Investment Update
(Thomson Reuters ONE) - 1 September 2009 Pacific Alliance China Land Limited Investment in Chinese Commercial 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 acquired a 30% equityinterest in SZITIC Commercial Property Development Co., Ltd, acommercial property development and management company in China ('theCompany'). The investment, approximately half of the lower range ofPACL's typical investment size, was funded entirely from free cashwithout leverage.The Company owns one of China's largest portfolios of retailproperties at various stages of completion. The portfolio consistsprimarily of Wal-Mart anchored shopping centres in second and thirdtier cities across the country. PACL was able to acquire its equitystake at a discount due to opportune timing; it is estimated that thenet asset value of the portfolio is US $149 million.The Company generated a net profit of approximately RMB 51 million in2008 and expects this profitability to grow in 2009. PACL will workwith the Company's other shareholders and its management team tomaximize and unlock the value of the Company's assets by takingadvantage of various restructuring and repositioning opportunities."PACL's investment in SZITIC Commercial Property allows it to gainaccess to China's fast growing consumption power. Greater consumerconfidence and government stimulus plans have spurred China's recentround of consumer spending which has directly benefitted the shoppingcentre sector", commented Patrick Boot, Managing Director of PACL'sinvestment manager, Pacific Alliance 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 UK LLP || 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: 01.09.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 5301
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