Solomon is likely reflecting on the difference in land use rights valuations between China and HK.
HK, in some instances, values LUR at 100% or more than the Chinese.
Remember, China artificially depreciates its LUR values to 1) curb inflation and 2) limit debt borrowed against these assets. Both, primarily to limit the breadth of disparity between their poor and burgeoning middle class, and to maintain political control w/in the central and provincial governments.
Therefore, when SIAF goes to HK for cross listing or spinning-off a subsidiary, it'll immediately see an appreciation in its NTA that will be reflected in the IPO pricing and likely accepted by its market, as well.
