For some reason yahoo only has half the actual shares outstanding. Meaning that P/E is actually at 2.36 currently, not 1.18. Regardless, this is still insanely undervalued. It's not only a value play, but Xinyuan will certainly grow revenues and earnings over the next 5 years.
Yahoo's data just recently become incorrect. 1 share of XIN's ADS represent 2 common shares but Yahoo's mistakenly has it at a 1 for 1 ratio now. This is why the P/E and shares outstanding are now halved.