In china, cancellation is almost nonexist. So the difference between current contract sale and current revenue recognation will turn into future revenue. Also, because of the customer deposit, so it does help the cash flow.
I just look at some home builders trade in China. Most of them trade at P/E around 8. Price/Book great then 2. XIN has lots of catch up to do, in theory, it's cash flow improved quite a bit in the last couple of quarters.
We will see, I see the fair value for XIN at around 8-10/share.