Exhibit 10.1

Yan-Ta Shopping Plaza, Xi’an (in progress)

Appraisal Report

Appraised Project: The first phase of the project in progress---Xi’an Yan-Ta
International Cultural Square (Current name--- Yan-Ta Shopping Plaza, Xi’an),
the planed construction coverage is 32,945 m2.

Consigner: Shaanxi Xinyuan Real Estate Co., Ltd.

Appraiser: Shaanxi Star Realty Evaluation Co., Ltd.

Certified Realty Appraiser of P.R.C: Lu Dan

Beginning Date: Oct. 11th, 2005

Appraisal Period: Oct. 11th, 2005--- Oct. 13th, 2005

Report No.: (2005) 662

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Table of Contents

I.  Letter to the Consigner…………………………………………………………………............3
II. Statement of Appraiser…………………………………………………………………………4
III. Assumptions and Restrictive
Conditions……………………………………..............................5
IV. Report of Appraisal Result………………………………………………………………….....7
V. Annex……………………………………………………………………………....…..……...8

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Letter to the Consigner

Oct. 13th, 2005

Shaanxi Xinyuan Real Estate Co., Ltd.:

As entrusted by your Company, we have appraised your reality in progress---Xi’an
Yan-Ta International Cultural Square (with the planed construction coverage of
32,945 m2) which lies in Chang’an Road, Yan-Ta District, Xi’an. The purpose of
this Appraisal is to provide value reference for inquiry of assets, and the date
of appraisal is Oct. 11th, 2005. Based on the related laws, regulations,
technological rules and operating regulations of the realty appraisal, and the
fair, just and open appraisal principles, we, with our realty appraising
experience and our examination calculation and analysis, have finished the
Appraisal Report, and the value of the appraised project is 304,247,100 Yuan.

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Statement of Appraiser

We hereby seriously declare:

 1. The statements in this Report are true and accurate.
    
 2. The analysis, opinions and conclusions in this Report thereof are based on
    our fair and professional appraisal, while restricted by some assumptions
    and restrictive conditions stated in this Report.
    
 3. We have scouted and inspected Xi’an Yan-Ta International Cultural Square on
    site and we will take any responsibility concerning the objectiveness, truth
    and just of the scout and inspection, however, our scout and inspection is
    limit to its external face and current conditions, our appraisal for any
    part of the project covered or undisclosed based on the materials and
    information provided by the consigner. We refuse researching or
    investigating quality of construction structure of the appraised project
    unless other agreements involved.
    
 4. No interest exists between us and the appraised project, and no interest or
    prejudice between us and the consigner.
    
 5. We have analyzed basing on the National Standard of PRC “Realty Appraisal
    Criterion” to prepare this Appraisal Report.
    
 6. Nobody has provided any important or professional helps and advices for this
    Appraisal Report.

Certified Realty Appraiser of P.R.C: Lu Dan

Oct. 13th, 2005

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Assumptions and Restrictive Conditions

 1.  The consigner must provide true, integrated and legal information and
     materials and shall take complete responsibilities if they provided false
     and non-integrated information and materials.
     
 2.  The realty developer would keep its businesses and operations going on.
     
 3.  The appraisers have, based on their professional knowledge and ability,
     determined the fair market price of the appraised project, but this Report
     didn’t take adverse influence of future market changes and other short-term
     compulsory sanctions into its account due to the continuation of realty
     mortgage. And the sanction price of the realty, if the short-term
     compulsory sanctions occurred, will be generally lower than regular market
     price.
     
 4.  The realty market is open, equal and free-willing on the date of appraisal.
     
 5.  The construction area used in this Appraisal Report is the comparatively
     smaller number compared between two areas listed on the “building permit”
     and “practicability analysis report” provided by the consigner; and the
     land area is listed on the “land use right permit”.
     
 6.  The functions and other relating purposes of the appraised project are
     provided by the consigner, but many uncertain factors of such unfinished
     project may have some influences on this appraisal result. Providing that
     any change taken place, we reserve rights to amend this Appraisal Report.
     
 7.  In case changes concerning the standard of quality and price of the
     appraised project occurred within the validity of this Appraisal Report,
     and, providing that such changes is of obvious influence to the value of
     the appraised project, then, our appraisal conclusion can’t been used.
     
 8.  We take neither influences on this appraisal conclusion from material
     changes of national macroeconomic control, forces of nature and other force
     majeure into account in this appraisal result nor influences of special
     trade way.
     
 9.  The appraised project hasn’t involved any dispute concerning property
     right.
     
 10. This Report is made only for the purpose of this appraisal, which can’t be
     used for economic activities of other appraisal purpose.
     
