China Forestry Acquisition Target to Undergo Restructuring
Harbin, China, 21 December 2009 -- (GLOBE NEWSWIRE) -- China Forestry Inc. (OTCBB:CHFY - News), a timber investment group in the People's Republic of China, announced today that the landscape engineering and construction firm currently under a nonbinding letter of intent with the company is restructuring its corporation to comply with China's merger and acquisition regulations and restrictions on foreign direct investment. China Forestry Inc. (OTCBB:CHFY - News) is a timber investment group formed in the People's Republic of China to conform to state laws that prohibit non-PRC ownership of forest lands. The company's strategy is to capitalize on the Chinese government's decision to promote sustainable forest management through land tenure reforms that include the transferability of forest user right certificates to PRC entities. The company's current holdings include ownership of four user right certificates representing 1561 hectares of state forest assets in China's northeastern Heilongjiang Province, home to China's most valuable timber and one of the most distinctive temperate forests in the world due to its rare biodiversity. For more information, visit http://www.chinaforestryinc.com.
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