This downward slide since earnings is no surprise and will probably continue. As the share price continues to fall with little hope of a near term catalyst to turn things around, shareholders are feeling significant pain. I'm sure nearly everyone on this board is aware that this stock traded for net cash value at sub $5 just over a year ago and could easily fall that low again.
However, from a strict asset play the company is getting more and more interesting. My quick and dirty valuation of the company's assets excluding the re-development site is in the low $6 range. At that price I love the idea of getting the Shenzhen land for free. It'll take several years to realize the value, but those with patience will have a high probability of being rewarded.
I think the 700k SF project could be worth between $10 and $15 per share once built and stabilized. There is probably an additional $5 of value on top of that from the other assets and the remaining land. However, if I was sole owner of the company I would never want to sell the property.