LONDON (Alliance News) - Pacific Alliance China Land Ltd on Tuesday said its net asset value per share fell in the first half of 2018, but it expects improvement in the reminder of the year.
NAV per share in the first six months to the end of June declined by 2.9% to USD2.80 per share.
Share price at the end of the period closed at USD2.61 per share, representing 7.2% discount to NAV.
The stock was untraded on the day Tuesday, last quoted at USD2.58 per share.
The company said its NAV and share price have both outperformed major benchmark indices including the FTSE 350 Real Estate Index and the FTSE AIM All-Share Index on a consistent basis since inception.
As at June 30, Pacific Alliance China Land held cash of USD68.7 million, as well as investments with a cost of USD1.8 million and a fair value of USD200,000.
"In the second half of 2018, we expect both China's economy and the property market to further stabilize," said Managing Director Patrick Boot.