Pacific Alliance China Land Limited Project Winpoint Exit (0701K)

TIDMPACL

RNS Number : 0701K

Pacific Alliance China Land Limited

24 July 2013

Pacific Alliance China Land Limited

Project Winpoint Exit

Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL), is pleased to announce that it has completed the sale of its fifteen percent (15%) equity interest in a Jiangyin residential development project of Shanghai Aijia Investment Group (Project Winpoint). PACL has received net cash proceeds of RMB184M (equivalent to US$29.9M) after tax, representing an IRR of 9.8 percent (9.8%) (or a 1.31x cash multiple) and a premium of RMB25.5M (equivalent to US$4.2M) over PACL's most recent valuation, on a net after tax basis.

The proceeds will be utilized in accordance with the Company's policy announced in February 2011. Specifics of the distribution including the amount and timing will be announced as soon as the Investment Manager has confirmed the availability of US$ from either currently held US$ or upon repatriation of the RMB proceeds.

Patrick Boot, Managing Partner of Pacific Alliance Real Estate Limited, the Company's investment manager, commented "In light of the increasingly restrictive government policies imposed on China's residential sector over the past three years, PACL's exit from this investment at a value accretive to its NAV demonstrates our ability to structure investments with downside protection to overcome difficult market conditions."

For further information please contact:

 
 MANAGER:                                LEGAL COUNSEL: 
  Patrick Boot, Managing Partner          Jon Lewis, Group General Counsel 
  Pacific Alliance Real Estate Limited    PAG 
  T: (852) 2918 0088                      T: (852) 2918 0088 
  pboot@pagasia.com                       jlewis@pagasia.com 
 BROKER:                                 NOMINATED ADVISER: 
  Hiroshi Funaki                          Philip Secrett 
  LCF Edmond de Rothschild Securities     Grant Thornton UK LLP 
  Tel: (44) 20 7845 5960                  Tel: (44) 20 7383 5100 
  funds@lcfr.co.uk                        Philip.J.Secrett@uk.gt.com 
 MEDIA RELATIONS: 
  Stephanie Barry 
  PAG 
  T: (852) 3719 3375 
  sbarry@pagasia.com

Notes to Editors:

About Pacific Alliance China Land Limited

Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company with net assets of US$303.96 million as at 30 June 2013. PACL was admitted to trading on the AIM Market of the London Stock Exchange in November 2007. PACL is focused on investing in a portfolio of existing properties, new developments, distressed projects and real estate companies in Greater China.

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

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

PAG has a presence across Asia with over 320 staff working in the region.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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