Pacific Alliance China Land Ltd
Pacific Alliance China Land Ltd makes and hold investments in undervalued companies and assets mainly in Greater China and other countries.
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PACL buys $US22.4m stake in Wanda Commercial Property
Closed-end investment company Pacific Alliance China Land Ltd said it has it has invested US$22.4 million through a domestic Chinese subsidiary in a minority stake in Wanda Commercial Property, an unlisted property developer in China.
"This investment fits our current strategy to deploy capital in new opportunities in the residential, retail and industrial sectors following PACL's restructuring earlier this year. We were able to enter the deal at a relatively low valuation due to unclear market sentiment. It is our intention to exit this investment in the next two to three years as the Chinese property market begins to recover," PACL said in a statement.
Wanda Commercial Property is one of the largest developers of integrated mixed-use developments in China. It owns a land bank of over 21 million square meters in various markets across the country. It generated a net profit of approximately Renminbi880 million in 2008 and expects this to grow in 2009.
PACL focuses on investing in a portfolio of investments in existing properties, new developments, distressed projects and real estate companies in Greater China.
