My son has a $150 cheapy guitar. I picked it up the other week and same thing very high action. The first thing I did was to put the slotted straight edge on it. If you don't have one it makes it a bit hard, but you should be able to see by eye if the neck is bending up.
In my case it took only a few turns on the truss rod to bring it down to about 3.5mm of action on the last fret on the E strings.
In my case I could lower it more by shaving a half a mm off the bottom edge of the bone saddle.

Have a look insde the body, or even have a feel the truss rod nut may be inside the body as opposed to at the headstock end.
I bought a little inspection mirror for a few $$ off ebay so I can have a quick look inside acoustics.

If it has no truss rod you could look at doing what Stan did on the Harmony he is restoring

http://www.buildyourownguitar.com.au...ead.php?t=2972

Hope this gives you some ideas

PK