Investment in residential property development
July 17 2008 - 2:01AM
UK Regulatory
Investment in residential property development
17 July 2008
Pacific
Alliance China Land Limited
USD 21 million investment in a residential property development in
Huzhou, China
Pacific Alliance China Land Limited ("PACL" or the "Company"), the
private equity fund focused on investing in a portfolio of
investments in existing properties, new developments, distressed
projects and pre-IPO and IPO real estate companies in Greater China,
announces that it has invested USD 21 million in a residential
property development (the "Project") in Huzhou.
PACL regards the low entry value of its investment in the Project as
highly attractive, with the land cost at an approximate 20% discount
to its latest valuation. In addition, Huzhou is a fast growing
third-tier city with a population of 2.57 million located in the
Yangtze River Delta with a per capita GDP that is higher than larger
second-tier cities such as Chengdu, Kunming, Chongqing, Wuhan and
Changsha.
The Project is a joint venture with Shanghai Jingrui Properties
(Group) Co. Ltd., a mid-sized PRC developer (the "Developer"), that
is minority-owned by Equity International of Chicago. This is PACL's
second partnership utilising its co-development strategy and
demonstrates PACL's geographic strategy to invest in second and third
tier cities, which have strong end-user demand and greater potential
for future price appreciation.
Commenting on the Company's investment, Patrick Boot, Managing
Director, Pacific Alliance Real Estate, the Company's Investment
Manager, said: "This investment is a testament to our ability to
source opportunities at a low entry valuation in fast growing cities
where we can unlock potential in China's dynamic real estate sector."
For more information please contact:
+-------------------------------------------------------------------+
| MANAGER: | LEGAL COUNSEL: |
| Chris Gradel, Managing Partner | Jon Lewis, General Counsel |
| Pacific Alliance Group | Pacific Alliance Group |
| 16/F St. John's Building | 16/F St. John's Building |
| 33 Garden Road | 33 Garden Road |
| Central, Hong Kong | Central, Hong Kong |
| Tel: +852 29180088 | Tel: +852 29180088 |
| Fax: +852 29180881 | Fax: +852 29180881 |
| cgradel@pacific-alliance.com | jlewis@pacific-alliance.com |
| | |
|---------------------------------+---------------------------------|
| BROKER: | NOMINATED ADVISER: |
| Hiroshi Funaki | Philip Secrett |
| LCF Edmond de Rothschild | Grant Thornton UK LLP |
| Securities | Tel: +44 20 7383 5100 |
| Tel: +44 20 7845 5960 | Philip.J.Secrett@gtuk.com |
| Fax: +44 20 7845 5961 | |
| funds@lcfr.co.uk | |
| | |
|---------------------------------+---------------------------------|
| MEDIA RELATIONS: | CISX SPONSOR |
| | |
| Pacific Alliance Group | LCF Edmond de Rothschild (C.I.) |
| Sophie Hoggarth | Limited |
| Pacific Alliance Group | John Falla |
| Tel: +86 21 61135818 | Tel: +44 1481 735579 |
| shoggarth@pacific-alliance.com | johnf@lcfci.com |
| | |
| Financial Dynamics, London | |
| Christine Wood/David Cranmer | |
| Tel: +44 207 269 7100 | |
| | |
| Financial Dynamics, Asia | |
| Alastair Hetherington/Winnie Lo | |
| Tel: +852 3716 9800 | |
| | |
+-------------------------------------------------------------------+
Notes to Editors:
About Pacific Alliance China Land Limited
Pacific Alliance China Land Limited (AIM:PACL) is a private equity
fund focused on investing in a portfolio of investments in existing
properties, new developments, distressed projects and pre-IPO and IPO
real estate companies in Greater China. The Company was admitted to
trading on the AIM Market of the London Stock Exchange and to listing
on the Channel Islands Stock Exchange in November 2007.
For more information, see www.pacl-fund.com
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