They had 2 buyback and dividend for last couple of years, then if you look all the money they raised, which is significantly much more then the total they spent on the dividend and buy back.
I am a believe of this company for some times and make some pretty good money. I have to suspect the management steal the money from the company. Real estate is very profitable in China, otherwise, where are the money they made all these years? Don't tell me they need the money to buy more land.
This bond offering and TPG investment are really troublesome. They really hurt all the goodwill XIN has created after the dividend and buyback. XIN is trying to steal money by giving out a little incentive.