11th Nov 2013 11:01
LONDON (Alliance News) - Macau Property Opportunities Fund Ltd Monday said its net asset value per share increased over the course of the first quarter, with the value of its portfolio also rising.
Net asset value per share was USD2.68 on September 30, compared to USD2.60 on June 30.
The portfolio was valued at USD475.0 million on September 30, compared to USD452.9 million on June 30.
Macau Property Opportunities, which invests in property in Macau and China's Pearl River Delta, said Macau's underlying economic strength, coupled with a limited housing supply, rising local incomes and an influx of expatriate employees, is expected to fuel further strong demand for the city's properties, which would be to the benefit of its portfolio's valuation.
"The company continues to create and unlock value for investors as it moves into fiscal year 2014, with the divestment of its Zhuhai properties in progress and the sale of The Fountainside's remaining units in sight. MPO's share price has appreciated significantly in the last quarter, reflecting the market's recognition of the true potential of the company's portfolio," David Hinde, chairman, said in a statement.
The company's loan-to-value ratio increased to 24% from 20% over the first quarter.
Macau Property Opportunities shares were Monday quoted at 206.00 pence, up 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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