Went Long

$SOHO CHINA (00410.HK)$ Can't say it is without risk but Blackrock offered $5 a share which CCP rejected. I did some modeling and obviously the properties are worth quite a bit less than carrying value based on Blackrock offer but I went a step further and the current share price indicates the value of the properties is over 40% lower than what the indicated value from the Blackrock offer was. Values have declined but not that much. Feel pretty good about it but there is always risk.