They issued the debt at over 13% several years ago， short time ago， they were able to sell debt at 8% several times oversubscribed. More in line with the real estatw company in US，yet， stock price simply does not reflect that.
Xin is way undervalued， if you look at its land holding in china， this stock is worth 20/share. For example， their land they purchased(4/2016)in beijun is worth 3 times right now. They will have their high interest debt refinance soon， this stock has a long way to go.