XIN the company and the XIN the stock - a huge disconnect
Last 5 years, company performance has been stellar while the stock performance has been pathetic.
Company itself has done very well in the past few years. While most real estate stocks are hitting new highs everyday, some multi-year highs (Vanke included) the XIN stock languishes near multi-year lows.
XIN made huge amount of money in the past 2 years, with impressive growth. So the stock should have been trading at least near book, with all the money made in the last 2 years, it trades at 30% of book value. The balance sheet is literally flooded with cash, book value near multi-year high.
Although company has taken major initiative to improve the perception in the market, they don't have much left inventory to sell. So there you have, investor's NEW excuse to sell or not own the stock.
Company has been taking some very positive steps in the few weeks such as entering US market, new very credible board member addition etc., but investors have pretty much ignored the news.
Hopefully the company will get serious about buying back shares. The best thing to do in the near term is to relax, collect a rising dividend, and wait for a few big fish to show up with an interest in XIN as a long term investment.