TIDMMPO
RNS Number : 4891P
Macau Property Opportunities Fund
18 February 2021
18 February 2021
Macau Property Opportunities Fund Limited
("MPO" or "the Company")
Interim results for the six-month period ended 31 December
2020
Macau Property Opportunities Fund Limited announces its results
for the period ended 31 December 2020. The Company, which is
managed by Sniper Capital Limited, holds strategic property
investments in Macau.
MACAU UPDATE
-- Macau continues to record very low COVID 19 figures with 48
recorded cases and no deaths. The situation is tightly managed and
risks of further COVID related lockdowns remain.
-- Visitor numbers are increasing, generating improvements in
the economy and gaming revenues albeit from low levels on an
historic basis.
-- The more positive sentiment has yet to flow through to the luxury property market.
FINANCIAL HIGHLIGHTS
Fund performance
-- MPO's portfolio value(1) was US$267.5 million as at 31
December 2020, which was broadly unchanged over the six-month
period.
-- Adjusted Net Asset Value (NAV) was US$132.2 million, which
translates to US$2.14 (157 pence(2) ) per share, a decline of 3.2%
over the period.
-- IFRS NAV was US$100.3 million as of the period's end,
equating to US$1.62 (119 pence(2) ) per share, a drop of 0.3%.
Capital management
-- The consolidated cash balance was US$15.3 million, of which
US$6.9 million was pledged as collateral for credit facilities.
-- Gross borrowing stood at US$138.4 million, equating to a loan-to-value ratio of 49.0%.
Extension of Company life
-- At the Company's Annual General Meeting in November,
shareholders agreed to a further extension of the Company's life
until 31 December 2021.
-- The Board adjusted the fees payable to the Manager to enable
the Manager to continue its work in 2021 with the primary focus
remaining on the full divestment of the portfolio. Overall, the
total realisation fees payable will not exceed the cap previously
agreed in 2019.
[1] Calculation was adjusted to reflect like-for-like
comparisons to 31 December 2020 due to the divestment of properties
during the period.
(2) Based on the US Dollar/Sterling exchange rate of 1.364 on 31
December 2020.
PORTFOLIO HIGHLIGHTS
-- The Waterside and Strata unit at One Central Residences
- As of the end of the year, 31% of The Waterside's apartments
were occupied and the average rent stood at US$2.47 per square foot
per month.
- The divestment of The Waterside remains the key focus for the
Manager, and discussions with a number of parties are ongoing.
- At One Central Residences, the final remaining unit located in
other towers was sold for approximately HK$25 million (US$3.2
million) with the transaction completed in November.
- A loan facility of HK$540 million (US$69.7 million) was
arranged in September 2020 to refinance repayments of previous loan
tranches on improved terms.
- After the period end, a further tranche of the facility was
successfully arranged to refinance the repayment obligations of the
original tranche, which will become due for settlement up to and
including March 2022 for a total sum of HK$250 million (US$32.2
million).
-- The Fountainside
- The Manager secured sales of three residential units for a
combined total of HK$36 million (US$4.7 million).
- Among the three sales, two were completed in October and one
is expected to be complete by end of February. This leaves only one
standard unit for sale.
- The Manager continues to pursue strategies to drive sales of
the remaining units.
-- Penha Heights (previously Estrada da Penha)
- The Manager has completed further essential maintenance and
carefully considered enhancement works at the property.
- Since travel restrictions for visitors from mainland China to
Macau were eased in H2 2020, sales and marketing efforts have been
stepped up to tap the pool of potential buyers.
Mark Huntley, Chairman of Macau Property Opportunities Fund,
said:
"The Company's financial performance during the first half of
the current financial year reflects stable property valuations
following earlier declines, with sales prices exceeding current
market valuations.
"We greatly appreciate the confidence of shareholders in
approving the Company's strategy and supporting the extension of
its life for a further year. We will permit no complacency nor let
up in the task of divestment, and detailed, well thought out plans
are being implemented in response to prevailing market
circumstances. This year and the timing of any positive impact on
the luxury property market remains hard to predict, with patience
at a premium."
For more information, please visit www.mpofund.com for the
Company's full Interim Report 2021.
The Manager will be available to speak to analysts and the
media. If you would like to arrange a call, please contact Sniper
Capital Limited at info@snipercapital.com .
- End -
About Macau Property Opportunities Fund
Premium listed on the London Stock Exchange, Macau Property
Opportunities Fund Limited is a closed-end investment company
registered in Guernsey and is the only quoted property fund
dedicated to investing in Macau, the world's largest gaming market
and the only city in China where gaming is legalised.
Launched in 2006, the Company targets strategic property
investment and development opportunities in Macau. Its current
portfolio comprises prime residential property assets.
The Company is managed by Sniper Capital Limited , an Asia-based
property investment manager with an established track record in
fund management and investment advisory.
Stock Code
London Stock Exchange: MPO
LEI
213800NOAO11OWIMLR72
For further information:
Manager
Sniper Capital Limited
Group Communications
Tel: +852 2292 6789
Email: info@snipercapital.com
Corporate Broker
Liberum Capital
Gillian Martin / Owen Matthews
Tel: +44 20 3100 2234
Company Secretary & Administrator
Ocorian Administration (Guernsey) Limited
Kevin Smith
Tel: +44 14 8174 2742
MACAU PROPERTY OPPORTUNITIES FUND LIMITED
INTERIM REPORT FOR THE SIX-MONTH PERIODED 31 DECEMBER 2020
(-)
CHAIRMAN'S MESSAGE
A little over 12 months ago, the COVID-19 virus dramatically
impacted Macau, prompting an almost complete cessation of
cross-border travel and the effective close down of the externally
driven components of the territory's economy - gaming and
entertainment - for much of calendar 2020.
Looking back on the Macau government's swift reaction to the
COVID outbreak - which at the time may have appeared severe and
harmful to the economy, alongside events unfolding in China - it is
clear that Macau's performance during the pandemic has been
commendable relative to the actions taken in other small
territories and indeed some major countries. For a jurisdiction
sharing three borders with mainland China, Macau has handled the
pandemic deftly, with low case numbers and a COVID-19 death rate of
zero, demonstrating the effectiveness of strong, decisive
leadership backed by substantial financial reserves. Equally
impressive are measures taken by Macau's government to secure
vaccine doses in quantities sufficient to ensure that all of the
territory's population can be protected from the virus - a move
critical to the recovery of any small jurisdiction that is so
densely populated and in which GDP is so heavily reliant on inbound
tourism.
In the fourth quarter of calendar 2020, there were encouraging
signs of recovery in Macau, against a backdrop of the return of
economic growth in China and significant increases in visitor
numbers to the territory, albeit from devastatingly low levels.
There has been a corresponding improvement in Macau's gaming sector
and indications that people are spending more time in the territory
when they visit. There are also signs that mainland Chinese are
focusing their leisure travel closer to home, which should benefit
Macau's recovery, alongside initiatives by its government and
China's renewed focus on the development of the Greater Bay Area.
However, any route to recovery will include some unexpected bumps
in the road, as we have seen elsewhere in the world - including
neighbouring Hong Kong - with virus-related developments quickly
able to derail prospects of recovery in the near term. Various
uncertainties remain, including potential winter surges of COVID-19
in Macau and mainland China, recent calls by the Chinese central
government for residents to curb travel during the Lunar New Year
holiday season, the persistence of Beijing's capital controls, and
how new US President Joe Biden will handle the US-China
relationship going forward.
Despite those cautionary observations, and without understating
the negative impact of the economic downturn on the Company, there
have been a number of positive developments. Sales of the
individual units at One Central Residences and further sales of
smaller individual units at The Fountainside are a credit to the
Manager's persistence through adverse and unexpected circumstances.
With proceeds from the divested assets applied to the reduction of
the Company's debt, no distribution of capital has yet been
achieved, but both the Board and the Manager have remained
steadfast in their focused delivery of a divestment strategy.
Coordinating property enhancements to coincide with required
maintenance during a hiatus in luxury real estate market activity
has maximised potential sales opportunities amid the emerging
recovery, a commercial posture that lies at the heart of our
divestment plans.
Improvements to our ultra-luxury villa Penha Heights (Estrada da
Penha) have yielded impressive results, making the property
significantly more appealing to prospective purchasers. Similarly,
cost-effective repairs and upgrades to vacant apartments at The
Waterside have been aimed at restoring rental levels and
maintaining the tower as a standout asset that is attractive to
potential buyers. With most of The Fountainside already sold,
creative solutions and strategies are being implemented to complete
sales of the development's remaining units.
The Company's financial performance during the first half of the
current financial year reflects stable property valuations
following earlier dramatic declines, with sales prices modestly
exceeding current market valuations. Against this, the Company's
operating costs, including financing charges, saw a reduction in
its Adjusted Net Asset Value.
The Company's share price discount to Adjusted Net Asset Value
remains a closely monitored metric, and its current level is
disappointing, although it serves as an additional incentive to
deliver returns for shareholders. The Board remains very mindful of
the working capital operating needs of the Company when considering
buying back its shares in the market.
The Manager continued to achieve favourable debt restructuring
through proactive engagement with lenders, which has supported
cashflows and reduced expenditure. A loan facility of HK$540
million (US$69.7 million) was executed in September 2020 for the
Company's properties in One Central Residences, followed by another
facility of HK$250 million (US$32.2 million), which was executed
after the period end, significantly improving the Company's cash
position. Active monitoring and a focus on loan covenants continued
through the changing circumstances of the past year. The Company
retained strong working capital and liquidity to see it through
these extremely challenging developments and to enable the exit
outcomes that we are working hard to deliver.
Operationally, we appointed Deloitte LLP as the Company's new
auditor, following a tender process. We also continued to maintain
the governance and operational focus on the ESG practices
previously explained in the context of the Company's specific
circumstances.
The effects of the COVID-related downturn and the stagnation of
sales activity in the luxury property sector have already been
explained in our 2020 Annual Report and Accounts, and the
subsequent update that accompanied the Notice of Annual General
Meeting set out changes to the fees paid to the Manager. The key
elements are that no further fees will be paid to the Manager from
the beginning of 2022, with a Management Fee of US$100,000 per
month payable for calendar 2021, which may be offset against
Realisation Fees previously agreed such that the overall fees
payable will not exceed the maximum levels negotiated in 2019.
We greatly appreciate the confidence of shareholders in
approving the Company's strategy and supporting the extension of
its life for a further year. We will permit no complacency nor
let-up in the task of divestment, and detailed, well thought-out
plans are in the process of being implemented in response to
prevailing market circumstances. It is fair to say that results may
be seen later this year, subject to developments related to
COVID-19. With Macau's recovery at an early stage, it remains
premature to offer anything beyond cautious optimism, tempered by a
realistic recognition that events beyond our control may yet hamper
our progress towards the ultimate achievement of our objectives.
Patience will be at a premium.
MARK HUNTLEY
CHAIRMAN
MACAU PROPERTY OPPORTUNITIES FUND LIMITED
17 February 2021
MANAGER'S REPORT
FINANCIAL OVERVIEW
31 December 2020 30 June 2020
NAV (IFRS) (US$ million) 100.3 100.6
---------------- ------------
NAV per share (IFRS) (US$) 1.62 1.63
---------------- ------------
Adjusted NAV (US$ million) 132.2 136.5
---------------- ------------
Adjusted NAV per share (US$) 2.14 2.21
---------------- ------------
Adjusted NAV per share (pence)(1) 157 179
---------------- ------------
Share price (pence) 69.25 61.75
---------------- ------------
Share price discount to Adjusted
NAV per share (%) 56% 66%
---------------- ------------
Portfolio valuation (US$
million) 267.5 275.6
---------------- ------------
Loan-to-value ratio (%) 49.0% 49.6%
---------------- ------------
(1) Based on the following US Dollar/Sterling exchange rates
1.364 on 31 December 2020 and 1.231 on 30 June 2020.
FINANCIAL REVIEW
Towards the end of 2020, there was some cautious optimism in
Macau that the worst of the COVID-19 pandemic may be over. The
total number of confirmed cases remains low at 48, despite the
easing of travel restrictions and the return of mainland Chinese
visitors, albeit in vastly reduced numbers. There was also cheer
with local vaccination having commenced in February 2021. The
government's economic relief package and consumption subsidies have
also boosted local sentiment, particularly among small and
medium-sized enterprises.
MPO's portfolio valuation appears to have stabilised during the
period as the pandemic has been brought under control in the
territory. With some relaxation of travel restrictions, the Manager
has been able to resume its efforts to divest MPO's remaining
portfolio properties. The extension of the Company's lifespan for a
further year until the end of 2021, together with the revised fee
structure, establishes a framework that will, it is hoped,
facilitate the completion of the divestments while providing
appropriate incentives to the Manager to secure the best outcomes
for shareholders. However, the recent lockdowns in Hong Kong and
some other mainland cities, together with the emergence of new
virus strains may lead to more cautious sentiment, affecting the
divestment plans.
Half-Year Financial Results
The value of MPO's portfolio, which now comprises just three
main assets, was US$267.5 million as at 31 December 2020. On a
like-for-like comparison, the valuation is broadly unchanged over
the six-month period.
Adjusted Net Asset Value (NAV) was US$132.2 million, which
translates to US$2.14 (157 pence) per share, a decline of 3.2% over
the period. IFRS NAV was US$100.3 million as of the period's end,
equating to US$1.62 (119 pence) per share, a drop of just 0.3%.
As at 31 December 2020, MPO's share price was 69.25 pence,
representing a 56% discount to its Adjusted NAV per share.
Capital Management
As at 31 December 2020, MPO had total assets worth US$251.4
million, offsetting combined liabilities of US$151.1 million. The
Fund's consolidated cash balance was US$15.3 million, of which
US$6.9 million was pledged as collateral for credit facilities.
Gross borrowing stood at US$138.4 million, equating to a
loan-to-value ratio of 49.0%.
As the Company endeavours to execute its divestment plan, focus
remains on capital management to maintain a healthy balance sheet
and operating cash flow. We continue to focus on containing costs,
with debt facilities reviewed and refinanced where appropriate to
obtain the most cost-efficient terms.
Company Li fe Extended, Fe e Structure Changed
At the Company's Annual General Meeting for the financial year
ending 30 June 2019, shareholders passed a resolution to extend the
life of the Company for a further year to facilitate the orderly
divestment of the portfolio. In parallel, the Board also agreed a
change to the management fee structure, reducing the fee from 2% to
1% of adjusted NAV from 1 January 2020, with the fees dropping to
zero from 1 January 2021. The Board also agreed to a tiered
structure of fees and incentives for the Manager if realised values
exceed pre-set thresholds and are concluded within specified
timeframes.
However, in 2020, COVID-19 travel restrictions severely
curtailed the Manager's efforts to divest the portfolio properties.
At the Company's Annual General Meeting in November, shareholders
agreed in the circumstances to a further extension of the Company's
life until 31 December 2021.
In addition, the Board adjusted the fees payable to the Manager
to enable the Manager to continue its work in 2021 while ensuring
that the divestment of the portfolio remains the primary focus. For
the calendar year 2021, the management fee is fixed at the reduced
rate of US$100,000 per month, totalling US$1,200,000. The 2020
realisation fee arrangements are extended into 2021, and the
overall fees payable will not exceed the threshold limits agreed in
2019. There will be no fees rolled forward to 2022 under this
arrangement, keeping the Manager focused on realising all assets in
2021. Overall the total realisation fees payable will not exceed
the cap agreed in 2019.
The Company thanks all shareholders for their continued support
in this regard.
PORTFOLIO UPDATES
PORTFOLIO OVERVIEW AS AT 31 DECEMBER 2020
SECTOR NO. OF UNITS COSTS MARKET CHANGES IN COMPOSITION
(US$ million) VALUATION MARKET VALUE (Based on
(US$ million) market value)
Since 30 June
2020
---------------- ------------ -------------- --------------- ------------- --------------
The Waterside
Tower Six of One
Central Luxury
Residences* residential 59 101.4 200.0 0.0% 74.8%
----------------- ------------ -------------- --------------- ------------- --------------
The Low-density
Fountainside** residential 7 6.9 22.9 +0.1% 8.5%
----------------- ------------ -------------- --------------- ------------- --------------
Luxury
Penha Heights residential 1 28.7 44.6 0.0% 16.7%
----------------- ------------ -------------- --------------- ------------- --------------
Total 137.0 267.5 0.0% 100%
----------------- ------------ -------------- --------------- ------------- --------------
* One Central is a trademark registered in Macau SAR under the
name of Basecity Investments Limited. Sniper Capital Limited, Macau
Property Opportunities Fund Limited, MPOF Macau (Site 5) Limited,
Bela Vista Property Services Limited and The Waterside are not
associated with Basecity Investments Limited, Shun Tak Holdings
Limited or Hongkong Land Holdings Limited.
** Calculation is based on adjusted figures made to 30 June 2020
to reflect like-for-like comparisons to 31 December 2020 due to
property sales during the period.
The Waterside
The Waterside is MPO's landmark development in downtown Macau,
comprising 59 luxury residential apartments for lease.
Macau's COVID-19 prevention and control measures severely
impacted the city's economy in H1, leading to a subdued leasing
environment at The Waterside. After visa and travel restrictions
between mainland China and Macau were relaxed, potential tenants
began making enquiries, but they remained significantly more
cautious about committing to long-term leases than before COVID. As
of the end of the year, 31% of The Waterside's apartments were
occupied and the average rent stood at US$2.47 per square foot per
month. The Manager will continue to offer flexible terms to
stabilise and improve the occupancy rate. On the asset management
front, we have utilised the relatively quiet period to conduct
further maintenance and enhancement works at the property,
upgrading furniture and installing more energy-efficient electrical
appliances.
The divestment of The Waterside will be a key focus for the
Manager, and discussions with a number of interested parties for an
en-bloc sale are ongoing. The property remains a prime asset for
investors seeking exposure to Macau and the next phase of growth in
the Greater Bay Area.
Strata Unit at One Central Residences
At One Central Residences, the final remaining unit has been
sold for approximately HK$25 million (US$3.2 million), a 4% premium
to its latest valuation. The transaction was completed in November.
