CVC Asia Pacific Ltd. scored its first private-equity deal in China, agreeing to acquire 100% of Plantation Timber Products for around 100 million US dollars from New Zealand's Carter Holt Harvey, The Wall Street Journal reported. The buyout was financed with around 60 million US dollars of debt, the paper quoted people close to the deal as saying. The use of debt to finance acquisitions is rare in China, where local banks operate under strict lending rules and foreign banks are reluctant to lend without the traditional protection of collateral. Plantation Timber makes medium-density fiber panels used in furniture manufacturing and flooring products.