Japanese pitcher Wei-Ying Chen pitched just 16 innings in 2011 due to injury. So we will instead look at his 2008-2010 statistics. In that time, he had a -2.14 PE.
Through the metric we used in the original Yu Darvish article, we can project Wei-Ying Chen to have these Major League numbers: 1.162 WHIP 3.02 ERA and 6.072 K/9IP. This would be roughly a .32 PE. To give you an idea of starting pitchers with these kind of numbers, this would be in the territory of Jeremy Hellickson, C.C. Sabathia, and Hiroki Kuroda's 2011 campaigns. Perhaps this is why teams like the Orioles, Yankees, and Cubs are foaming at the mouth to bring in Chen. Perhaps the best news is that the expected contract would be about $20MM over four years. Getting a very quality starting pitcher for 5 million dollars a year (look at how much the Yankees are paying Sabathia) is quite a bargain. I would sign him for that, and probably even go a little more if the bidding goes up.