The Monitor's letter to E&Y on November 28, 2012 states:
The two subsidiaries that were wound up were Sino-Panel (Luzhai) Co., Ltd. and Sino-
Panel (Beihai) Development Co., Ltd. Both of those subsidiaries related to Sino-Forest’s
manufacturing business (which accounts for less than 1% of Sino-Forest’s overall
reported net income for 2011). Both of these entities as well as the manufacturing
business overall reported a loss for 2011.
2011 was a tough year for many Chinese companies, reporting a loss for 2011 does not mean that the subsidiaries are worthless. Allen Chan has vision and Sino-Forest has strategically invested.
Here are information I found about the two subsidiaries being wound up:
Sino-Panel (Luzhai) Co bought 12 hectares industrial land for 12 million yuan in 2008 for 50 years of usage; the market price for the land in June 2011 is 1.6 million per hectare, up 60%;
2012-12-14 news report:
On June 2012, the Quality Supervision Bureau has inspected products randomly selected from 134 manufactures of wood-base products, and Sino-Panel (Luzhai) Co's products are qualified.
Sino-Forest invested totally $82 million in the building of Sino-Panel (Beihai), here is the website with photos of the buildings:
And here is Stora Enso's commercial for its Project, telling people why Beihai, Guangxi: