On page 3 of the report, I see 2 valuations under 2 different conditions. Under "assumed condition 1", I see 18 billion RMB. Under "assumed condition 2", I see 12 billion RMB.
I will re-read it, but no matter what NTP's stock price is no where near its intrinsic value.
I looked at the land evaluation study as well. You must be assuming that the valuation is about $280 million (~$7 per share) which is $1.8 billion RMB. I am seeing significantly higher values. Of course, I could be reading it wrong as well. But am I right in assuming that your calculation is based on about $1.8 billion RMB?
goldengate is right. There is nothing illegal about Intel buying the shares in the open market. In fact it would be a very wise decision. I don't know if they are doing it though. If they bought a lot of shares then it would narrow the spread of course.
You may all be interested in today's (6/3/15) articles in WSJ on real estate values in Hong Kong. It is in the "Money and Investing" section. There are several articles in the section. Here's one: http://www.wsj.com/articles/in-hong-kong-the-apartments-are-fit-for-a-mosquito-1433237582?mod=trending_now_2
To be sure, NTP's Shenzhen property (separated by about 30 miles from Hong Kong) is no Hong Kong, but it may give investors some clue as to how much NTP's property is worth.
As you states, so far it looks the tender may be oversubscribed. However, I have a substantial position and do not intend to tender any of my shares, so if there are others like me then it may not get oversubscribed. I believe Kellogg and Koo, who together own over 40% of the shares, know more than the folks who are trading NTP. I would rather stick with them. I hope that NTP ends up buying its full intended 3 million shares for $5.50. That will increase my stake in this very inexpensive company. After the tender, what will happen to the stock price? I lost my crystal ball so I have no idea. I also don't really care though since I plan to hold on until at least 2017. Are we masters of our emotions or are our emotions our masters?