GreenWood Resources China acquires two forestry plantations in Jiangxi, China, for estimated US$13.2M
January 12, 2011
– GreenWood Resources China, Ltd. (“GWR China”), the joint venture partner and manager of Green China Forestry Co., Limited (“GCFC”), is pleased to announce that GCFC, through its subsidiary in China Green China (Jiangxi) Forestry Co., Ltd (“GCJ”), recently acquired two forestry plantations in Jiangxi, China. The total investment is approximately $13.2 million (RMB88 million) with assets consisting of pine, fir and other species.
“These acquisitions represent the continuation of our timber investment strategy in China, and we are pleased by our investors’ continued confidence in this strategy. We believe that creating an investment grade portfolio of timber assets, through proper acquisition due diligence, professional forest management, and environmental stewardship is a winning formula for our investors and China’s forestry industry.” said Brian Liu, Vice President and General Manager of GWR China and General Manager of GCJ.