And similar cheating for the Mandra value, which Sino-Forest bought at $195 million,  they write down it to only $59 million as in the 10th Monitor's report.

 

According to the report on the Government website of the Province Forestry Bureau, Anqing Mandra Forestry has 1,430,000 Mu timber in Anqing City. 

 

Anqing Mandra is only one subsidiary of the Mandra Forestry, there are other 6 subsidiaries:

Huanggang Mandra

Mandra Jiangxi

Wuhu Mandra

Xuancheng Mandra

Yihuang Mandra

Zixi Mandra

 

We still don't know how many hectares timber Mandra has as a total, but the 1,430,000 Mu (95,333 hectare) alone should worth much much more.

 

According to the information I got from internet search, four-year eucalyptus timber worth more than RMB 1000 per Mu, and eucalyptus is the less valuable tree type. Suppose the Anqing Mandra's timber is eucalyptus, 1,430,000 Mu should have a value of more than RMB 1,430,000,000, about $223 million

 

As the Chinese government is officially admitted the timber ownership of Anqing Mandra, I can't see why the current management/BOD/FTI wrote down the value of Mandra Forestry to only $59 million.