Most of the sale proceeds were used to pay down The Waterside's
bank loan.
A loan facility of HK$540 million (US$69.7 million) was arranged
in September 2020 to refinance repayments of previous loan tranches
on improved terms. Subsequent to the period end, in February 2021,
a further tranche of the facility was successfully arranged to
refinance the repayment obligations of the original tranche, which
will become due for settlement up to and including March 2022 for a
total sum of HK$250 million (US$32.2 million). These refinancing
initiatives significantly improve the Company's liquidity, which is
particularly critical during the current period of market
uncertainty, to help secure optimal value for Shareholders.
The Fountainside
The Fountainside is a low-density, freehold residential
development comprising 42 homes and 30 car-parking spaces in
Macau's popular Penha Hill district.
Despite the dampening effects of the pandemic, the Manager
secured sales of three residential units for a combined total of
HK$36 million (US$4.7 million). The sales were transacted at prices
representing a 2% premium to the properties' respective latest
valuations. Among the three sales, two were completed in October
and one is expected to be complete by end of February. This leaves
only one standard unit for sale.
The Manager continues to pursue creative strategies to drive
sales of the four villas, and has engaged selected agents to
position the remaining units as investment properties. As
purchasers currently prefer smaller, more affordable properties,
the Manager is pursuing a plan to reconfigure the two large
duplexes into smaller apartments. A submission has been made to the
authorities for approval to carry out this work, and we expect the
reconfiguration to complete by the end of this year. The Manager is
currently working on a variety of divestment options.
Penha Heights (Estrada da Penha)
Estrada da Penha is a prestigious, colonial-style villa with a
gross floor area of approximately 12,000 sq ft perched above the
exclusive residential enclave of Penha Hill and surrounded by lush
greenery.
The Manager has completed further essential maintenance and
carefully considered enhancement works at the property, taking
advantage of the lull ushered in by COVID to position the property
for a renewed sales process.
Since travel restrictions for visitors from mainland China to
Macau were eased in H2 2020, sales and marketing efforts have been
stepped up to tap the pool of potential buyers. Estrada da Penha
has been name branded as Penha Heights, reflecting the prestigious
positioning of the property. The Manager has also engaged selected
property agents specialising in the luxury segment to explore
potential divestment opportunities.
MACROECONOMIC OUTLOOK
COVID-19 situation remains under control
In contrast with the COVID challenges faced globally, the
pandemic remains well under control in Macau. The total number of
confirmed cases stands at 48 with no related deaths. The
containment of the disease is encouraging, especially given the
government's announcement that Macau has procured 1.5 million doses
of COVID vaccines, sufficient for the entire population. The
territory's vaccination programme commenced in February 2021.
Although Macau and mainland China have been vigilant about
managing COVID-19 outbreaks, public health officials continue to
walk a tightrope until herd immunity is achieved through widespread
vaccination. The fragility of the situation has been borne out by
winter surges affecting almost every Asian country.
Neighbouring Hong Kong, in sharp contrast to Macau, is suffering
a fourth COVID wave which started in November. Despite the easing
of quarantine measures for Hong Kong residents returning from Macau
and Guangdong from late November onwards, a proposed travel bubble
involving mainland China, Macau and Hong Kong has been postponed,
due primarily to the pre-requisite that Hong Kong brings the
pandemic under control before it can be launched.
Economy began a nascent recovery
Macau's economy was severely disrupted by efforts to curb the
spread of COVID-19. In particular, border control measures meant
that Macau's twin economic engines - tourism and gaming -almost
ground to a halt, particularly in Q2 2020, causing gross domestic
product to plummet 68% year on year (YoY).
Macau's government has been commended for its swift action in
mobilising its reserves to soften the impact of the pandemic on the
economy. A package of economic relief measures was rolled out
rapidly to boost local spending and reduce the financial burden on
local businesses, particularly SMEs, including consumption
subsidies, rent waivers, job-training opportunities, tax
deductions, interest-free loans and other incentives. Public
infrastructure investments, including the Light Rail Transit link
between Cotai and Hengqin Island, were also announced.
One of the relief measures was an innovative consumer subsidy
plan that provided each Macau resident with US$1,000 worth of
e-vouchers totalling c.US$730 million and aimed at boosting the SME
sector. A further tranche is being considered, depending on
developments related to the pandemic and its continued economic
impact.
After travel restrictions with China were lifted and the
issuance of visas was resumed to allow mainland Chinese visitors to
travel to Macau, the economy began a nascent recovery. In Q3, the
GDP contraction narrowed to 64% YoY. For the first three quarters
of the year, GDP was down 60% YoY. The International Monetary Fund
forecasts that Macau's GDP will have contracted by 52% in 2020 and
that it will return to positive growth of 24% in 2021.
Policy Address to strengthen Macau's foundations
In November, Macau Chief Executive Ho lat Seng delivered his
2021 Policy Address, a strategic plan focused on epidemic control,
revitalising and diversifying the economy, social welfare,
administrative reform and closer integration with mainland China's
development plans.
Among the highlights were plans for economic recovery and
sustainable development. These include investments in public
infrastructure to enhance cross-border connectivity and to improve
local transportation. A host of economic focus areas also featured,
including the development of a financial services industry and the
establishment of a bond market, the promotion of industrialisation
of traditional Chinese medicine, facilitation of the development of
the convention and exhibition industry, and enhanced support for
the SME sector.
On the keenly-anticipated issue of Macau's new gaming
concessions, the policy address delivered very few details. In
2021, the government will focus on preparatory and preliminary work
for the new concessions, with the goal of promoting the stable and
healthy development of the gaming industry. This will entail a
review of existing laws, including a public consultation,
culminating in the submission of a draft bill to the Legislative
Assembly by the end of the year.
Gross gaming revenue recovers
Gross gaming revenue (GGR) for full-year 2020 stood at around
US$7.6 billion, a drop of 79% YoY. By October, with the return of
some Chinese tourists to Macau, the GGR data was more encouraging,
albeit from a low base. GGR for October surged 229% month on month
(MoM) to around US$910 million, and reached US$980 million in
December, the highest since February.
Increased optimism has also been reflected in new hotel openings
previously put on the back burner amid the pandemic. After
witnessing the return of mainland Chinese tourists to Macau, Sands
China opened its new all-suite tower, The Grand Suites at Four
Seasons, in October and launched its first phase of its
British-themed resort, The Londoner Macao, in early February
2021.
Although the forecasts for 2021 are much higher than 2020's
lows, GGR will not recover to 2019 levels as yet. Morgan Stanley
has recently predicted that 2021's GGR will reach around 65% of
2019's total while official Macau government numbers are projecting
44.5% of 2019. VIP gaming which has been outpaced by the growing
mass market segment in recent years will continue to face pressures
in 2021. In particular, China's new law combatting overseas gaming,
which will come into force in March 2021, is likely to affect
Macau's VIP segment.
Despite continued uncertainties over the award of new gaming
concessions, Morgan Stanley predicts that Macau's government is
likely to extend the six existing casino concessions for three
years until 2025.
Tourism began to recover following the relaxation in travel and
visa restrictions for mainland Chinese
Following a dismal period for tourism in the first three
quarters of the year, there were signs of a revival from late
September onwards, when a travel bubble between Macau and mainland
China was launched. The issuance of tourist visas for mainland
Chinese to travel to Macau resumed in tandem with easing travel
restrictions in time for the Golden Week holiday. In October,
November and December, visitor arrivals rose steadily MoM, by 30%,
9% and 4%, respectively. Macau welcomed more than 30,000 visitors
on New Year's Eve, the highest daily number over the past 11
months. In Q4, visitor arrivals increased by 150% QoQ to around 1.9
million, although this represented a decline of 80% YoY. For the
full-year 2020, Macau welcomed a total of around 5.9 million
visitors, down 85% YoY, marking the first year since 2015 in which
tourist numbers have declined.
Mainland China is the main source market of Macau's tourist
arrivals, so the Macau government has set up a pipeline of
promotions to boost visitor arrivals and increase tourist spending.
To heighten awareness that Macau is "open for business", a MOP290
million (US$36 million) campaign ran from September to December
with attractive offers for mainland Chinese visitors involving
accommodation and shopping vouchers. For 2021, the government is
already rolling out further promotions targeting mainland
Chinese.
PROPERTY MARKET OVERVIEW
Following a subdued H1 2020, Macau's residential property market
picked up slightly in H2 as the pandemic remained well under
control in the territory, with the total number of transactions
increasing by 10% over the six-month period to 3,354, though still
a 12% decline YoY. In Q4, developers' new launches in October were
well received by local purchasers, primarily end-users looking to
upgrade from their current homes. For the full year, a total of
6,394 transactions were recorded, down 17% YoY, and the average
transaction price was c.US$1,190 per square foot, down 6% YoY.
Purchases by first-time buyers continued to account for over 80% of
all residential property transactions.
Luxury residential segment remains subdued
In the luxury residential property segment, sentiment is still
muted. Property agents expect investor confidence and appetite for
the luxury segment to recover, with Macau seen as a safe haven that
has COVID-19 under control and a vaccination programme being
successfully rolled out.
