Macau Property Opportunities Fund Ltd - Macau, China-focused investor - Adjusted net asset value at March 31 is $1.52 per share, down 5.4% from $1.61 per share at December 31, as the end of pandemic-era travel restrictions in China failed to give an immediate boost to property prices. Notes a decline in average rents across its residential property market in the first quarter of 2023, with average rent per square feet of usable area of $1.50, down 2% from the previous quarter and 7% on a year before.

Looking ahead, Macau Property says economic outlook for the second half of 2023 is positive and expects continued recovery. Says it is ‘cautiously optimistic’ its property sales programme can be advanced, noting it sold nine more units at its Waterside property.

‘Macau’s economic engines roared back into life in H1 2023,’ the company says. ‘The property sector, however, has so far lagged the overall economy at this relatively early stage of the recovery and challenges including high interest rates and a slow return of confidence have persisted.’

Current stock price: 55.60 pence, down 1.6% on Friday

12-month change: up 48%

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