Exhibit 4.8


 


English Summary
of the Guarantee Agreement dated as of October 23, 2012, by and among Minsheng Hongtai (Tianjin) Aviation Leasing Co., Ltd., Xinyuan
(China) Real Estate, Ltd. and Henan Xinyuan Real Estate Co., Ltd. (hereinafter the “Agreement”) (No. MSHT-2012-0001-F-ZZ-DB)
(Original Language: Chinese)


 


Parties


Lessor: Minsheng Hongtai
(Tianjin) Aviation Leasing Co., Ltd. (the “Lessor”).


Guarantor: Xinyuan (China)
Real Estate, Ltd. (the “Guarantor”)


Lessee: Henan Xinyuan
Real Estate Co., Ltd. (the “Lessee”).


 


Recital


The Lessor and the Lessee
have entered into a capital lease agreement (No. MSHT-2012-0001-F-ZZ) (the “Principal Agreement”). In order to ensure
performance of the Principal Agreement, the Guarantor agrees to issue to the Lessor non-revocable joint guarantee for all of Lessee's
obligations under the Principal Agreement.


 


Representations
by the Guarantor


The Guarantor represents
that it is qualified under the PRC law to provide the guarantee under the Agreement, that it has acquired all requested authorizations
and approvals to enter into the Agreement, that all the approval documents provided to the Lessor are true, valid and complete,
that the guarantee under the Agreement is in compliance with relevant law and regulations and that it shall indemnify any damage
to the Lessor as a result of any deficiency in the Guarantor’s qualification or approval procedure.


 


Principal Obligations


The guarantee shall extend
to all of Lessee's obligations (the “Principal Obligations”) to the Lessor under the Principal Agreement.


 


Term of the Lessee’s
Obligations


The term of the Principal
Obligations starts from June 15, 2013 through June 15, 2021, unless acceleration of maturity as declared by the Lessor,
in which case the term of the Principal Obligations shall expire on the declaration date.


 


Form of Guarantee


The Guarantor acknowledges
the existence of property guarantees and other guarantors to the Principal Obligation, however, the Guarantor’s guarantee
for the Principal Obligations shall be non-revocable and on a joint basis. In case of the Lessee’s default, the Lessor may
directly demand to exercise the guarantee against the Guarantor.


 


Scope of Coverage


The Guarantor agrees
to provide guarantee for all rents, penalty, damages, costs incurred by the Lessor to claim its rights under the Principal Agreement
and other costs that the Lessee is obligated to under the Principal Agreement.


 




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Term of the Guarantee


The Agreement is effective
as of the date of the Agreement till two years after the satisfaction of the Lessee's obligations under the Principal Agreement.


 


Undertakings of
the Guarantee


In the events that:


 


		·	the Lessee fails to pay rent and other
payables under the Principal Agreement;



		·	the Lessor decides to terminate the Principal
Agreement as a result of default of the Lessee; or



		·	performance of payment obligation under
the Principal Agreement is affected due to Lessee's bankruptcy, cease of operation, consolidation, change of business or change
of ownership,



 


the Lessor can request
for payment directly from the Guarantor upon written notice prior to making payment request to the Lessee. The Guarantor shall
perform its obligation within 10 day of receiving such notice, and shall compensate the Lessor for losses incurred as a result
of the Guarantor’s failure to perform its obligations on time. The Guarantor's obligation shall not be exempted no matter
whether any other guarantees to the Principal Obligation would affect the priority right of the Lessor on the Lessee's assets.


 


Change of the Principal
Agreement and Transfer of the Principal Obligation


The Lessor shall secure
prior written consent from the Guarantor for any changes to the Principal Agreement if such change may increase the guarantee obligations
by the Guarantor. No consent is required in relation to any change to the rent under the Principal Agreement due to change in interest
rate. The Guarantor remains obligated under this Agreement in the event that the Lessor assigns all or part of its rights under
the Principal Agreement.


 


Monitor of the
Guarantor's Financial Condition


The Lessor shall be entitled
to monitor the financial condition of the Guarantor during the term of the guarantee and the Guarantor shall provide to the Lessor
its financial statements and other documents upon the request of the Lessor. The Lessor shall keep the Guarantor’s information
obtained under this section confidential, not disclosing such information to third parties without the Guarantor’s prior
consent except when required by law or regulators.


 


Effect of the Guarantee


The guarantee hereunder
shall be non-revocable and unconditional. Any assignment of the Guarantor's obligation under the Agreement is invalid without prior
written consent by the Lessor. Any change to the Principal Agreement shall not affect the effect of the guarantee hereunder.


 


Liability of Non-performance


If the Guarantor fails
to make payments required by this Agreement, it shall pay a penalty to the Lessor, calculated as 0.05% per day of the outstanding
amount.


 




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Governing Law and
Dispute Resolution


The Agreement shall be
governed by PRC law. Disputes shall be resolved through friendly consultation. If consultation fails, any party can bring an action
before a court in Tianjin that has jurisdiction.


 


Omitted or Abridged
Terms: Form of Communication; Place of Signing and Miscellaneous.


 











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