9th May 2018 15:52
LONDON (Alliance News) - Pacific Alliance China Land Ltd said on Wednesday its net asset value increased over the course of 2017 as it prepares for the distribution of repatriation proceeds to shareholders.
The closed-end investment company reported a net asset value per share of USD2.8816 per share as at the end of December, up 0.4% from USD2.8694 per share the same date the year before.
For the year Pacific Alliance reported China's gross domestic product rose by 6.9% year-on-year in the period, outperforming the government target of 6.5%, through an overall improvement in both the Chinese and global economies mainly through growth in domestic consumption and the services sector.
All of Pacific Alliance's investments have been exited, and the company is now shifting its focus to distributing its repatriations to shareholders. Also, during the year, the company repurchased USD12.0 million of its shares in total.
"Looking forward to 2018, we will continue to focus all our efforts on the timely repatriation of RMB and distribution of repatriation proceeds to shareholders. On behalf of the board of directors, I would like to thank you for your continued commitment and support," said Managing Director Patrick Boot.
Shares in Pacific Alliance China Land were untraded on Wednesday, last quoted at USD2.62.
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