24th Feb 2014 09:50
LONDON (Alliance News) - Macau Property Opportunities Fund Ltd (MPO) Monday said it has sold its APAC Logistics Centre and Cove Residence properties in Zhuhai, China to an unmanned firm for a combined USD64.7 million.
The company, which develops and invests in property in Macau and China's Pearl River Delta, said the sales generated a net profit of USD29 million.
Strategically located in the western Pearl River Delta, APAC Logistics Centre and Cove Residence, which has one and two-bed apartments were MPO's first investments in mainland China.
Main construction on both projects has been completed, and occupancy permits have been obtained.
The stock was trading at 217.00 pence Monday morning, down 3.00 pence or 1.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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