What you said is exactly the dilemma XIN's management is facing right now. No dividend equals fraud, and more dividend means less reserve for an industry meltdown.
Also, there is no minimum cash required on a daily basis. You can easily borrow from a bank to boost a short-term liquidity issue. However, chairman Zhang, who owns 40% of the company, worries more about the survivorship of the company more than the share price. As Tom said in the conference call, the chairman needs a job to do. Retail investors like us, on the other hand, worry more about this stock's short-term to median-term performance rather than the long-term prospect of the company. If the stock really hit $7, most people here will sell their XIN stocks completely if not substantially. Who cares if XIN will survive in the next 5 years if an industry consolidation happens.