XIN is not AAPL. It is a just a relatively safe stock in a bad industry. Also, XIN's good earnings in the past 9 months start to become suspicious. That is the period the Chinese real estate industry has pretty bad earnings. How could XIN be special? Also, the earnings will have to be worse going forward? The central government although will not allow the whole industry fail it will not allow the industry thrive either. If XIN's earning drop 60% next year. The PE will be around 8.