Net Asset Value (6883V)
January 17 2012 - 5:31AM
UK Regulatory
TIDMPACL
RNS Number : 6883V
Pacific Alliance China Land Limited
17 January 2012
Pacific Alliance China Land Limited
Pacific Alliance China Land Limited (AIM: PACL) announces that
as of 31(st) December 2011, the total net assets value (NAV) was
USD 294.8 million or USD 2.1073 per share which represented a 21
per cent increase on the year end 2010, and a 6.7 per cent increase
on the previous quarter in 2011. The majority of this increase was
predominantly attributable to two Projects as detailed below.
1) Project Malls - after the sale of the shopping center
platform in August 2011 PACL continues to own an effective 30%
share of Szitic Commercial Property Management which holds a 14%
equity interest in the Shanghai Villa Land (located nearby the
Shanghai Disneyland theme park project) and a 10% equity interest
in the Wal-mart China JV.
Since construction commenced in Q2 2011 at the nearby Disneyland
theme park project in the Pudong New Area in Shanghai, there have
been marked improvements in the infrastructure and overall
attractiveness of the area surrounding the Shanghai Villa Land. The
Shanghai Villa Land increased 58% from RMB 5,728,000,000 at Q2 to
RMB 9,040,000,000 at Q4 2011 primarily attributable to actual
market transactions of comparable land in the surrounding area as
indicated by Colliers in its appraisal.
2) Project Diplomat - The current occupancy rate of the property
is 95.3% and this, together with improved rental rates over 2010
has led to a 12% increase in the property's Net Operating Income
(NOI) for 2011. The improved NOI, combined with a slightly lower
cap rate due to the strong market for high quality serviced
apartment buildings in Beijing as indicated by Savills in its
appraisal, has resulted in a 13.7% increase in the property's value
from RMB 1,500,000,000 at Q3 2011 to RMB 1,697,000,000 at Q4
2011.
17(th) January 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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