CHH sells China unit

CVC Asia Pacific has agreed to buy Carter Holt Harvey Plantation Timber Products unit in China for US$100 million ($152 million), the Wall Street Journal reported. The purchase was the first by CVC Asia Pacific in China and was financed with about US$60 million of debt.

Plantation Timber makes medium density fibreboard and flooring.

Meanwhile, US forestry company Hancock has been cleared by the Commerce Commission to bid for Carter Holt's forests.