China XD Plastics (CXDC) Snags Acreage and Construction Project at 20% Market Discount
China XD Plastics Company Ltd. of Harbin, China announced this week that it had acquired, through its subsidiary, Harbin Xinda Macromolecule Material Co. Ltd., land use rights to 50 prime acres and a construction project in South Harbin Industrial Park for $14.6 million USD. China XD said the deal came at a 20 percent discount below appraised market value due to imminent action by the Harbin government to repossess the property. The land and its construction project had been the property of Harbin Shengtong Engineering Plastics Co. Ltd., which ran short of funds. The Harbin Development District helped to facilitate…