Xin does not even have a building permit for Brooklyn project
Here’s an arial shot of the development site 421 Kent Avenue, right at South 8th Street in the South ‘Burg. A Beijing-based real estate firm bought the site late last year with plans to build 12 separate condo buildings. The Department of Buildings has not yet issued new building permits here.
It is apparent that you don't know much about real estate or entitlements. The more important question is whether they got the timing right - did Brooklyn land go up or down in price since purchase?
In any case, why are you short a $4.5 stock? Why don't you pick something with more profit potential like PLD. That has a $hit multiple and they lose $ every quarter - borrow to pay their dividends. More importantly, it has lots of room to fall.
in its quarterly report Xin stated that they were not seeking any variances in the building. Now they had the property for quite a while and still NO PERMITS....................................just wont flush