Land is the key for growth.
Please keep in mind "land use rights" can be used as collateral for low interest loans with the Agricultural Bank of China. There are also rebates and grants that go along with these types of transactions. I hope this helps shed some light on a few things. The Company just increased its land bank a considerable amount. Your net tangible assets are going to grow considerably in 2011. In Agriculture.. land is the key.
26. SUBSEQUENT EVENTS
On January 28, 2011, PMH was dissolved.
On February 15, 2011, the company sold its 78% equity interest in its subsidiary, ZX for $31,000,000. In February, 2011, the company acquired land use rights for lots of land in the PRC for $52,703,690.
On February 28, 2011, the Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co., Limited (BTAPP), of which the Company would own a 25% equity interest. The approvals of the formation of BTAPP by the relevant authorities of the PRC Government is pending.
