Heat a large Dutch oven over medium-high heat. Coat pan with cooking spray. Add half of beef to pan; cook 3 minutes, browning on all sides. Remove beef from pan. Repeat procedure with cooking spray and remaining beef.
Add ginger, rind, and garlic to pan; sauté 30 seconds or until fragrant. Stir in sherry, scraping pan to loosen browned bits. Add mushrooms; cook 3 minutes or until tender, stirring frequently. Add beef, broth, and next 5 ingredients (through cinnamon); bring to a simmer. Cover, reduce heat, and simmer 2 1/2 hours or until beef is very tender. Stir in water chestnuts; cook for 5 minutes. Discard cinnamon. Serve over rice; sprinkle with onions.