Is XIN an internet company or a real estate company? Real estate company without debt? Have you ever heard about that? No, they need to borrow more and be more aggressive in securing land at reasonable price, the ability to borrow more is an indication that they are a real company. What we need to make sure is those land purchases are real, that's it.
Investing in XIN is 1 or 0 thing, either you trust the book or not.