Management's total inaction on share price is costing them tens of millions
If management would have taken right steps to increase shareholder value in the last 2 years, XIN's share price would be at least around book value of around 10 today (the fair value is 20 but lets give 50% Chinese discount)
They could have done a secondary offering for 20 million shares at 10 instead of recent expensive bond offering. That would have done 3 things
1. Saved company 26 million dollars per year of interest
2. Increased liquidity of shares and increased profile of the company in stock market
3. Opened a channel for company to raise inexpensive capital in future
Not to mention, the entire management team that have options ranging from 100K to 1 million would be many millions richer today.
I am totally awestruck how they continue to ignore ridicuously undervalued stock, when they could spend 30-40 million to right price the stock in the market and recouped many times in saved interest and capital gains.
Yes you are right and i have also the impression that they are spending too much time and too much money in land acquisition it is not their job. It is not normal they dont spend this time for buyback. My solution is that they stop the land acquisition and that they try to concentrate only on share buyback and dividend payment !