You don't buy land in China, you acquire land rights. The company is only using about 15% of its current land bank which it has rights to for 30 years.
I think if you were more familiar with the complete picture it might make more sense. Much of what you say is true in general terms, but not all companies use the same strategy or generate revenue in the same fashion.
Most of SIAF's projects are joint ventures, so the capital comes from the other party, not SIAF. What SIAF does is provide the technology and management.
For example, the SanJing JV, the Government has pretty much provided the assets as well as the capital. SIAF merely is licensing out their technology and for that they get 40% equity.
I think if you understood their business model a bit better the dividend would make more sense. I have spent a full year getting to know the company and I am simply impressed with their business plan.
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