liquidation value: currents assets = 1500 m$ ( end of march) of which 620m$ in real estate under development
less total liabilities (700m$ )= 800 m$ ie 11.26$ per ADR
lets be very pessimistic saying these 620 m$ are worth only 310 m$
this gives a LV of 490 m$ or 6.9 $ per share
screaming buy with on top a 5% div yield
Agree, however , book value is what you put in value is what you get out.