XIN, the more I read, the more interesting it get's. One thing, is clear, the yahoo numbers are very deceiving. This company is way more leveraged, than the numbers suggest at a first look. For example, they seem to guarantee more and more of their customers mortgages:
As of December 31, 2009, 2010 and 2011, our outstanding guarantees in respect of our customers’ mortgage loans amounted to US$509.2 million, US$666.4 million and US$709.5 million, respectively. If substantial defaults by our customers occur and we are called upon to honor our guarantees, our financial condition and results of operations will be materially adversely affected.
In a way, these diclosures make an outright fraud less likely. |
