It is true current Shenzhen land of NTE lot more valuable then book value reflect. Mr Koo say buy land original back in 1990. With cheap real estate back then and over 20 depreciation expense, book value may only reflect small percent of current value.
However construction of new Shenzhen facility and moving in not expected to be done until 2016. So will have wait 3-4 years before can book massive gain from selling current Shenzhen land. But by then land should be even more valuable.
Check out Shenzhen Investment Ltd. Last week they bought up some land a few miles from Nam Tai's Shenzhen facility for more than Nam Tai is worth. It's a company partially owned by the city of Shenzhen.
My audio messed up and I missed about a minute of the call during the portion where they were talking about the land. 3 million buildable sq. feet is a massive amount and really is extremely valuable.