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IN BRIEF: Macau Property says benefit of reopened China slow to arrive

14th Jul 2023 10:28

Macau Property Opportunities Fund Ltd - Macau, China-focused investor - Adjusted net asset value at March 31 is USD1.52 per share, down 5.4% from USD1.61 per share at December 31, as the end of pandemic-era travel restrictions in China failed to give an immediate boost to property prices. Notes a decline in average rents across its residential property market in the first quarter of 2023, with average rent per square feet of usable area of USD1.50, down 2% from the previous quarter and 7% on a year before.

Looking ahead, Macau Property says economic outlook for the second half of 2023 is positive and expects continued recovery. Says it is "cautiously optimistic" its property sales programme can be advanced, noting it sold nine more units at its Waterside property.

"Macau's economic engines roared back into life in H1 2023," the company says. "The property sector, however, has so far lagged the overall economy at this relatively early stage of the recovery and challenges including high interest rates and a slow return of confidence have persisted."

Current stock price: 55.60 pence, down 1.6% on Friday

12-month change: up 48%

By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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