London-listed Macau Property Opportunities has produced what its chairman called a “record set of results” after delivering a 40 per cent total return for the year.
The trust, which counts Lazard, Invesco Asset Management, Rathbones and Apollo Multi Asset Management among its largest shareholders, saw the value of its portfolio of assets rise 37.7 per cent year on year, and returns rose to 40 per cent once dividend distributions were included.
The trust board, chaired by David Hinde, said in full-year results to June 30 that it had also been buying back shares to return cash to investors.
It bought back more than 8.5m shares, totalling £17.3m, which prompted the discount to “narrow substantially” from 40 per cent to 11 per cent.
Mr Hinde said it was “another very active year” for the trust, given a “record set of results” in the eighth year of operation.
The chairman said the trust was also included in the FTSE All-Share and FTSE SmallCap indices for the first time.
The trust focuses on luxury residential properties and prime retail, and Mr Hinde said Macau’s “accelerating transformation into a premier gaming and leisure destination, with the accompanying rise in GDP per capita and visitor numbers, should bring many more benefits to these sectors.”
