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Pacific Alliance China Land fund listed on Aim and Channel Islands Stock Exchange


Pacific Alliance China Land, a USD400m closed-ended fund established to invest in property assets in greater China, has been admitted to trading on the Alternative Investment Market of the

Pacific Alliance China Land, a USD400m closed-ended fund established to invest in property assets in greater China, has been admitted to trading on the Alternative Investment Market of the London Stock Exchange and to a listing on the Channel Islands Stock Exchange.

The fund received strong investor demand and substantially exceeded the initial fund raising target. Pacific Alliance China Land will seek to provide shareholders with capital growth and regular income from a diversified portfolio of property in greater China, focusing on acquiring incomplete and completed buildings, co-investing with developers and taking pre-IPO stakes in emerging developers.

The fund will invest in China’s residential, commercial and industrial sectors with a primary focus on second- and third-tier cities such as Hangzhou, Suzhou and Chengdu. The country’s commercial real estate stock is expected to grow by more than 300 per cent between 2006 and 2011.

Urbanisation and income growth are currently driving growth in residential real estate in China where, between 2000 and 2005, the average annual wage increased by 14.4 per cent and investment in residential buildings increased by 15.2 per cent.

Investment opportunities are being driven by current tight credit conditions that are leading to funding constraints for many developers, who then require co-investment or are forced to sell their properties. Strong income growth is driving end-user demand and affordability, resulting in favourable market conditions for those in a position to lease or sell.

Pacific Alliance China Land already has a strong investment pipeline in place including residential, commercial and retail real estate projects in cities including Shanghai, Xian, Dalian and Macau.

‘We are confident that the experienced investment team will help deliver investment opportunities and unlock value in the exciting real estate sector in greater China,’ says Horst Geicke, chairman of Pacific Alliance China Land.

The investment team is led by Pat Boot, who previously oversaw the start-up of ProLogis’s China business, where he was responsible for creating a portfolio comprising nearly one million square metres of completed property.

Pacific Alliance China Land raised USD400m in gross proceeds through a placing of 400 million ordinary shares at USD1 per share. Grant Thornton Corporate Finance is the company’s nominated adviser and LCF Edmond de Rothschild Securities is its broker as well as sponsor to the listing on the Channel Islands Stock Exchange.

The Pacific Alliance Group includes Pacific Alliance Investment Management, investment manager of Pacific Alliance Asia Opportunity Fund and ARC Capital Partners, manager for ARC Capital, and VinaCapital Investment Management, manager of the Vietnam Opportunity Fund, VinaLand and Vietnam Infrastructure funds, all of which are traded on Aim. The group has more than USD3.5bn in assets under management and employs more than 180 professionals in offices in Hong Kong, Shanghai, Beijing, Hangzhou, Ho Chi Minh City and Hanoi.

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