I was curious about the balance sheet so I looked it up on Yahoo. It was all blank. Guess they don't know either. According to the stats on the stat sheet Xin has $6.22 in cash per share!! Almost a dollar more than the share price!! This is insane. A stock simply can't have more cash than equity. So either Xin is the greatest bargain of all time or the books are cooked. Who knows??
In theory a company can trade below its cash minus debt, if the company is already committed into spending the cash in some way that the market expects to fail; or simply operate at a net loss in the future. Very difficult for a RE company to do such a thing when it's not heavily leveraged.
Clearly, the problem isn't that XIN has too much cash, the problem is that XIN is wildly undervalued. XIN should carry a PE of at least 10, which would put the stock price into the 20s and it would no longer have more cash than market cap. We so seldom see true bargain stocks that everyone is wildly suspicious when one is magically dropped in our laps. Buy. Hold. Enjoy.
For someone who only invests in companies with the lowest P/E's, it's kind of ironic that you're becoming extremely paranoid about cooked books. Maybe you should clear out your portfolio and purchase some stocks that have more sane share prices eh?