Pacific Alliance China Land Limited admitted to trading on AIM and to
listing on the Channel Islands Stock Exchange
22 November 2007 - Pacific Alliance China Land Limited (the
"Company"), a $400 million, closed-ended fund established to invest
in property assets in Greater China, is pleased to announce that it
has today been admitted to trading on the AIM market of the London
Stock Exchange plc ("AIM") under the symbol "PACL", and to listing on
the Channel Islands Stock Exchange.
The Company has appointed Pacific Alliance Real Estate Limited as its
investment manager (the "Investment Manager"). The Investment Manager
has recruited a team of experienced property professionals led by
Patrick Boot, who previously oversaw the start up of ProLogis' China
business. ProLogis was voted Chinese real estate developer of the
year in 2006 by Euromoney. The Investment Manager is part of the
Pacific Alliance Group of companies which also includes the
investment managers of Pacific Alliance Opportunity Fund Limited, ARC
Capital Holdings Limited, Vietnam Opportunity Fund Limited, VinaLand
Limited and Vietnam Infrastructure Limited, all of which are traded
on AIM.
The Company will seek to provide shareholders with capital growth and
a regular level of income, from a diversified portfolio of property
in Greater China which would be split among (i) strategic pre-IPO
investments in mid-size regional developers; (ii) co-investments in
attractive new development projects which the Investment Manager
selects from its strategic partners; and (iii) direct property
acquisitions at distressed situation prices from developers who need
to raise funds for additional land acquisition or to make full
payment on existing land acquisition contracts.
The investment opportunity is driven by the current tight credit
conditions resulting in serious funding constraints or distress for
many developers, who then require co-investment or are forced to sell
properties. Strong income growth is driving end-user demand and
affordability resulting in favourable market conditions for lease or
sale.
Horst Geicke, Chairman of the board of directors of the Company,
commented:
"The Pacific Alliance Group is pleased to launch its latest fund,
Pacific Alliance China Land Limited. We are confident that the
experienced investment team will leverage off its established
industry relationships to deliver investment opportunities and unlock
value in the exciting real estate sector in Greater China."
The Company raised US$400 million in gross proceeds through a placing
of 400 million ordinary shares at US$1.00 per share. Grant Thornton
Corporate Finance is the Company's nominated adviser and LCF Edmond
de Rothschild Securities Limited is the Company's broker. LCF Edmond
de Rothschild (C.I.) Limited is the Sponsor for the listing on the
Channel Islands Stock Exchange.
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Enquiries:
Pacific Alliance China Land Limited
Jon Lewis Tel: + 852 2918 0088
Grant Thornton Corporate Finance (Nominated
Adviser)
Philip Secrett Tel: +44 020 7383 5100
LCF Edmond de Rothschild Securities Limited
(Broker/Market Maker)
Claire Heathfield/Hiroshi Funaki Tel: +44 020 7845 5960
Media Relations
Sophie Hoggarth (Pacific Alliance) Tel: + 86 15921772521
Simon Moyse/ Brian Cattell (Finsbury) Tel: + 44 20 72513801
Notes to Editors:
About Pacific Alliance Group
The Pacific Alliance Group includes Pacific Alliance Investment
Management Limited, the investment manager of Pacific Alliance Asia
Opportunity Fund Limited ("PAX"), ARC Capital Partners Limited, the
investment manager for ARC Capital Holdings Limited ("ARCH") and
VinaCapital Investment Management Ltd, which manages Vietnam
Opportunity Fund Limited ("VOF"), VinaLand Limited ("VNL") and
Vietnam Infrastructure Limited ("VNI"). Each of PAX, ARCH, VOF, VNL
and VNI is traded on the AIM market of the London Stock Exchange plc.
The Pacific Alliance Group also includes Pacific Alliance Asia
Opportunity Fund L.P. and DFJ VinaCapital L.P. both of which are
unlisted limited partnership investment vehicles. As at 1 November
2007, the Pacific Alliance Group collectively had over $3.5 billion
in assets under management and employs over 180 professionals in
offices in Hong Kong, Shanghai, Beijing, Hangzhou, Ho Chi Minh City
and Hanoi.
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