Xinyuan Real Estate is a Chinese residential property developer that builds and sells large-scale apartment communities in mid-tier and major Chinese cities, targeting middle-class buyers. Projects range from low-rise to high-rise apartment buildings (up to 33 stories), typically bundled with amenities like retail, schools, and leisure facilities. Zhengzhou is Xinyuan's historic heartland and remains the dominant market, with other active projects in Chengdu, Qingdao, Foshan, and Beijing. In total, Xinyuan operates across 20 Chinese cities. Xinyuan's core business model follows a capital-intensive cycle: the company acquires land through government auctions, pre-sells units before construction completes, outsources construction to third-party contractors, and recognizes revenue only upon delivery. This creates large deferred revenue balances, as the gap between pre-sale and delivery is typically one to three years. Xinyuan also manages the communities it develops through a separately listed subsidiary, Xinyuan Property Management Service, which managed roughly 205,800 units as of year-end 2024. The company retains and operates several commercial properties, including seven shopping malls under the "Xindo Park" brand. Xinyuan has a small and largely wound-down U.S. presence, having developed condominium projects in Brooklyn and Midtown Manhattan. In recent years, Xinyuan has largely stopped acquiring new land, and the active pipeline is narrowing. China's residential property market has been in a prolonged downturn since 2021, putting significant pressure on Xinyuan's revenue and margins.