Pacific Alliance China Land Ltd, managed by PAG Real Estate sold 4.2% stake in a large parcel of land in Shanghai for approximately CNY 110 million.

Pacific Alliance China Land Ltd (AIM:PACL), managed by PAG Real Estate sold 4.2% stake in a large parcel of land in Shanghai for approximately CNY 110 million, effective September 17, 2015. Pacific Alliance China Land Ltd completed the listing and auction process with the Shanghai United Asset and Equity Exchange to sell the stake in the land. The net proceed from the sale of land will be distributed to shareholders through a mandatory share repurchase, or another method to be determined by the Board.

The sale is expected to close by the end of September 2015.