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 13
RWO is typical bundle of world real estate stocks, has a PE of 26
SCHH is a typical bundle of US real estate stocks, has a PE of 41
XIN has a PE of 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. At a price of $15 a share it would still have a PE less than half of those listed above.
The only reason XIN is so low is because of guilt by association and over shooting. It's been lumped in with other chinese stocks that had shady accounting, despite the fact that there has never been any evidence of any type of fraud with XIN, going back to when it was first legitimately listed on the NYSE, instead of using the reverse merger scam of other listed chinese stocks.
The other problem was overshooting on the way down. XIN fell along with other China real estate stocks that were over priced many years ago, and instead of falling to fair value, it fell to far, far, below fair value, so much so that people thought there must be some hidden problem. But there isn't.
Now XIN is finally being rediscovered and investment advisors like "seeking alpha," who have done the heavy digging, agree: XIN is the most undervalued stock in the world today.