Properties in the Company's portfolio fall into the over-MOP8
million (US$1 million) price category, meaning that property
investors face anti-speculation measures such as higher stamp
duties for second and third properties, alongside strict mortgage
policies. Buyers have therefore remained cautious when it comes to
making high-value investments. Recent trends in Macau show that
residential homes priced below MOP8 million (US$1 million) remain
the most sought-after properties.
Looking ahead
Although Macau has delivered a measure of cautious optimism
about an economic recovery in 2021, the territory's growth
trajectory hangs in the balance and depends on a stable COVID
situation both internally and in mainland China. Despite vigilance
among the authorities, any resurgence of the virus could dampen
tourism and gaming, impacting Macau's recovery.
With restrictions gradually being eased, investors may feel that
the worst is over and begin to refocus on potential property
investment. Macau remains well positioned for such interest,
offering a strong value propositions for investors. The
government's goals, as stated in the Chief Executive's Policy
Address, are designed to lay the foundations for more sustainable
growth in the future. Initiatives to diversify the economy to focus
on non-gaming tourism and integrate more closely with the Greater
Bay Area are sound policies that will enable Macau to tap mainland
China's growth.
It is expected that China's economy will be the only major
economy in the world to have grown in 2020, with GDP remarkably
having increased by 2.3% YoY. For 2021, China is expected to
register GDP growth of c.8%, according to forecast by the IMF. The
strengthening of the RMB against the US dollar will also likely
rekindle mainland Chinese investors' appetite for offshore
real-estate purchases, potentially having a positive impact on
Macau's property market and the Company's divestment efforts.
The Company continues to work actively towards timely
divestments of the remaining assets in 2021, although any adverse
developments related to the pandemic may continue to affect our
disposal timeline.
INTERIM FINANCIAL STATEMENTS
Directors' Statement of Responsibilities
The Directors are responsible for preparing this half-yearly
financial report in accordance with applicable law and
regulations.
The Directors confirm that to the best of their knowledge:
-- the interim condensed consolidated financial statements have
been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the European Union; and
-- the Chairman's Message and Manager's Report meet the
requirements of an interim management report, and include a fair
review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the interim
condensed consolidated financial statements; and a description of
the principal risks and uncertainties for the year to date and the
remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
On behalf of the Board
Mark Huntley
Chairman
17 February 2021
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
As at 31 December 2020
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
---- ----------- ----------- -----------
Note US$'000 US$'000 US$'000
---- ----------- ----------- -----------
ASSETS
---- ----------- ----------- -----------
Non-current assets
---- ----------- ----------- -----------
Investment property 3 199,944 212,415 199,988
---- ----------- ----------- -----------
Deposits with lenders 4 6,668 1,885 4,278
---- ----------- ----------- -----------
Trade and other receivables 111 112 111
---- ----------- ----------- -----------
206,723 214,412 204,377
---- ----------- ----------- -----------
Current assets
---- ----------- ----------- -----------
Inventories 5 35,592 41,091 39,631
---- ----------- ----------- -----------
Trade and other receivables 454 326 366
---- ----------- ----------- -----------
Deposits with lenders 4 175 - 175
---- ----------- ----------- -----------
Cash and cash equivalents 8,409 20,364 16,078
---- ----------- ----------- -----------
44,630 61,781 56,250
---- ----------- ----------- -----------
Total assets 251,353 276,193 260,627
---- ----------- ----------- -----------
EQUITY
---- ----------- ----------- -----------
Capital and reserves attributable
to the Company's
equity holders
---- ----------- ----------- -----------
Share capital 12 618 618 618
---- ----------- ----------- -----------
Retained earnings 83,636 99,169 83,916
---- ----------- ----------- -----------
Distributable reserves 15,791 15,791 15,791
---- ----------- ----------- -----------
Foreign currency translation
reserve 222 (351) 251
---- ----------- ----------- -----------
Total equity 100,267 115,227 100,576
---- ----------- ----------- -----------
LIABILITIES
---- ----------- ----------- -----------
Non-current liabilities
---- ----------- ----------- -----------
Deferred taxation provision 11 11,819 13,398 11,837
---- ----------- ----------- -----------
Taxation provision 11 578 419 533
---- ----------- ----------- -----------
Interest-bearing loans 6 97,404 73,875 47,102
---- ----------- ----------- -----------
109,801 87,692 59,472
---- ----------- ----------- -----------
Current liabilities
---- ----------- ----------- -----------
Trade and other payables 1,335 1,458 1,285
---- ----------- ----------- -----------
Interest-bearing loans 6 39,950 71,816 99,294
---- ----------- ----------- -----------
41,285 73,274 100,579
---- ----------- ----------- -----------
Total liabilities 151,086 160,966 160,051
---- ----------- ----------- -----------
Total equity and liabilities 251,353 276,193 260,627
---- ----------- ----------- -----------
Net Asset Value per share
(US$) 8 1.62 1.86 1.63
---- ----------- ----------- -----------
Adjusted Net Asset Value
per share (US$) 8 2.14 2.52 2.21
---- ----------- ----------- -----------
The interim condensed consolidated financial statements were
approved by the Board of Directors and authorised for issue on 17
February 2021.
The notes form part of these interim condensed consolidated
financial statements.
Interim Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
For the six-month period from 1 July 2020 to 31 December
2020
Unaudited Unaudited Audited
6 months 6 months 12 months
---- ----------- ----------- -----------
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
---- ----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
---- ----------- ----------- -----------
Note US$'000 US$'000 US$'000
---- ----------- ----------- -----------
Income
---- ----------- ----------- -----------
Income on sale of inventories 5 8,241 2,180 4,620
---- ----------- ----------- -----------
Rental income 670 1,435 2,606
---- ----------- ----------- -----------
8,911 3,615 7,226
---- ----------- ----------- -----------
Expenses
---- ----------- ----------- -----------
Net loss from fair value
adjustment on investment
property 3 122 14,410 27,924
---- ----------- ----------- -----------
Cost of sales of inventories 5 4,160 755 2,692
---- ----------- ----------- -----------
Management fee 10 736 1,863 2,668
---- ----------- ----------- -----------
Realisation fee 10 217 - -
---- ----------- ----------- -----------
Non-executive directors'
fees 10 94 89 177
---- ----------- ----------- -----------
Auditors' remuneration: audit
fees 58 26 100
---- ----------- ----------- -----------
Auditors' remuneration: non-audit
fees - - 8
---- ----------- ----------- -----------
Property operating expenses 766 544 1,388
---- ----------- ----------- -----------
Sales and marketing expenses 607 389 517
---- ----------- ----------- -----------
General and administration
expenses 296 386 681
---- ----------- ----------- -----------
(Gain)/Loss on foreign currency
translation (8) 68 159
---- ----------- ----------- -----------
(7,048) (18,530) (36,314)
---- ----------- ----------- -----------
Operating profit/(loss) for
the period/year 1,863 (14,915) (29,088)
---- ----------- ----------- -----------
Finance income and expenses
---- ----------- ----------- -----------
Bank loan interest 6 (1,737) (3,100) (5,690)
---- ----------- ----------- -----------
Other financing costs (169) (162) (328)
---- ----------- ----------- -----------
Bank and other interest - 24 26
---- ----------- ----------- -----------
(1,906) (3,238) (5,992)
---- ----------- ----------- -----------
Loss for the period/year
before tax (43) (18,153) (35,080)
---- ----------- ----------- -----------
Taxation 11 (237) 1,884 3,558
---- ----------- ----------- -----------
Loss for the period/year
after tax (280) (16,269) (31,522)
---- ----------- ----------- -----------
Items that may be reclassified
subsequently to profit or
loss
---- ----------- ----------- -----------
Exchange difference on translating
foreign operations (29) 437 1,039
---- ----------- ----------- -----------
Total comprehensive loss
for the period/year (309) (15,832) (30,483)
---- ----------- ----------- -----------
Loss attributable to:
---- ----------- ----------- -----------
Equity holders of the Company (280) (16,269) (31,522)
---- ----------- ----------- -----------
Total comprehensive loss
attributable to:
---- ----------- ----------- -----------
Equity holders of the Company (309) (15,832) (30,483)
---- ----------- ----------- -----------
Unaudited Unaudited Audited
6 months 6 months 12 months
----------- ----------- -----------
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$ US$ US$
----------- ----------- -----------
Basic and diluted loss per
Ordinary Share attributable
to the equity holders of
the Company during the period/year 7(0.0045) (0.2631) (0.5098)
----------- ----------- -----------
All items in the above statement are derived from continuing
operations.
The notes form part of these interim condensed consolidated
financial statements.
