Update: Mandatory Share Repurchase

13 February 2015

Pacific Alliance China Land Limited

Update: Mandatory Share Repurchase

Pacific Alliance China Fund Limited ("PACL" or the "Company") (AIM: PACL), the closed-end investment company admitted to trading on AIM, today announces that further to its announcement of 11 February 2015 regarding the distribution of US$25 million to shareholders by way of a mandatory share repurchase, the Company has repurchased and cancelled 9,615,382 (approximately 8.47 per cent) of the Company's ordinary shares leaving a total of 103,887,384 ordinary shares issued and outstanding.

For further information please contact:

About Pacific Alliance China Land Limited

Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company admitted to trading on the AIM Market of the London Stock Exchange in November 2007. PACL is focused on investing in a portfolio of existing properties, new developments, distressed projects and real estate companies in Greater China.

For more information about PACL, please visit: www.pacl-fund.com

Pacific Alliance China Land Limited is managed by a member of PAG (formerly known as Pacific Alliance Group), the Asian alternative investment fund management group. Founded in 2002, PAG is now one of the region's largest Asia-focused alternative investment managers, with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG has a presence across Asia with over 300 staff working in the region.

For more information about PAG, please visit: www.pagasia.com