Chinese-owned Tranlin to Pay Back $5 million to Virginia

According to the Martinsville Bulletin, Tranlin Inc. will repay $5 million to Virginia, as the Chinese company resets its plans to build a paper products factory in Chesterfield County that was expected to bring $2 billion in investment and create 2,000 jobs.

This marks the fourth Chinese-led business venture and the third brokered by Gov. Terry McAuliffe to falter recently in Virginia.

In an exchange of letters with the Virginia Economic Development Partnership in late July, Tranlin’s top executive promised to repay the grant from the Commonwealth’s Development Opportunity Fund by Oct. 24 in acknowledgement that the company would not meet its investment and job commitments by the end of 2019.