Ann: Half Yearly Report and Accounts, page-24

It makes perfect sense that the majority shareholder is selling shares. This is being taken as confirmation that the company is a fraud but there are a number of explanations as has been identified.
-Tax losses
-Sales to agents who are really proxies for Xu (difficult to prove but also highly likely in China)
-Bring down the shareprice to take the company private at a lower price
-Strategic sale to potential partners
-Some kind of other private dealings with a potential future promise attached that we obviously do not know about
-Lifestyle and private investment (still A LOT cheaper for Xu to take losses on a small proportion of his holdings than to pay dividends to ALL shareholders from the cash pile and allows Xu to move money out of China without facing regulatory hurdles.)

Xu will keep his majority stake which means his selling has inevitable almost finished. Soon downrampers will have nothing to talk about.
Drifta you are absolutely right that a turnaround could be about to come. Rennovations have finished and profits are growing. Looking forward to a significant rerating. This absolutely will potentially bag and dividends could be coming soon. Bad times are behind us.