Will qemu definitely host 32 bit XP on Macbook Air (M3 chip)?

[Andrew White]

I'm trying to run a legacy database that runs on 32 bit XP guest on a 
Macbook Air (M3 chip) host. None of Virtualbox, VMware, or Parallels 
will run XP because the architectures are too different. It's been 
suggested to me that qemu may do it. But as qemu is a lot more work to 
set up that the others, I don't want to work out by trial and error if 
it will or not. So has anyone actually done this, and can confirm it 
works? Failing that, is it something that definitely should work, even 
if you havn't done it?

Many thanks

Andrew