Don't know if it is all true but for a stock to be trading at 60% of its IPO day close....I say there are some serious problems with this stock. Downside risks here are huge...this company could go out of business before the upside is realized. Downside risks...homebuilding in China, a country of extreme excesses over the past five years....call me crazy but this does seem like a really bad investment right now.
Why not wait until stock is way below $5 to pick it up...risk rewad then would be much better.
In the mean time...shorting is the better bet. I'd short this stock here....too bad there aren't any put options available on XIN.
If you bot at $16...then you should short to make back your money....that'll be the only way you'll make back your money for a good while with XIN.