At less than $6 per share you are basically getting all of the land NTE owns in Shenzhen for free. There are development risks, entitlement risks, political risks, currency risks, construction risks, etc., but the land is certainly available at the right price. I know management doesn't have any real estate development experience, but that can basically be mitigated by hiring one person who does.
I agree the money may be dead for awhile, but if someone is going to offer to give me a couple of infill land parcels in Shenzhen, I will gladly take them.
It'll be very interesting to see how they do selling the Wuxi facility.