Something clearly doesn't add up. They are supposed to have all this cash but they keep making deals to get more capital. The only thing I can figure is that their cash is restricted to China and they want to expand outside of China. Either that or the financial reports are suspect.
Don't forget XIN used to have two big institution investors (Blue Ridge and EI). What happened after their investment? The stock dropped from $7 to $2. XIN actually went up a lot after both of them dumped their stakes.