the only JV that is a VIE is SJAP. Being a VIE has also its advantage in so far that Siaf can consolidate rev and assets wtih only 45% ownership being the primary beneficiary. If you are a plain SFJVC you must own 50% or more before you can consolidate revenue and assets. For a sub that is supposed to do 200m rev this year like SJAP, being able to show that 200m on the annual statement of course makes a huge difference.
SJAP is the only VIE, probably because you cannot own a majority stake in Qinghai as a foreign entity.
There are 2 types of VIE's. Scam-VIE's with contractual obligations where the Chinese in fact own all of it, and normal VIE's. SJAP is a normal VIE where SIAF has a 45% equity interest.
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