C C Land is a real estate company based and listed in Hong Kong. The share is trading at P/B of 0.43 and P/NCAV 0.62. The company assets are mainly cash after they divested various holdings.
C C Land has a large market cap of 5.5 bn HK$. Large net-nets are said to perform worse than small-cap companies, however I still found this position good enough. This is mainly due to the company is trying to acquire the Leadenhall Building in London, one of the few skyscrapers in the city. It seems there is a reasonable chance the asset discount will decrease with such a major and prolific change in business direction.
The company can fund almost the entire purchase with net-cash, but will also make a complementary rights issue. The transaction is not without risk, as they are paying a large premium to the buildings cost (it was completed in 2014).