Yes I have, and I continue to say it. You haven't seen the effects yet with XIN because the company has been floating on contract moves from a year ago. I also said previously it would be 6 months before you start seeing the downtrend in numbers that XIN reports. IMO that should begin with the earnings coming up, and if I'm right will be worse the following quarter. If I'm wrong, you had an excellent buying op the last couple months.
Most likely "if" things do slow down for XIN it won't show up until at least Q3 earnings release. They have enough contracts, and land to continue profits through first half of 2012. We would have to see how China does in the economy at that point.
I've have all of the shares that I will be getting of XIN, so XIN can pop to $6.00 a share any time now.
Let's say you're right and earnings are cut in half. That would mean the stock sells for a pe of 3. There is simply no reason for the stock to be as cheap as it is other than the short term irrationality of the market.