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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Pacific Alliance China Land Limited    PACL   KYG6846Y1035

PACIFIC ALLIANCE CHINA LAND LIMITED

(PACL)
Delayed Quote. Delayed London Stock Exchange - 05/23 11:35:18 am
2.63 USD   --.--%
03:18aPACIFIC ALLIANCE CHINA LAND : Pacl nav
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05/16PACIFIC ALLIANCE CHINA LAND : PACL Annual Report 2018
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04/29PACIFIC ALLIANCE CHINA LAND : PACL Quarterly Update Q1 2019
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Pacific Alliance China Land : PACL Annual Report 2018

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05/16/2019 | 01:43pm EDT

Pacific Alliance

China Land Limited

(Incorporated in the Cayman Islands with limited liability)

Consolidated Financial Statements

For the year ended December 31, 2018

www.pagasia.com

Real Estate

PACL LTD

Contents

for the Year Ended December 31, 2018

Chairman's Statement

1

Investment Manager's Report

2 - 5

Independent Auditor's Report to the Shareholders of Pacific Alliance China Land Limited

6-9

Consolidated Statement of Assets and Liabilities

10

Consolidated Condensed Schedule of Investments

11

Consolidated Statement of Operations

12

Consolidated Statement of Changes in Net Assets

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Financial Statements

15 - 27

Pacific Alliance China Land Limited (Incorporated in the Cayman Islands with limited liability)

Real Estate

PACL LTD

Chairperson's Statement

As of December 31, 2018, the net asset value (NAV) of Pacific Alliance China Land Limited (the "Company" or "PACL") was US$7.21 million, or US$2.7192 per share, representing a 5.64% decrease from December 31, 2017. All of the Company's investments have been exited now so we will continue to focus our efforts on the timely repatriation of RMB and distribution of repatriation proceeds to shareholders. A final distribution is targeted by the end of the second quarter of 2019.

In line with market expectations, China's Gross Domestic Product (GDP) grew 6.6% year-on- year, slightly lower than 6.8% in 2017, indicating a moderate slowdown in China's economic growth. Robust growth in consumption and the services sector contributed positively to economic performance as tertiary industries grew by 7.6% in 2018. Although real estate development investment still increased by 9.5% year-on-year, the Chinese economy still faces challenges and downward pressure from excess industrial capacity, as well as rising trade tensions with its largest trading partner, the United States. While the macroeconomic situation is decidedly mixed, China's overall outlook remains stable and a positive resolution to the current China-U.S. trade disagreement is possible. The government is likely to continue its monetary policy support and fiscal expansion in order to maintain a moderate and sustainable level of growth.

Most tier-one and tier-two cities saw limited growth in terms of both price and transaction volumes as a result of the Chinese government's stricter property tightening measures. According to data from China's National Bureau of Statistics (NBS), prices of new homes increased in 59 of the 70 cities tracked by the NBS in December, compared with 63 in November. Average new home prices in first-tier,second-tier, and third- tier cities increased 1.3%, 0.7% and 0.7% month- on-month respectively. China's home sales volume, in terms of transacted building floor area, also increased 2.2% year-on-year during 2018. We expect the government to continue to follow a differentiated housing policy strategy for different tier cities, where policy is likely to be more loose in oversupplied areas and tighter in cities with less supply.

On behalf of the Board of Directors, I would like to thank you for your continued commitment and support.

Margaret Brooke

Chairperson

Pacific Alliance China Land Limited (Incorporated in the Cayman Islands with limited liability)

1

Real Estate

PACL LTD

Investment Manager's Report

On December 31, 2018, the Company's share price closed at US$2.58, representing a 9.2% increase from December 31, 2017 and a 5.1% discount to the NAV per share. The Company's NAV and share price have both outperformed

major benchmark indices including the FTSE 350 Real Estate Index (F3REAES) and the FTSE AIM All-Share Index (AXX) on a consistent basis since inception.

350PACL NAV per Share

300

PACL Share Price F3REAES Index

250AXX Index (LHS)

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Pacific Alliance China Land Limited (Incorporated in the Cayman Islands with limited liability)

2

Real Estate

PACL LTD

Investment Manager's Report

(continued)

December 31,

December 31,

2018

2017

US$

US$

Realized gains/(losses) and other income

Net realized losses (net with tax expense)

(5,870,465)

(1,284,378)

Deposit interest

1,916,825

1,960,007

(3,953,640)

675,629

Change in unrealized gains/(losses)

Derivatives

3,187,209

(5,419,594)

Other real estate investments

-

(1,513,834)

Share of losses/(gains) receivable/(payable to) from PACL II

(209,795)

295,415

Foreign exchange

(2,247,293)

11,690,979

730,121

5,052,966

(3,223,519)

5,728,595

Pacific Alliance China Land Limited (Incorporated in the Cayman Islands with limited liability)

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Pacific Alliance China Land Ltd. published this content on 16 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2019 17:42:06 UTC

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Managers
NameTitle
Margaret Eileen Brooke Chairman
Horst Joachim Franz Geicke Non-Executive Director
Ming-Fun Cheng Independent Non-Executive Director
Ming Zhi Mei Independent Non-Executive Director
Jon-Paul Toppino Non-Executive Director