Review: Property market beginning to improve
Vietnam’s property market is now showing signs of emerging from several years of weakness, as the economy stabilises and the availability of credit from the banking system increases. VinaLand (VNL) adopted a three-year realisation and distribution policy in 2012 that has been held back by market conditions, but the company believes there is scope to get back on track. VNL is set to hold an EGM by November 2015, and we would expect the company to consult shareholders on a new investment strategy prior to this. In the meantime, the near 40% discount to NAV provides a substantial valuation cushion.Vinaland is a closed-end investment company. Co.'s primary investment objective is to achieve medium to long-term capital appreciation and to provide income, dividends and other distributions through investment in liasted and unlisted companies, debt, private equity, real estate and other invesment opportunities in Vietnam and surrounding Asian countries: Cambodia, Laos and Southern China. As of June 30 2016, Co. had total assets of US$654,515,000 and Co.'s total investment properties was US$389,700,000.
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