31 October 2025
Macau Property Opportunities Fund Limited
("MPO" or "the Company")
MPO Announces 2025 Annual Results
Macau Property Opportunities Fund Limited announces its results for the year ended 30 June 2025. The Company, which is managed by Sniper Capital Limited, holds strategic property investments in Macau.
FINANCIAL HIGHLIGHTS
Fund performance
· On a combined basis, from July 2024 to October 2025, a total of 18 assets at The Waterside and The Fountainside were divested generating US$36.2 million (HK$282.6million) of sales proceeds.
· Debt levels significantly reduced by US$22.8 million during the financial year falling from US$82.8 million to US$60.0 million. Since the financial year-end, a further reduction of US$13.5 million has been achieved as of 30 October 2025.
· MPO's portfolio value1 declined 16% over the year to US$101.5 million.
· Adjusted NAV was US$ 37.6 million, which translates to US$0.61 (44 pence2) per share, a 43.1% decrease year-on-year (YoY).
· IFRS NAV was US$31.5 million or US$0.51 (37 pence2) per share, a 32.2% decrease YoY.
Capital management
· As at 30 June 2025, the total assets on the Company's balance sheet (two of which were carried at cost) were valued at US$96.9 million, while its aggregate liabilities were US$65.5 million.
· The consolidated cash balance was c.US$1.53 million, of which US$1.41 million was pledged as collateral for credit facilities.
· Gross borrowings stood at US$60 million, equating to a loan-to-value ratio of 58.3%, an increase of 5.8% over the period.
· Lower valuations have impacted the Company's Adjusted Net Asset Value and also the loan-to-value ratios.
· The Group renegotiated several banking facilities during and after the financial year, involving extensions and partial settlements to align divestment plans, operational needs, and sales targets.
· Recognising the late stage of life of the Company, the pace of progress achieved in respect of the Group's divestment programme and the expected timeframe over which the remaining assets are expected to be realised, the financial statements have been prepared on a basis other than that of a going concern.
· The Company intends to proceed with a modest equity capital raise which will supplement sales to ensure that debt repayments are met as well as meeting short-term working capital obligations. Should this be successful it is deemed to deliver a better outcome for investors.
· Should the capital raise be unsuccessful the options for the Company will be adverse in terms of the overall outcome. The possibility will exist that a bank loan default could be possible if assets were unable to be sold. It is projected that the Company may remain viable subject to the continuing divestment of assets but it will undoubtedly be significantly impacted.
1 Calculation was adjusted to reflect like-for-like comparisons to 30 June 2025 due to the divestment of properties during the period.
2 Based on the US Dollar/Sterling exchange rate of 1.372 on 30 June 2025.
PORTFOLIO HIGHLIGHTS
· The Waterside
- The Manager continued to advance the strata sales programme at The Waterside. The successful divestment of nine units during the financial year, followed by five more after year-end, brings the cumulative total to 41 units, realising a combined HK$834.5 million (US$106.7 million).
- Regarding the post-year-end sales, four of the five units have been completed as of 30 October 2025, with completion of the remaining unit expected prior to the end of 2025. The property's 18 remaining available units are primarily located on higher floors.
- The current leasing programme has largely been terminated to prioritise sales, with only selective short-term leases now considered. As of the end of the period, approximately 37% of The Waterside's remaining apartments were occupied.
· The Fountainside
- Three of the four villas at The Fountainside were divested during the financial year for a total consideration of HK$41.4 million (US$5.3 million), with two transactions completed during the period-and one transaction completed post year-end. The fourth villa was also sold following year end, subject to completion in January 2026.
- The sales campaign for the three smaller units has continued to be hampered by bureaucratic challenges which the Manager is working towards resolving.
· Penha Heights
- The Company continues to actively seek a divestment of this flagship asset. The Manager has engaged a firm of specialist Hong Kong real estate agents to boost the marketing effort across the region, including within mainland China.
- In October, the Company secured a loan extension with Penha Heights lender BCM Bank to extend the loan to end of January 2026.
Mark Huntley, Chairman of Macau Property Opportunities Fund, said:
"Our property divestment programme continued during the period with nine units sold at The Waterside and a further five units sold or contracted to be sold post year end. Three villas at The Fountainside were also sold during the period with one transaction completed post year-end. The final remaining villa was contracted to be sold post year end, leaving only three small flats to be sold at The Fountainside.
"Struggling regional economies in Macau and on a broader basis in mainland China and Hong Kong, have created caution and a wait-and-see approach amongst prospective purchasers. Over recent months, the Manager has reported seeing increased interest and a slight hardening of pricing for the remaining 18 units in the Waterside. A sale of Penha Heights is also a key focus following the recent extension of the BCM loan.
"Despite the welcome reduction in debt, lower valuations have impacted our Adjusted Net Asset Value and also the Loan to Value ratios. As valuations have declined, lenders positions have noticeable hardened and the Company is having to very strictly and carefully manage its working capital to meet obligations both to its lending partners and also its service providers.
"The Company intends to proceed with a modest capital raise. If successful this will supplement divestments to ensure that debt repayments are met. Such measures are moderately dilutive to shareholders but deemed necessary to provide confidence that the Company can meet its near term obligations. It is deemed to deliver a better outcome for shareholders. Should the capital raise be unsuccessful, however, the options for the Company will be adverse in terms of the overall outcome.
"We continue to believe that a carefully managed divestment process is in the best interest of all shareholders "
Please access the MPO 2025 Annual Results in the below link:
For more information, please visit www.mpofund.com for the Company's full Interim Report 2025.
The Manager will be available to speak to analysts and the media. If you would like to arrange a call, please contact Sniper Capital Limited at info@snipercapital.com.
The Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
About Macau Property Opportunities Fund
Listed on the Main Market of the London Stock Exchange, Macau Property Opportunities Fund Limited is a closed-end investment company registered in Guernsey and is the only quoted property fund dedicated to investing in Macau, the world's leading gaming market and the only city in China where gaming is legalised.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau. Its current portfolio comprises prime residential property assets.
The Company is managed by Sniper Capital Limited, an Asia-based property investment manager with an established track record in fund management and investment advisory.
Stock Code
London Stock Exchange: MPO
LEI
213800NOAO11OWIMLR72
For further information, please contact:
Manager
Sniper Capital Limited
Group Communications
Tel: +853 2870 5151
Email: info@snipercapital.com
Corporate Broker
Panmure Liberum Limited
Darren Vickers
Tel: +44 20 3100 2000
Company Secretary & Administrator
Ocorian Administration (Guernsey) Limited
Kevin Smith
Tel: +44 14 8174 2742
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