 11. This Appraisal Report and other relating appraisal technologic report shall
     not be partly or totally disclosed to any public medium without agree of
     Shaanxi Star Evaluation Co., Ltd., or provided to any institute or
     individual except the consigner, examination department of the appraisal
     report, or lending bank. The right to explain this Report shall solely due
     to Shaanxi Star Evaluation Co., Ltd.
     
 12. The validity of this Report is one year as of the date of appraisal.
     

Oct. 13th, 2005

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Report of Appraisal Result

 1. The consigner: Shaanxi Xinyuan Real Estate Co., Ltd.
    Legal representative: Yang Shuzhen
    
 2. Appraiser: Shaanxi Star Realty Evaluation Co., Ltd.
    Legal representative: Wang Jimian
    
 3. Date of Appraisal: Oct. 11th, 2005
    
 4. Appraisal Purpose: to provide value reference for inquiry of assets
    
 5. Appraisal Basis
    1)      Urban real estate administrative law of the People's Republic of
    China;
    2)      Land administrative law of the People's Republic of China;
    3)      National standard of the People's Republic of China--the appraisal
    norm of the real estate);
    4)      The guarantee law of the People's Republic of China;
    5)      The relating materials compiled by the appraisal officers and
    appraisers;
    6)      The relating materials provided by the consigner;
    
 6. To define “value”: This Report adopts the standard of open market value. The
    appraisal value in this Report is current value on the date of appraisal.
    
 7. Principle of Appraisal:
    On the principle of fair, just and open, the Report also follows the
    following technological principles:
         (1)    Principle of legality
         (2)    Principle of best utilization
         (3)    Principle of appraising date
         (4)    Principle of substitution

 8. General information of the appraised realty
    Xi’an Yan-Ta International Cultural Square, developed by Shaanxi Xinyuan
    Real Estate Co., Ltd, is an integrative architectural complex of shopping,
    catering, entertainment and tour, lies along Yanta West Road and Wei 1
    Street to the south. It’s a grass square on the ground with the length of
    736 meters from south to north and of respectively 65 meters in the both
    sides of the east and the west, covering 103.5 mu. The cultural square
    adapts the sinkage style of construction with two-story commercial area
    under the ground, and the open square on the ground will be returned to the
    government. Total construction area of the Square is 108,710m2. It will take
    36 months (excluding period of applying for processes) to finish two-phase
    construction: the first phase of the project (land A) covers 35mu with
    construction area of 32,945m2, preparation for the first phase has been
    finished at the end of 2004 and now major project has been started. It’s
    estimated that the first phase of the project will be delivered in January
    of 2006; total construction area of the second phase (including land B, land
    C and land D) is 75,765 m2, covering 68.5mu, it’s planned to started the
    second phase in June of 2005 and to be finished in December of 2007.
    
    The Cultural Square is designed as five sectors as the theme of audio &
    video (movie city), art-education (show center), entertainment, sport
    (skating rink, gymnasium) and tour (internet world). It’s believed that
    Xi’an Yan-Ta International Cultural Square will be a new attractive place in
    the Xiaozhai Commercial District as well as in Yanta District and
    surrounding regions.
    
    The appraised project is Xi’an Yan-Ta International Cultural Square with
    construction area of 32,945m2.

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 9.  Appraisal method:
     There are many methods to appraise real estate, but for Xi’an Yan-Ta
     International Cultural Square with potentials of investment and
     development, we adapted the method of assumption, that is, we estimated the
     value of the project after being developed, and then deducted the estimated
     developing costs, taxes and profits etc., at last we got the objective and
     reasonable price or value.
     
 10. Appraising result:
     Appraisers have, based on the purpose, principles and science method of the
     appraisal, obtained the appraisal value of the project as 304,247,100 Yuan.
     
 11. Appraising period: Oct. 11th, 2005----Oct. 13th, 2005
     
 12. Validity of the appraisal report: Oct. 13th, 2005---Oct. 12th, 2006

Signature of the Appraiser: Lu Dan

Signature of Checker: Dang Guoping

Oct. 13th, 2005

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Annex

 1. The copies of “land use permit”, “building permit” and “development
    qualification certificate”, and the “construction plan” provided by the
    consigner;
    
 2. The copies of business license and enterprise code certificate of the
    consigner;
    
 3. The copies of business license and enterprise code certificate of the
    appraising institute;
    
 4. The copy of qualification certificate of the appraising institute;
    
 5. The copy of qualification certificate of the certified realty appraiser of
    PRC.

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