Pacific Alliance China Land says its net asset value rose by 5.6% over the course of 2014. The share price rose by 6.5% to finish the year at a 30% discount. $30m worth of shares were bought back and cancelled during 2014.
Major portfolio movements included the IPO of Dalian Wanda Commercial Properties which drove a 28% increase in the value of that investment; the sale of a 4.6% stake in Forterra Trust at a $5.7m premium to their last valuation; repayment of a bridge loan they had made to Times Property Holdings, realising a $13.9m profit – 1.7x the value of their investment.
PACL : Pacific Alliance China Land makes good progress on disposals