Also, apologies if this has already been covered but looking at...

Also, apologies if this has already been covered but looking at the balance sheet and valuation methods of the plantation (hefty stuff). It can be compared to a mine:

Valuation Technique
Discounted Cash Flows: The valuation model considers the present value of the net cash flows expected to be generated by the plantation. The cash flow projections include specific estimates until harvest. The expected net cash flows are discounted using a risk-adjusted discount rate.

Now we have seen over and over again mines being written down to next to nothing, depending on the commodity price and outlook so the assets are very much dependent on price assumptions used by QIN. I'm no expert in sandalwood market or pricing but chances are that if prices weaken or don't match expectations hefty write downs will be made thus putting huge pressure on the balance sheet (never mind the write downs on intangibles and goodwill). One can see why Glaucus is pretty hard on them (the sandalwood market seems very murky and possibly manipulated by the very few).