17th Sep 2015 13:32
LONDON (Alliance News) - Pacific Alliance China Land Ltd on Thursday reported a rise in net asset value in the first half of 2015, beating its benchmarks, as it said a more stable Chinese economy and recovering housing market helped boost performance.
The closed-ended investment company said its net asset value at June 30 was USD271.80 million, representing USD2.6163 per share, a 0.6% increase on USD2.6017 per share at December 31 and a 15.5% rise year-on-year from USD2.2657 per share.
Pacific Alliance said its NAV growth outperformed UK benchmark indices including the FTSE 350 Real Estate Index and the FTSE AIM All-Share Index, adding that growth was boosted by more stable economic growth in China, lower interest rates, and a recovering housing market.
"In the second half of 2015, we expect China's economy to stabilise. We also expect the property market to continue to recover across the country supported by favourable government policies and measures. We will continue to endeavour to find the best exit timing and terms for the company's investments and to maximise the NAV for shareholders," Pacific Alliance said in a statement.
Shares in Pacific Alliance were untraded on Thursday, last quoted at 1.85 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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