Interim Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Movement for the six-month period from 1 July 2020 to 31
December 2020 (unaudited)
Share Retained Distributable Foreign currency Total
capital earnings reserves translation
reserve
US$'000 US$'000 US$'000 US$'000 US$'000
-------- --------- ------------- ---------------- -------
Balance brought
forward at
1 July 2020 618 83,916 15,791 251 100,576
-------- --------- ------------- ---------------- -------
Loss for the
period - (280) - - (280)
-------- --------- ------------- ---------------- -------
Items that
may be reclassified
subsequently
to profit or
loss
-------- --------- ------------- ---------------- -------
Exchange difference
on translating
foreign operations - - - (29) (29)
-------- --------- ------------- ---------------- -------
Total comprehensive
loss for the
period - (280) - (29) (309)
-------- --------- ------------- ---------------- -------
Balance carried
forward at
31 December
2020 618 83,636 15,791 222 100,267
-------- --------- ------------- ---------------- -------
Movement for the six-month period from 1 July 2019 to 31
December 2019 (unaudited)
Share Retained Distributable Foreign currency Total
capital earnings reserves translation
reserve
US$'000 US$'000 US$'000 US$'000 US$'000
-------- --------- ------------- ---------------- --------
Balance brought
forward at
1 July 2019 618 115,438 15,791 (788) 131,059
-------- --------- ------------- ---------------- --------
Loss for the
period - (16,269) - - (16,269)
-------- --------- ------------- ---------------- --------
Items that
may be reclassified
subsequently
to profit or
loss
-------- --------- ------------- ---------------- --------
Exchange difference
on translating
foreign operations - - - 437 437
-------- --------- ------------- ---------------- --------
Total comprehensive
loss for the
period - (16,269) - 437 (15,832)
-------- --------- ------------- ---------------- --------
Balance carried
forward at
31 December
2019 618 99,169 15,791 (351) 115,227
-------- --------- ------------- ---------------- --------
Movement for the year from 1 July 2019 to 30 June 2020
(audited)
Share Retained Distributable Foreign currency Total
capital earnings reserves translation
reserve
US$'000 US$'000 US$'000 US$'000 US$'000
-------- --------- ------------- ---------------- --------
Balance brought
forward at
1 July 2019 618 115,438 15,791 (788) 131,059
-------- --------- ------------- ---------------- --------
Loss for the
year - (31,522) - - (31,522)
-------- --------- ------------- ---------------- --------
Items that
may be reclassified
subsequently
to profit or
loss
-------- --------- ------------- ---------------- --------
Exchange difference
on translating
foreign operations - - - 1,039 1,039
-------- --------- ------------- ---------------- --------
Total comprehensive
loss for the
year - (31,522) - 1,039 (30,483)
-------- --------- ------------- ---------------- --------
Balance carried
forward at
30 June 2020 618 83,916 15,791 251 100,576
-------- --------- ------------- ---------------- --------
The notes form part of these interim condensed consolidated
financial statements.
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
For the six-month period from 1 July 2020 to 31 December
2020
Unaudited Unaudited Audited
6 months 6 months 12 months
---- ----------- ----------- -----------
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
---- ----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
---- ----------- ----------- -----------
Note US$'000 US$'000 US$'000
---- ----------- ----------- -----------
Net cash generated from/(used
in) operating activities 9 5,804 (327) 768
---- ----------- ----------- -----------
Cash flows from investing
activities
---- ----------- ----------- -----------
Capital expenditure on investment
property 3 (122) (228) (340)
---- ----------- ----------- -----------
Movement in pledged bank
balances 4 (2,390) (42) (2,610)
---- ----------- ----------- -----------
Net cash used in investing
activities (2,512) (270) (2,950)
---- ----------- ----------- -----------
Cash flows from financing
activities
---- ----------- ----------- -----------
Proceeds from bank borrowings 69,658 - 11,478
---- ----------- ----------- -----------
Repayment of bank borrowings (78,045) (2,191) (13,679)
---- ----------- ----------- -----------
Interest and bank charges
paid (2,570) (3,900) (6,686)
---- ----------- ----------- -----------
Net cash used in financing
activities (10,957) (6,091) (8,887)
---- ----------- ----------- -----------
Net movement in cash and
cash equivalents (7,665) (6,688) (11,069)
---- ----------- ----------- -----------
Cash and cash equivalents
at beginning of period/year 16,078 26,980 26,980
---- ----------- ----------- -----------
Effect of foreign exchange
rate changes (4) 72 167
---- ----------- ----------- -----------
Cash and cash equivalents
at end of period/year 8,409 20,364 16,078
---- ----------- ----------- -----------
The notes form part of these interim condensed consolidated
financial statements.
Notes to the Interim Condensed Consolidated Financial Statements
(Unaudited)
For the six-month period from 1 July 2020 to 31 December
2020
General information
Macau Property Opportunities Fund Limited (the "Company") is a
Company incorporated and registered in Guernsey under The Companies
(Guernsey) Law, 1994. This law was replaced by the Companies
(Guernsey) Law, 2008 on 1 July 2008. The Company is an authorised
entity under the Authorised Closed-Ended Investment Schemes Rules
2008 and is regulated by the Guernsey Financial Services
Commission. The address of the registered office is given
below.
The interim condensed consolidated financial statements for the
six months ended 31 December 2020 comprise the interim financial
statements of the Company and its subsidiaries (together referred
to as the "Group"). The Group invests in residential property in
Macau.
There have been no changes to the Group's principal risks and
uncertainties in the six-month period to 31 December 2020 and the
Board of Directors does not anticipate any changes to the principal
risks and uncertainties in the second half of the year. Principal
risks and uncertainties are further discussed in the Manager's
Report in the Group's Annual Report to 30 June 2020.
The interim condensed consolidated financial statements are
presented in US Dollars ("US$") and are rounded to the nearest
thousand ($'000).
These interim condensed consolidated financial statements have
been approved for issue by the Board of Directors on 17 February
2021.
1 Significant accounting policies
Basis of accounting
The annual consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards
("IFRS"), as adopted by the United Kingdom; applicable legal and
regulatory requirements of Guernsey Law and under the historical
cost basis, except for financial assets and liabilities held at
fair value through profit or loss ("FVPL") and investment
properties that have been measured at fair value. The accounting
policies and valuation principles adopted are consistent with those
of the previous financial year.
The interim condensed consolidated financial statements have
been prepared in accordance with International Accounting Standard
("IAS") 34, Interim Financial Reporting. The same accounting
policies and methods of computation are followed in the interim
financial statements as compared with the annual financial
statements. The interim condensed consolidated financial statements
do not include all information and disclosures required in the
annual financial statements and should be read in conjunction with
the Group's annual financial statements as of 30 June 2020.
New and amended standards and interpretations applied
The following amendments to existing standards and
interpretations are effective for the year ended 30 June 2021 and
therefore were applied in the current period but did not have a
material impact on the Group:
-- Amendments to IFRS 3 Business Combinations - Definition of a
Business
-- Amendments to IAS 1 and IAS 8 - Definition of Material
-- Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39
and IFRS 7
Going concern
The Group continues to meet its capital requirements and
day-to-day liquidity needs through the Group's cash resources. As
part of their assessment of the going concern of the Group as at 31
December 2020, the Directors have reviewed the comprehensive cash
flow forecasts prepared by management which make assumptions based
upon current and expected future market conditions, including
predicted future sales of properties taking into consideration
current market circumstances. It is the Directors' belief that,
based upon these forecasts and their assessment of the Group's
committed banking facilities, it is appropriate to prepare the
financial statements of the Group on a going concern basis.
The Directors, after the continuation resolution was passed at
the Annual General Meeting of the Company on 30 November 2020
extending the Fund's life until 30 November 2021, assessed whether
the continuation vote before the end of 2021 gives rise to a
material uncertainty that might cast significant doubt on the
Fund's ability to continue as a going concern. The Directors have
also considered the going concern assumption outside the primary
going concern horizon. The Directors currently expect to receive
continuation support from major shareholders and over 50% of
shareholder support is required in November 2021 to ensure
continuation; it is likely that returns from the sale of properties
could well be significantly lower if the Fund was forced to sell as
a result of discontinuation and it is therefore commercially
rational for the Fund to continue in business. Therefore, the
Directors believe it is appropriate to prepare the financial
statements of the Group on the going concern basis based upon
existing cash resources, the forecasts described above, the
extension of the life of the Company until November 2021 agreed at
the Annual General Meeting on 30 November 2020 and the Directors'
assessment of the Group's committed banking facilities and expected
continuing compliance with related covenants.
The continuing impact of the COVID-19 pandemic has had a slight
downward effect on the valuation of the Group's investment
portfolio but has not prevented a number of sale transactions in
the current period and has not had a significant impact on the loan
covenants held by the Group. The overall uncertainty brought about
by COVID-19 and its impact on the Group is continuing to be closely
monitored by the Board.
Seasonal and cyclical variations
The Group does not operate in an industry where significant or
cyclical variations as a result of seasonal activity are
experienced during the financial year.
2. Segment reporting
The Chief Operating Decision Maker (the "CODM") in relation to
Macau Property Opportunities Fund Limited is deemed to be the Board
itself. The factors used to identify the Group's reportable
segments are centred on asset class, differences in geographical
area and differences in regulatory environment. Furthermore,
foreign exchange and political risk are identified, as these also
determine where resources are allocated.
Based on the above and a review of information provided to the
Board, it has been concluded that the Group is currently organised
into one reportable segment based on the single geographical
sector, Macau. This segment refers to residential properties.
