There is absolutely no reason for this to trade near book value of 14 to 15.
The problem is lame duck CEO. He is ecstatic since IPO that his company is listed on NYSE even though the stock has lost over 50%. He has shockingly surprising casual attitude towards the share price even though he owns more than 40% and shares trade at 40% of book value and company continues to make a ton of money.
There are many things that need to be done to improve the visibility of Xinyuan in the market starting with a a new website and new PR and IR departments (current website is laughable and PR/IR dept. are non-existent) . It is just not happening.
His own fortune and that of other shareholders would dramatically improve if he would pass baton to a more competent, aggressive, shareholder focused CEO.