David,
Price doesn’t always reflect value. I doubled my holdings yesterday. Good catch on the interest rates. I was excited too. I wrote a new article that mentions XIN over the weekend. Hasn’t been published yet. XIN seems pretty far from going bankrupt, which is where it’s priced. As far as I can tell there’s no reason it should be priced at such a discount.
It’s at $3 cause more people are selling than buying. The question I ask is: Is there a reason?
Lower interest rates are good for XIN and pre-sales seem good for next quarter too. That’s my take.
Glen
From: David
Sent: Tuesday, September 16, 2008 10:47 AM
To: gbra
Subject: What’s up with XIN ?
Glen,
Enjoy your contributions to Seeking Alpha. I, too, purchased XIN — bought it $6.80. Why is it now in the $ 3 range ? To my knowledge, there has not been any press releases regarding major “bad” changes in Chinese housing. XIN announced they will be taking pre-sales of some of their projects in late September. Also, China just lowered their lending interest rate. I would think this would help the housing market.
Just curious as to your thoughts.
Thanks,
David