	$	14,795,709	$	27,283,762	$	66,692,416	$	(22,753,526	)
Add fixed charges
Interest expense		820,149		834,469		727,041		3,204,011		—
Interest capitalized		481,977		890,621		1,482,299		11,261,835		32,247,680
Estimate of the interest within rental expense		288		1,435		3,223		20,413		49,205
Total fixed charges		1,302,414		1,726,525		2,212,563		14,486,259		32,296,885
Total of pre-tax income/(loss) from continuing operations before adjustment for minority interests plus fixed charges		7,197,561		16,522,234		29,496,325		81,178,675		9,543,359
Less interest capitalized		481,977		890,621		1,482,299		11,261,835		32,247,680
Add amortization of capitalized interest (amount of previously capitalized interest amortized to expense during the period)		481,977		890,621		1,482,299		4,371,632		9,850,674
Earnings (before fixed charges)		7,197,561		16,522,234		29,496,325		74,288,472		(12,853,647	)
Ratio of earnings (before fixed charges) to fixed charges		5.53		9.57		13.33		5.13		—
Deficiency of earnings (before fixed charges) to fixed charges		—		—		—		—	$	45,150,532