It is easy to see why XIN should sell for over $15 a share:
TAO is a typical bundle of china real estate stocks, has a PE of 11
RWO is typical bundle of world real estate stocks, has a PE of 25
SCHH is a typical bundle of US real estate stocks, has a PE of 40
XIN has a PE that is well under 2, and that's NOT due to one-time events. XIN has maintained high and fast growing earnings for years. You can do a similar calculation with any other measure of value you like: PEG, dividends, book value, etc.,. They will all tell you that XIN is one of the most undervalued stocks on the planet.