Ann: Notice of AGM/Proxy Form and Board Update, page-72

"they own the factories in China instead of leasing them ... because the manufacturing licences ... are attached to the realestate"

As I understand it, they will face a similar circumstance in Thailand (and indeed most SE Asian countries) where ownership of land by non-citizens (even partial in most cases) is not allowed. I believe industrial land may be available to majority foreign interests on long-term leases, but there will be strings attached concerning the use of the land (e.g. construction and operation of a factory). Far easier to just lease a Thai-owned building for the purpose, and as you point out, a better use of capital.

All IMO.