Exhibit 12.1
XINYUAN REAL ESTATE CO., LTD.
Computation of Ratio of Earnings (before fixed charges) to Fixed Charges
| 2004 | 2005 | 2006 | 2007 | 2008 | 6 Months Ended June 30, 2009 | ||||||||||||||
| 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 | ) | $ | 8,782,921 | ||||||
| Add fixed charges |
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| 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 | 16,736,624 | |||||||||||||
| Estimate of the interest within rental expense |
288 | 1,435 | 3,223 | 20,413 | 49,205 | 17,431 | |||||||||||||
| Total fixed charges |
1,302,414 | 1,726,525 | 2,212,563 | 14,486,259 | 32,296,885 | 16,754,055 | |||||||||||||
| 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 | 25,536,976 | |||||||||||||
| Less interest capitalized |
481,977 | 890,621 | 1,482,299 | 11,261,835 | 32,247,680 | 16,736,624 | |||||||||||||
| 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 | 7,206,621 | |||||||||||||
| Earnings (before fixed charges) |
7,197,561 | 16,522,234 | 29,496,325 | 74,288,472 | (12,853,647 | ) | 16,006,031 | ||||||||||||
| Ratio of earnings (before fixed charges) to fixed charges |
5.53 | 9.57 | 13.33 | 5.13 | — | .96 | |||||||||||||
| Deficiency of earnings (before fixed charges) to fixed charges |
— | — | — | — | $ | 45,150,532 | — | ||||||||||||