Pacific Alliance China Land Limited says it has completed the listing and auction process with the Shanghai United Asset and Equity Exchange to sell its minority stake in a large parcel of land in Shanghai which is near to the future Disneyland location. The sale is expected to close by the end of September 2015, at which time PACL will receive gross cash proceeds of RMB105m (equivalent to $16.4m), representing a 2.3x net cash multiple on the initial investment.
The realisation proceeds of the Shanghai Land exit will be repatriated and distributed to shareholders through a future mandatory share repurchase, or another method to be determined by the Board, after the realisation of Project Malls’ remaining non-core strategic asset, a minority stake in Wal-mart China’s retail business, which is expected to occur during the first half of 2016.
PACL : Pacific Alliance China Land sells Shanghai plot