US 22.4 Million Investment in Chinese Property Developer
(Thomson Reuters ONE) - 19 August 2009 Pacific Alliance China Land Limited US$ 22.4 Million Investment in Chinese Property DeveloperPacific Alliance China Land Limited ('PACL'), the closed-endinvestment company admitted to trading on AIM and focused oninvesting in a portfolio of investments in existing properties, newdevelopments, distressed projects and real estate companies inGreater China, today announces that it has invested US$ 22.4 millionthrough a domestic Chinese subsidiary for a minority stake in WandaCommercial Property ('the Company'), an unlisted property developerin China. The investment was funded entirely from free cash withoutleverage, and the investment is expected to generate attractivereturns.The Company is one of the largest developers of integrated mixed-usedevelopments in China. It owns a land bank of over 21 million squaremeters in various markets across the country. The Company generated anet profit of approximately RMB 880 million in 2008 and expects thisprofitability to grow in 2009. The value of the Company attributableto PACL's equity stake is currently estimated at RMB 180 million"This investment fits our current strategy to deploy capital in newopportunities in the residential, retail and industrial sectorsfollowing PACL's restructuring earlier this year. We were able toenter the deal at a relatively low valuation due to unclear marketsentiment. It is our intention to exit this investment in the nexttwo to three years as the Chinese property market begins to recover.We have already seen some improvement in recent months and there areindications that this recovery has a high chance of beingsustainable", commented Patrick Boot, Managing Director, PacificAlliance Real Estate Limited.For further information please contact:+-------------------------------------------------------------------+| MANAGER: | LEGAL COUNSEL: || Chris Gradel, Managing Partner | Jon Lewis, General Counsel || Pacific Alliance Group | Pacific Alliance Group || 16/F, St. John's Building | 16/F St. John's Building || 33 Garden Road | 33 Garden Road || Central, Hong Kong | Central, Hong Kong || Tel: (852) 29180088 | Tel: (852) 29180088 || Fax: (852) 29180881 | Fax: (852) 29180881 || cgradel(at)pacific-alliance.com | jlewis(at)pacific-alliance.com || | ||--------------------------------+----------------------------------|| BROKER: | NOMINATED ADVISER: || Hiroshi Funaki | Philip Secrett || LCF Edmond de Rothschild | Grant Thornton Corporate Finance || Securities | Tel: (44) 20 7383 5100 || Tel: (44) 20 7845 5960 | Philip.J.Secrett(at)gtuk.com || Fax: (44) 20 7845 5961 | || funds(at)lcfr.co.uk | || | ||--------------------------------+----------------------------------|| MEDIA RELATIONS: | MEDIA RELATIONS: || Sophie Hoggarth | Financial Dynamics, London || Pacific Alliance Group | Andrew Walton/David Cranmer || Tel: (86) 21 62883788 | Tel: (44) 207 269 7217 || shoggarth(at)pacific-alliance.com | || | Financial Dynamics, Asia || | Alastair Hetherington/Christine || | Wood || | Tel: (852) 3716 9800 || | |+-------------------------------------------------------------------+Notes to editors:Pacific Alliance China Land Limited ('PACL') (AIM: PACL) is aclosed-end investment company with net assets of US$211.2 million at31 July 2009. PACL was admitted to trading on the AIM Market of theLondon Stock Exchange in November 2007. PACL is focused on investingin a portfolio of existing properties, new developments, distressedprojects and pre-IPO and IPO real estate companies in Greater China.For more information about PACL, please visit: www.pacl-fund.comPacific Alliance China Land is a member of Pacific Alliance Group,the Asian alternative investment fund management group. For moreinformation about Pacific Alliance Group, please visit:www.pacific-alliance.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.08.2009 - 13:21 Uhr
Sprache: Deutsch
News-ID 4869
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