Xinyuan Real Estate Co., Ltd. (XIN)

Xinyuan Real Estate Co., Ltd. was a residential real estate developer incorporated in the Cayman Islands whose operations were centered in China, with a smaller presence in the United States. The business was founded in 1997 by Yong Zhang in Zhengzhou, Henan Province, and the company later moved its principal offices to Beijing. It built multi-layer, sub-high-rise and high-rise apartment communities, often with related retail, school and leisure facilities.

The company acquired development sites mainly through government land auctions and acquisitions of project entities, and it also offered property management and related real estate services. Over the years it expanded from Zhengzhou into other Chinese cities, and it carried out a number of ancillary businesses connected to its developments. In the United States, it developed projects through its American subsidiaries, including residential and mixed-use projects in New York and other locations.

Xinyuan completed its initial public offering in December 2007, with American depositary shares listed on the New York Stock Exchange under the symbol XIN. Each ADS represented two common shares. As a foreign private issuer, the company reported through annual reports on Form 20-F. Its debt was largely made up of offshore senior notes and onshore financing, which made it sensitive to funding conditions.

From 2021 the Chinese property sector experienced a prolonged downturn marked by falling sales, tighter financing and widespread restructurings among developers. Xinyuan's share price declined sharply during this period, and it dealt with pressure on its offshore debt, weaker contracted sales and reduced liquidity. The company's market value fell to a very small fraction of its earlier level.

On September 3, 2025, the NYSE announced that it had determined to commence proceedings to delist the ADSs because the company no longer met the continued listing standard for market capitalization, which requires a minimum average market value. Xinyuan exercised its right to appeal the determination. Following the appeals process, the NYSE announced on January 9, 2026 that the delisting would proceed.

Xinyuan stated that it would take steps to have its securities quoted on the OTC Markets, subject to completing onboarding and eligibility processes, and the ADSs are quoted there under the symbol XINRY. A Form 25 was filed with the SEC on January 14, 2026 to remove the ADSs and underlying shares from listing and registration on the NYSE. The delisting was not connected to an acquisition or merger, and the company continues to exist as an independent entity. The company stated that it remained committed to its remaining real estate projects and to managing its debt obligations.