3. Investment property
Unaudited Unaudited Audited
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
At beginning of the period/year 199,988 225,885 225,885
----------- ----------- -----------
Capital expenditure on
property 122 228 340
----------- ----------- -----------
Fair value adjustment (122) (14,410) (27,924)
----------- ----------- -----------
Exchange difference (44) 712 1,687
----------- ----------- -----------
Balance at end of the
period/year 199,944 212,415 199,988
----------- ----------- -----------
Valuation gains and losses from investment property are
recognised in profit and loss for the period and are attributable
to changes in unrealised gains or losses relating to investment
property held at the end of the reporting period.
The valuation process is initiated by the Investment Adviser
with the Board consent and approval, who appoints a suitably
qualified valuer to conduct the valuation of the investment
property. The results are overseen by the Investment Adviser. Once
satisfied with the valuations based on their expectations, the
Investment Adviser reports the results to the Board. The Board
periodically meets with the valuer and reviews the latest
valuations based on their knowledge of the property market and
compare these to previous valuations.
The Group's investment properties were revalued at 31 December
2020 by independent, professionally-qualified valuers: Savills
(Macau) Limited ("Savills"). The valuation has been carried out in
accordance with the current Royal Institution of Chartered
Surveyors (RICS) Appraisal and Valuation Standards to calculate the
market value of the investment properties in their existing state
and physical condition, with the assumptions that:
-- The owner sells the property in the open market without any
arrangement, which could serve to affect the value of the
property.
-- The property is held for investment purposes.
-- The property is free from encumbrances, restrictions and
outgoings of any onerous nature which could affect its value.
The fair value of investment property is independently
determined by Savills, using recognised valuation techniques. The
technique deployed was the income capitalisation method. The
determination of the fair value of investment property requires the
use of estimates such as future cash flows from assets (such as
lettings, tenants' profiles, future revenue streams, capital values
of fixtures and fittings, plant and machinery, any environmental
matters and the overall repair and condition of the property) and
discount rates applicable to those assets. These estimates are
based on local market conditions existing at the reporting
date.
See Note 11 in relation to deferred tax liabilities on
investment property.
Capital expenditure in the period relates to The Waterside.
Rental income arising from The Waterside of US$670,000 (6 months
ended 31 December 2019: US$1,435,000, 12 months ended 30 June 2020:
US$2,606,000) was received during the period. Direct operating
expenses of US$481,000 (6 months ended 31 December 2019:
US$459,000, 12 months ended 30 June 2020: US$956,000) arising from
The Waterside that generated rental income were incurred during the
six-month period. Direct operating expenses during the period
arising from vacant units totalled US$197,000 (6 months ended 31
December 2019: US$115,000, 12 months ended 30 June 2020:
US$255,000).
The table below shows the assumptions used in valuing the
investment properties which are classified as Level 3 in the fair
value hierarchy:
Carrying Unobservable
amount/fair and observable
value as inputs used
Property at 31 December Valuation in determination Other key
information 2020: US$'000 technique Input of fair values information
Name The Waterside 199,944 Term and Term rent HK$18.8 psf Age of building
Reversion (inclusive (30 June
Analysis of management 2020:
fee and furniture) HK$19.2 psf)
--------------------- --------------- ---------- -------------------- ----------------- ---------------
Type Residential/Completed Term yield 1.4% - 2.2% Remaining
apartments useful life
of building
(exclusive (30 June
of management 2020:
fee and furniture)
1.4% - 2.2%)
--------------------- --------------- ---------- -------------------- ----------------- ---------------
Location One Central Reversionary HK$15.6 psf
Tower 6 rent (30 June
Macau (exclusive 2020: HK$15.6
of management psf)
fee and furniture)
--------------------- --------------- ---------- -------------------- ----------------- ---------------
Reversionary 1.7%
yield
(30 June
2020: 1.7%)
--------------------- --------------- ---------- -------------------- ----------------- ---------------
The fair value of The Waterside is determined using the income
approach, more specifically a term and reversion analysis, where a
property's fair value is estimated based on the rent receivable and
normalised net operating income generated by the property, which is
divided by the capitalisation (discount) rate. The difference
between gross and net rental income includes the same expense
categories as those for the discounted cash flow method with the
exception that certain expenses are not measured over time, but
included on the basis of a time weighted average, such as the
average lease up costs. Under the income capitalisation method,
over and under-rent situations are separately capitalised
(discounted).
If the estimated reversionary rent increased/decreased by 5%,
(and all other assumptions remained the same), the fair value of
The Waterside would increase by US$10 million (6 months ended 31
December 2019: US$11 million, 12 months ended 30 June 2020: US$10
million) or decrease by US$10 million (6 months ended 31 December
2019: US$11 million, 12 months ended 30 June 2020: US$10
million).
If the term and reversionary yields or discount rates
increased/decreased by 5%, (and all other assumptions remained the
same), the fair value of The Waterside would decrease by US$10
million (6 months ended 31 December 2019: US$10 million, 12 months
ended 30 June 2020: US$10 million) or increase by US$11 million (6
months ended 31 December 2019: US$11 million, 12 months ended 30
June 2020: US$10 million).
The same valuation method was deployed in June 2020 and December
2020.
The Waterside is currently valued at its highest and best use.
There is no extra evidence available to suggest that it has an
alternative use that would provide a greater fair value
measurement.
There have been no transfers between levels during the period or
any change in valuation technique since the last period.
4. Deposits with lenders
Pledged bank balances represent deposits pledged to the banks to
secure the banking facilities granted to the Group. Deposits
amounting to US$6.7 million (31 December 2019: US$1.9 million, 30
June 2020: US$4.3 million) have been pledged to secure long-term
banking facilities and are, therefore, classified as non-current
assets. There are no other significant terms and conditions
associated with these pledged bank balances.
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Non-current 6,668 1,885 4,278
----------- ----------- -----------
Current 175 - 175
----------- ----------- -----------
6,843 1,885 4,453
----------- ----------- -----------
5. Inventories
Unaudited Unaudited Audited
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Cost
----------- ----------- -----------
Balance brought forward 39,631 41,453 41,453
----------- ----------- -----------
Additions 128 254 546
----------- ----------- -----------
Disposals (4,159) (759) (2,707)
----------- ----------- -----------
Exchange difference (8) 143 339
----------- ----------- -----------
Balance carried forward 35,592 41,091 39,631
----------- ----------- -----------
Additions include capital expenditure, development costs and
capitalisation of financing costs.
Under IFRS, inventories are valued at the lower of cost and net
realisable value. The carrying amounts for inventories as at 31
December 2020 amounts to US$35,592,000 (6 months ended 31 December
2019: US$41,091,000, 12 months ended 30 June 2020: US$39,631,000).
Net realisable value as at 31 December 2020 as determined by
independent, professionally-qualified valuer, Savills, was
US$66,848,000 (6 months ended 31 December 2019: US$81,006,000, 12
months ended 30 June 2020: US$74,829,000).
During the period ended 31 December 2020, three residential
units and one car parking space of The Fountainside and one
individual unit of One Central Residences were sold for a total
consideration of US$8.2 million (HK$63.9 million) against a total
cost of US$4.1 million (HK$32.3 million) which resulted in a net
profit of US$4.1 million (HK$31.6 million) after all associated
fees and transaction costs.
During the year ended 30 June 2020, one residential unit, two
car parking spaces and five motorcycle spaces of The Fountainside,
and one individual unit of One Central Residences were sold for a
total consideration of US$4.6 million (HK$36.0 million) against a
total cost of US$2.7 million (HK$21.0 million) which resulted in a
net profit of US$1.9 million (HK$15.0 million) after all associated
fees and transaction costs.
During the period ended 31 December 2019, one residential unit,
two car parking spaces and five motorcycle spaces of The
Fountainside were sold for a total consideration of US$2.2 million
(HK$17.1 million) against a total cost of US$0.8 million (HK$5.9
million) which resulted in a net proceed of US$1.4 million (HK$11.2
million).
6. Interest-bearing loans
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Bank loans - Secured
----------- ----------- -----------
- Current portion 39,950 71,816 99,294
----------- ----------- -----------
- Non-current portion 97,404 73,875 47,102
----------- ----------- -----------
137,354 145,691 146,396
----------- ----------- -----------
There are interest-bearing loans with three banks:
Hang Seng Bank
The Group has a term loan facility with Hang Seng Bank for The
Waterside.
In September 2020, the Group executed a HK$540 million (US$69.7
million) five-year term loan facility (Tranche 7) to refinance
previous tranches which were due for settlement in September
2020.
As at 31 December 2020, two tranches remained outstanding.
Tranche 3 had an outstanding balance of HK$nil (US$nil) (31
December 2019: HK$300 million (US$38.4 million), 30 June 2020:
HK$300 million (US$38.7 million)); Tranche 4 had an outstanding
balance of HK$nil (US$nil) (31 December 2019: HK$40 million (US$5.1
million), 30 June 2020: HK$40 million (US$5.2 million)); Tranche 5
had an outstanding balance of HK$nil (US$nil) (31 December 2019:
HK$132 million (US$17.0 million), 30 June 2020: HK$132 million
(US$17.1 million)); Tranche 6 had an outstanding balance of HK$358
million (US$46.2 million) (31 December 2019: HK$428 million
(US$55.0 million), 30 June 2020: HK$428 million (US$55.2 million));
and Tranche 7 had an outstanding balance of HK$515 million (US$66.5
million) (31 December 2019: HK$nil (US$nil), 30 June 2020: HK$nil
(US$nil)).
