Ann: GRR - Quarterly Report for 3 months ended 31 March 2018, page-62

With PE of 3 the downside risk is limited, but it should be trading at PE of 10.
If it wasn't for the management shenanigans and the poor image the majority chinese shareholding provides ot would have been trading at 50c long time ago.
The real estate adventure is a low capital and therefore low overall yield investment. It doesnt make or break the company, rather offers the unneeded noise and reason to stay clear. That part I dont get.
They could save money for the next nine or diversify or buy back shares, or hell of an idea pay out a special dividend. But no great management at the helm chose to build overpriced apartments. What next to surprise shareholders? I would be ok if they just paid majority shareholders out, but even then they are probably ok just keeping majority and getting supply of pellets flowing.