Couple of reasons might contribute to an answer. First, Chinese record keeping and reporting is so poor that is roundly discounted, if not ignored, on the international market. Second, the value of the stock is tied to the dividend payout long-term instead of any external factor. The bottom-line is the stock is not directly related to the Chinese real estate market. To the extent the company is exposed to this risk, the management has shown an excellent ability to navigate the risk. Therefore, any valuation attributable to the macro concerns on the Chinese real estate market is baked into the valuation.