The interest rates applicable to Tranche 3, Tranche 4, Tranche 5
and Tranche 6 of the term loan are 1.9% per annum over the 1-, 2-or
3-month HIBOR rate. The interest rates applicable to Tranche 7 is
1.8% per annum over the 1-, 2-or 3-month HIBOR rate. The choice of
rate is at the Group's discretion. Tranche 3, Tranche 4 and Tranche
5 have been fully repaid in September 2020. Tranche 6 matures on 19
September 2022 and the principal is to be repaid in half-yearly
instalments commencing from September 2020 with 30% of the
principal due upon maturity. Tranche 7 matures in September 2025
and the principal is to be repaid in nine instalments commencing
from December 2020 with 60% of the principal due upon maturity. The
loan-to-value covenant is 60%. As at 31 December 2020, the
loan-to-value ratio for the Hang Seng One Central facility was
56.34%. The facility is secured by means of a first registered
legal mortgage over The Waterside as well as a pledge of all income
from the units. The Company is the guarantor for the credit
facility. In addition, the Group is required to maintain a cash
reserve equal to six months' interest with the lender.
The Group has a loan facility for The Fountainside.
The Group has executed a loan facility with Hang Seng Bank to
refinance the credit facility with the Industrial and Commercial
Bank of China (Macau) Limited in relation to The Fountainside. The
Facility amount is HK$96 million (US$12.4 million) divided into 3
tranches, with a tenor of 4 years to mature in March 2024. Tranche
A is a facility for an amount of HK$89 million (US$11.5 million)
for refinancing the loan facility with ICBC, which expired in March
2020. Tranche B is a facility for an amount of HK$7 million (US$0.9
million) for financing the alteration costs of The Fountainside.
The facility of Tranche A was fully drawdown in March 2020 to repay
the ICBC facility. The interest rates applicable to Tranche A and
Tranche B are 2.8% per annum and 3.3% per annum respectively over
the 1-, 2-or 3-month HIBOR rate. The choice of rate is at the
Group's discretion. The principal is to be repaid in half-yearly
instalments commencing in September 2021 with 47% of the principal
due upon maturity. The loan-to-value covenant is 55%. The facility
is secured by means of a first registered legal mortgage over all
unsold units and car parking spaces of The Fountainside as at the
loan facility date as well as a pledge of all income from the units
and the car parking spaces. The Company is the guarantor for the
credit facility. In addition, the Group is required to maintain a
cash reserve equal to six months' interest with the lender.
As at 31 December 2020, the facility had an outstanding balance
of HK$50.9 million (US$6.6 million) (31 December 2019: HK$89.0
million (US$11.4 million), 30 June 2020: HK$89.0 million (US$11.5
million)). As at 31 December 2020, the loan-to-value ratio for this
facility was 28.68%.
The Group has two loan facilities for Estrada da Penha:
Banco Tai Fung
The loan facility with Banco Tai Fung originally had a term of
two years and the facility amount was HK$70 million which expired
in June 2019 and was subsequently renewed for another term of two
years. Interest was charged at 2.3% per annum over the 3-month
HIBOR rate and was revised to Prime Rate minus 1.375% per annum in
June 2019. Repayment is due in full at maturity in June 2021. As at
31 December 2020, the facility had an outstanding balance of HK$70
million (US$9.0 million) (31 December 2019: HK$70 million (US$9.0
million), 30 June 2020: HK$70 million (US$9.0 million)). This
facility is secured by a first legal mortgage over the property as
well as a pledge of all income from the property. The Company is
the guarantor for this term loan. Interest is paid monthly on this
loan facility. As at 31 December 2020, the loan-to-value ratio for
this facility was 44.30%. There is no loan-to-value covenant for
this loan.
ICBC Macau
The loan facility with Industrial and Commercial Bank of China
(Macau) Limited originally had a term of two years. Interest was
2.3% per annum over the 3-month HIBOR rate and repayment was due in
full at maturity in December 2019. It was subsequently renewed for
another term until June 2021 at the same interest rate. As at 31
December 2020, the facility had an outstanding balance of HK$79
million (US$10.2 million) (31 December 2019: HK$79 million (US$10.1
million), 30 June 2020: HK$79 million (US$10.2 million)). This
facility is secured by a first legal mortgage over the property as
well as a pledge of all income from the property. The Company is
the guarantor for this term loan. In addition, the Group is
required to maintain a cash reserve equal to six months' interest
with the lender. Interest is paid monthly on this loan facility.
The loan-to-value covenant is 60%. As at 31 December 2020, the
loan-to-value ratio for this facility was 42.02%.
Bank Loan Interest
Bank loan interest paid during the period was US$1,737,000 (6
months ended 31 December 2019: US$3,100,000, 12 months ended 30
June 2020: US$5,690,000). As at 31 December 2020, the carrying
amount of interest-bearing loans included unamortised prepaid loan
arrangement fee of US$1,084,000 (31 December 2019: US$484,000, 30
June 2020: US$461,000).
Fair Value
The fair value of fixed rate financial assets and liabilities
carried at amortised cost are estimated by comparing market
interest rates when they were first recognised with current market
rates for similar financial instruments.
The estimated fair value of fixed interest bearing loans is
based on discounted cash flows using prevailing market interest
rates for debts with similar credit risk and maturity. As at 31
December 2020, the fair value of the financial liabilities was
US$184,000 lower than the carrying value of the financial
liabilities (31 December 2019: US$401,000 higher than the carrying
value of the financial liabilities, 30 June 2020: US$332,000 higher
than the carrying value of the financial liabilities).
The Group's interest-bearing loans have been classified within
Level 2 as they have observable inputs from similar loans. There
have been no transfers between levels during the period or a change
in valuation technique since last period.
7. Basic and diluted loss per Ordinary Share
Basic and diluted loss per equivalent Ordinary Share is based on
the following data:
Unaudited Unaudited Audited
6 months 6 months 12 months
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
Loss for the period/year
(US$'000) (280) (16,269) (31,522)
----------- ----------- -----------
Weighted average number
of Ordinary Shares ('000) 61,836 61,836 61,836
----------- ----------- -----------
Basic and diluted loss
per share (US$) (0.0045) (0.2631) (0.5098)
----------- ----------- -----------
8. Net asset value reconciliation
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Net assets attributable
to ordinary shareholders 100,267 115,227 100,576
----------- ----------- -----------
Uplift of inventories
held at cost to market
value 31,931 40,733 35,954
----------- ----------- -----------
Adjusted Net Asset Value 132,198 155,960 136,530
----------- ----------- -----------
Number of Ordinary Shares
Outstanding ('000) 61,836 61,836 61,836
----------- ----------- -----------
NAV per share (IFRS) (US$) 1.62 1.86 1.63
----------- ----------- -----------
Adjusted NAV per share
(US$) 2.14 2.52 2.21
----------- ----------- -----------
Adjusted NAV per share
(GBP)* 1.57 1.92 1.79
----------- ----------- -----------
* US$:GBP rates as at relevant period end
The NAV per share is arrived at by dividing the net assets as at
the date of the consolidated statement of financial position, by
the number of Ordinary Shares in issue at that date.
Under IFRS, inventories are carried at the lower of cost and net
realisable value. The Adjusted NAV includes the uplift of
inventories to their market values before any tax consequences or
adjustments.
The Adjusted NAV per share is derived by dividing the Adjusted
Net Asset Value as at the date of the consolidated statement of
financial position, by the number of Ordinary Shares in issue at
that date.
There are no potentially dilutive instruments in issue.
9. Cash flows from operating activities
Unaudited Unaudited Audited
6 months 6 months 12 months
----------- ----------- -----------
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Cash flows from operating
activities
----------- ----------- -----------
Loss for the period/year
before tax (43) (18,153) (35,080)
----------- ----------- -----------
Adjustments for:
----------- ----------- -----------
Net loss from fair value
adjustment on investment
property 122 14,410 27,924
----------- ----------- -----------
Net finance costs 1,906 3,238 5,992
----------- ----------- -----------
Operating cash flows before
movements in working capital 1,985 (505) (1,164)
----------- ----------- -----------
Effect of foreign exchange
rate changes (8) 68 159
----------- ----------- -----------
Movement in trade and
other receivables (88) (136) (175)
----------- ----------- -----------
Movement in trade and
other payables (95) (236) (190)
----------- ----------- -----------
Movement in inventories 4,031 505 2,161
----------- ----------- -----------
Net change in working
capital 3,848 133 1,796
----------- ----------- -----------
Taxation paid (21) (23) (23)
----------- ----------- -----------
Net cash generated from/(used
in) operating activities 5,804 (327) 768
----------- ----------- -----------
Cash and cash equivalents (which are presented as a single class
of assets on the face of the interim condensed consolidated
statement of financial position) comprise cash at bank and other
short-term, highly-liquid investments with a maturity of three
months or less.
