LONDON (Alliance News) - Pacific Alliance China Land Ltd, the AIM-listed investment company whose portfolio includes properties, new developments, distressed projects and real estate companies in Greater China, on Tuesday said property sales and prices improved in the second half of 2015.
Its net asset value - the difference between assets and liabilities - was USD234.80 million at the end of 2015, according to the company's full-year results statement, meaning its NAV per share fell by 13.1% to USD2.2601.
Its share price rose by 6.2% in 2015, ending the year at USD1.925 and closing at a 14.8% discount to NAV per share.
"Thanks to government stimulus measures, property sales and prices improved across the board in the second half of 2015 despite China recording its slowest GDP growth in six years. The company successfully made progress in realising the portfolios of Project Malls and Project Diplomat and is on track to return the proceeds to our investors. Looking forward to 2016, we believe that we will continue to benefit from improving market sentiment in the China property sector," Patrick Boot, managing partner, Pacific Alliance Real Estate Ltd, said in a statement.
Shares in Pacific Alliance China Land were untraded on Tuesday. The stock closed at USD1.89 on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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