The close price of XIN actually suggest much a lukewarm response from the market regarding the US project. Still there are many people who are willing to dump a million shares below $2.90. If it is really such a welcome news, the stock would open above $3 directly.
I even start to think maybe the China A share performance in the last two days has a higher impact on XIN's performance today than the NYC project. There are many Chinese stocks performing nicely today.
likely due to trend going back a number of years and to supply of shares from original investor Blue Ridge who appears to be selling --- their basis - pre-IPO - was about $1.75 if memory serves. They held from the IPO through last quarter, now are selling significant shares. End effect will be to increase float.
Look at Technical analysis - google "wacko trader xin" and there is a good discussion of the long term trend theory.
the 2.88 -2.90 range is a technical resistance point & we're sitting at the end of a consolidation that has been going on for months as a short term issue plus the longer term ones in wacko trader.
The big hurdle is getting through and finding support above about $3.05 or $3.10