Anyone who thinks this will go to book value or higher soon...
...is delusionary. This company does not have any analyst coverage, they can't even miss earnings because no one expects them to earn anything. Until that changes, it is stuck between 4 and 5 + a couple of pennies. Do they actually build anything in the US? And who is going to be the replacement for Gurnee, I thought they said he'll retire soon?
I agree with you that it will be difficult without analyst coverage to reach book value.
Regarding their land in NY, I don't know why everyone think its a bad idea. If you been to China u would know all chinese are crazy about having an apartment in Canada or US. They will sell this apartments to chinese very easily and with good profits.
The same applies to Irvine or possibly even Reno. Of course there is high demand from Chinese buyers, otherwise they probably would not buy property in the US. The problem I have with this company is that they plow money on buy backs but cannot even communicate properly with analysts and investors. You email a question to IR and get no response, because the department is non-existent. Instead one has to search for material information elsewhere on the web. Meanwhile, the buy back mainly helps the CEO of the company to gain a larger stake (% of outstanding shares) in the company. Like someone said here before me, this run like a private company - not like a publicly traded one.