SIAF - RDBO keep in mind there is no such thing as land acquisition in China. You pay for the rights from the Government, that are allowed to be amortized through GAAP. As of now, SIAF has more land bank.. almost double that of RDBO.
Also keep in mind, there is not a single business in China that the Government doesn't take some position in. So until everything is settled with RDBO's dairy start-up, it will be hard to predict the total dilution to shareholders. SIAF overcomes this by launching JV's in order to keep the parent company nondilutive.
Also, SIAF is already partnered with one of the largest Government owned Ag companies, SanJing, which gives them a bit of a lead as far as relationships within the China government. You have to also keep in mind SIAF has dairy cows coming out of nursery so you will begin to see increases in production before 2013.
One last thing, SIAF has established bulk sales to the larger existing China diaries. This eliminates the worry of achieving retail acceptance. I do know that SIAF is however working to launch a retail side of there dairy operations that will not directly compete with it's bulk buyers thus increasing potential for net margins.
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