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Subsequent Event
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Event

(22) Subsequent Event

 

On June 25, 2019, Dongfang Paper entered into an acquisition agreement with shareholder of Hebei Tengsheng, to buy up 100% shares of Hebei Tengsheng with a purchase price of RMB 320 million (approximately $47 million). The value of the assets of Hebei Tengsheng on the date of acquisition is RMB 320 million, including 21 parcel of state-owned lands located in Wei County of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2068.

 

RMB 10 million payment was made to seller and the remaining balance of RMB 310 million (approximately $45 million) will be due by December 25, 2019. If the amount is not fully paid off, the seller is offered an option to convert the outstanding amount to shares of the Company.