The problem with VOR holdings and this contract is that the way it is paid as an independent contractor vs an expat employee of an expat company. That leaves US citizens on the hook for FICA, it has little to do with off shore 'hiding' of income.
No matter who you work for you will have to file chinese and us tax forms, but a qualified accountant can explain the nuances of being a self employed contractor who gets a very hefty 1099 vs filing a standard 1040 with offshore salary paid by an offshore company who already pays a substantial chinese tax bill on your behalf...THAT IS A KEY DIFFERENCE.