Wal-mart shares Transaction

27 November 2015

Pacific Alliance China Land Limited

Wal-mart shares Transaction

Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the closed-end investment company admitted to trading on AIM, is pleased to announce that it has completed the listing and auction process for the remaining asset of Project Malls ("Project Malls - Walmart shares") and signed an agreement with Wal-mart China Holdings through its JV partner, China Resources, and is expected to receive gross cash proceeds of approximately RMB248 million (equivalent to USD38.9 million) as follows:

1. 50% of the consideration will be released to China Resources from escrow with the state owned exchange within 10 business days after the relevant approval is granted by the PRC Ministry of Commerce; and

2. The remaining 50% of the consideration will be released to China Resources within 5 working days after the transfer is registered with State Administration for Industry and Commerce.

The sale proceeds will be repatriated through a dividend distribution and return of share capital which is subject to statutory audit and tax clearance and should take approximately 6 to 12 months to be finalized.

The sale will result in a net IRR of 16% and a net cash multiple of 5.8x on the PACL¡¦s initial investment. The sale proceeds represent a 16% discount to PACL¡¦s Q3 valuation, which the Manager considers a close approximation of fair market value given PACL¡¦s minority interest and auction was a government sanctioned open process.

Once repatriated, the proceeds from the Wal-mart shares sale, together with the proceeds of the Shanghai Land sale, will be distributed to shareholders through a mandatory share repurchase, or another method to be determined by the Board.

For further information please contact:

About Pacific Alliance China Land Limited

Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company admitted to trading on the AIM Market of the London Stock Exchange in November 2007. PACL is focused on investing in a portfolio of existing properties, new developments, distressed projects and real estate companies in Greater China.

For more information about PACL, please visit: www.pacl-fund.com

Pacific Alliance China Land Limited is managed by a member of PAG (formerly known as Pacific Alliance Group), the Asian alternative investment fund management group. Founded in 2002, PAG is now one of the region's largest Asia-focused alternative investment managers, with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG has a presence across Asia with over 300 staff working in the region.

For more information about PAG, please visit: www.pagasia.com