LONDON (Alliance News) - Pacific Alliance China Land Ltd on Friday said it has sold its entire interest in Project Auspice, the shares it held in Chinese property developer Dalian Wanda Commercial Properties Co Ltd.
Pacific Alliance said it invested CNY153.0 million to acquire the stake in Wanda in 2009 and has sold that stake for CNY816.7 million, or around USD118.7 million.
The proceeds will be distributed to Pacific Alliance shareholders via a share buyback once all necessary regulatory approvals have been secured. That is not expected to happen until some time in late 2018, the fund said.
Pacific Alliance shares were untraded on Friday, having last traded at USD1.95.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.