I am? Put a , instead of the. I don't care.. From Briefing
'Co announced that on Sept 29, 2012 it has acquired via auction a parcel of land in Beijing, the capital of the People's Republic of China. Xinyuan paid a total of RMB1,030 million (US$162.4 mln) for the unencumbered land use rights for the parcel.'
This, combined with the purchase of the NYC parcel, means XIN has just spent its market cap on high profile, easily validated projects in the past few days. Even if they break even on these, the value of these assets alone justifies a $200mm market cap. It's tough to see how either of these transactions can be fraudulent, though I'm open to thoughts/theories.