I don't know if this has been covered or not yet, but I'm curious as to why they have so many (240+?) bank accounts. That part sounds scam-like to me. What is the point of it? It makes me wonder if there is fudging going on.
Sure the company is real. They make real buildings. They make real sales. That part I have no doubt about. But I have no way to personally verify that their numbers are 100% real. They should do whatever they can to alleviate any suspicion.
What is the distribution of their money in their bank accounts? Is it more or less the same per account or are a few really large with a bunch of small ones?
If there is a good reason for so many bank accounts, I'm fine with it.
Ajjones : I think the most pressing question we will have is: when does XIN expect the US and Beijing purchases to begin to be recognized as revenue under the % of completion method. Wondering if they expect any revenue from these projects in 2013. Thanks.