10. Related party transactions
Directors of the Company are all Non-Executive and by way of
remuneration receive only an annual fee.
Unaudited Unaudited Audited
6 months 6 months 12 months
----------- ----------- -----------
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Directors' fees 94 89 177
----------- ----------- -----------
The Directors are considered to be the key management personnel
(as defined under IAS 24) of the Company. Directors' fees
outstanding as at 31 December 2020 were US$41,000 (31 December
2019: US$39,000, 30 June 2020: US$37,000).
Thomas Ashworth retired as a Director at the Annual General
Meeting on 29 November 2019 and is therefore not a related party as
at 31 December 2020. Thomas Ashworth has a beneficial interest in
and is a Director of Sniper Capital Limited, is a shareholder and
Director of Adept Capital Partners Services Limited.
Sniper Capital Limited is the Manager to the Group and received
management fees during the period as detailed in the Interim
Condensed Consolidated Statement of Comprehensive Income.
Management fees are paid quarterly in advance and amounted to
US$736,000 (6 months ended 31 December 2019: US$1,863,000, 12
months ended 30 June 2020: US$2,668,000) at a fee of 1.0% per annum
of the Net Asset Value (2.0% per annum until 31 December 2019), as
adjusted to reflect the Property Investment Valuation Basis. Thomas
Ashworth received no Directors' fees from the Group.
A realisation fee shall be payable on deals originated and
secured by the Manager in 2020 which shall be linked to the sales
price achieved. Where the sale price of the asset is 90 per cent.
or more of the of the value of the relevant asset as at 30
September 2019 (the "Carrying Value") a fee of 2.5 per cent. of net
proceeds (net of debt, costs and taxes) ("Net Proceeds") shall be
payable; where the sale price of an asset is more than 80 per cent.
but less than 90 per cent. of the Carrying Value of the relevant
asset, a realisation fee of 1.5 per cent. of Net Proceeds shall be
payable; and where the sale price of an asset is less than 80 per
cent. of the Carrying Value, no realisation fee shall be payable.
Realisation fees for the period totalled US$217,000 (6 months ended
31 December 2019: US$nil, 12 months ended 30 June 2020: US$nil).
For the calendar year 2021, a realisation fee of 1.5 per cent.
shall be payable on sales of assets above 80 per cent. of the
Carrying Values and a management fee of US$300,000 per quarter
shall be payable.
Additionally, in the event that divestments of all of the assets
are secured by the Manager (either in one transaction or multiple
transactions) prior to 31 December 2020, an extra incentive fee
equal to 1 per cent. of the Net Proceeds of the assets shall be
payable (the "Extra Incentive Fee"), subject to the aggregate sale
price of those assets exceeding 80 per cent. of the Carrying Values
of the relevant assets in aggregate. The time period for securing
the realisation of all assets in order for the Manager to qualify
for the Extra Incentive Fee may be extended for a further six month
period subject to the satisfaction of certain conditions. In no
circumstances will the 2020 Realisation fee and Incentive Fee
exceed in aggregate US$5 million. The 2021 Realisation fee
(together with Incentive Fee (if any) during such period) shall not
exceed in aggregate US$5 million. Incentive fees payable for the
period totalled US$nil (6 months ended 31 December 2019: US$nil, 12
months ended 30 June 2020: US$nil).
No performance fee was accrued at period end (31 December 2019:
US$nil, 30 June 2020: US$nil). No performance fee was paid during
the period (6 months ended 31 December 2019: US$nil, 12 months
ended 30 June 2020: US$nil).
Adept Capital Partners Services Limited provides administrative
services to the Macanese, Hong Kong and British Virgin Islands SPVs
and received fees during the period of US$29,000 of which US$nil
was outstanding at the period end (31 December 2019: US$29,000 of
which US$nil was outstanding, 30 June 2020: US$58,000 of which
US$nil was outstanding).
All intercompany loans and related interest are eliminated on
consolidation.
11. Taxation provision
As at period-end, the following amounts are the outstanding tax
provisions.
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Non-current liabilities
----------- ----------- -----------
Deferred taxation 11,819 13,398 11,837
----------- ----------- -----------
Provisions for Macanese
taxations 578 419 533
----------- ----------- -----------
12,397 13,817 12,370
----------- ----------- -----------
Deferred taxation
The Group has recognised the deferred tax liability for the
taxable temporary difference relating to the investment property
carried at fair value and has been calculated at a rate of 12%.
Provision for Macanese taxations
The Group has made provisions for property tax and complementary
tax arising from its Macau business operations.
Tax Reconciliation
Unaudited Unaudited Audited
1 Jul 2020 1 Jul 2019 1 Jul 2019
- - -
----------- ----------- -----------
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Accounting loss before
tax (43) (18,153) (35,080)
----------- ----------- -----------
Exempt from income tax - - -
in Guernsey
----------- ----------- -----------
Movement in deferred tax
provision 15 1,729 3,351
----------- ----------- -----------
Movement in provision
for Macanese taxations (252) 155 207
----------- ----------- -----------
At the effective income
tax rate of 551.2% (31
Dec 2019: (10.4%), 30
Jun 2020: (10.1%)) (237) 1,884 3,558
----------- ----------- -----------
The differences between the taxation for the period and the
movement in taxation provisions are due to the foreign exchange
movements and Macanese taxation paid during the period. The
effective tax rate of 551.2% has occured due to the
disproportionately large increase in Macanese complimentary tax
relative to the loss before tax for the period.
12. Share capital
Ordinary shares
Unaudited Unaudited Audited
31 Dec 2020 31 Dec 2019 30 Jun 2020
----------- ----------- -----------
US$'000 US$'000 US$'000
----------- ----------- -----------
Authorised:
----------- ----------- -----------
300 million ordinary shares
of US$0.01 each 3,000 3,000 3,000
----------- ----------- -----------
Issued and fully paid:
----------- ----------- -----------
61.8 million (31 December
2019: 61.8 million; 30
June 2020: 61.8 million)
ordinary shares of US$0.01
each 618 618 618
----------- ----------- -----------
The Company has one class of ordinary shares which carries no
rights to fixed income.
The Board has publicly stated its commitment to undertake share
buybacks at attractive levels of discount of the share price to
Adjusted NAV. In order to continue this strategy, the Board has
renewed this authority at the 2020 Annual General Meeting.
13. Subsequent events
The Group entered into a promissory sale and purchase agreement
for a residential unit at The Fountainside in November 2020 for a
consideration of HK$12,628,000 (US$1,629,000). The transaction is
due to be completed in late February 2021.
DIRECTORS AND COMPANY INFORMATION
Directors
Mark Huntley (Chairman)
Alan Clifton
Wilfred Woo
Audit and Risk Committee
Alan Clifton (Chairman)
Wilfred Woo
Mark Huntley
Management Engagement Committee
Mark Huntley (Chairman)
Alan Clifton
Wilfred Woo
Nomination and Remuneration Committee
Alan Clifton (Chairman)
Wilfred Woo
Mark Huntley
Disclosure and Communications Committee
Mark Huntley (Chairman)
Alan Clifton
Manager
Sniper Capital Limited
Vistra Corporate Services Centre
Wickhams Cay II
Road Town, Tortola
VG1110
British Virgin Islands
Investment Adviser
Sniper Capital (Macau) Limited
Rua Correia Da Silva No. 53
Soi Cheong Res-Do-Chao A, Taipa
Macau
Solicitors to the Group as to English Law
Norton Rose Fulbright LLP
3 More London Riverside
London SE1 2AQ
Advocates to the Group as to Guernsey Law
Carey Olsen
Carey House
Les Banques
St Peter Port
Guernsey GY1 4BZ
Corporate Broker
Liberum Capital Limited
Ropemaker Place, Level 12
25 Ropemaker Street
London EC2Y 9LY
Independent Auditors
(appointed on 3 December 2020)
Deloitte LLP
Regency Court
Glategny Esplanade
St Peter Port
Guernsey GY1 3HW
(resigned on 3 December 2020)
Ernst & Young LLP
PO Box 9
Royal Chambers
St Julian's Avenue
St Peter Port
Guernsey GY1 4AF
Property Valuers
Savills (Macau) Limited
Suite 1309-10
13/F Macau Landmark
555 Avenida da Amizade
Macau
Administrator & Company Secretary
Ocorian Administration(Guernsey)Limited
PO Box 286
Floor 2, Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 4LY
Macau and Hong Kong Administrator
Adept Capital Partners Services Limited
Unit B1, 25/F, MG Tower
133 Hoi Bun Road
Kwun Tong, Kowloon
Hong Kong
Registered Office
PO Box 286
Floor 2, Trafalgar Court
Les Banques
St Peter Port
Channel Islands, GY1 4LY
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BRGDDGBBDGBR
(END) Dow Jones Newswires
February 18, 2021 02:00 ET (07:00 GMT)
Macau Property Opportuni... (AQSE:MPO.GB)
Historical Stock Chart
From Oct 2024 to Nov 2024
Macau Property Opportuni... (AQSE:MPO.GB)
Historical Stock Chart
From Nov 2023 to Nov 2024
