 The Greater China Fund Reports Earnings & Holdings
Baring Asset Management
New York, NY, February 29, 2008 -- The Greater China Fund, Inc. (the "Fund") (GCH), a closed-end, non-diversified management investment company seeking long-term capital appreciation, today announced its investment results for the fourth quarter and fiscal year ended December 31, 2007.
|
At December 31, |
|
2007 |
2006 |
| Net Assets |
$486,482,857 |
$411,539,295 |
| Shares Outstanding |
16,828,042 |
16,795,188 |
| Net Asset Value ("NAV") |
$28.91 |
$24.50 |
| Market Price |
$24.81 |
$31.48 |
| Discount to NAV |
(14.18)% |
28.49% |
| |
|
Quarter Ended December 31, |
|
2007 |
2006 |
| Net Investment Income |
($418,773) |
($564,883) |
| Per Share |
($0.02) |
($0.03) |
| Net Realized and Unrealized Gain |
($69,887,253) |
$112,131,450 |
| Per Share |
($4.15) |
$6.68 |
| |
|
|
| Dividends Paid from Net Investment Income |
$0 |
($7,609,899) |
| Per Share |
$0.00 |
($0.45) |
| Distributions Paid from Net Realized Gains |
($190,156,878) |
($36,944,376) |
| Per Share |
($11.30) |
($2.20) |
| |
|
Fiscal Year Ended December 31, |
|
2007 |
2006 |
| Net Investment Income |
$53,984 |
$2,166,317 |
| Per Share |
$0.00 |
$0.13 |
| Net Realized and Unrealized Gain |
$295,035,936 |
$203,268,047 |
| Per Share |
$17.55 |
$12.09 |
| |
|
|
| Dividends Paid from Net Investment Income |
($466,137) |
($7,609,899) |
| Per Share |
($0.03) |
($0.45) |
| Distributions Paid from Net Realized Gains |
($220,662,753) |
($36,944,376) |
| Per Share |
($13.11) |
($2.20) |
| Allocation of Net Assets |
| Equities: |
|
 China |
76.8% |
| Hong Kong |
17.3% |
| Taiwan |
2.8% |
|
96.9% |
| Convertible Bond |
0.8% |
| Short-Term Investment |
40.4% |
| Investments of Cash Collateral from Securities Loaned |
7.7% |
|
145.8% |
| Liabilities, in excess of cash and other assets |
(45.8)% |
| Net Assets |
100.0% |
Top Ten Equity Holdings
Representing 33.3% of net assets
- Hong Kong Exchanges & Clearing Ltd.
- China Mobile (Hong Kong) Ltd.
- China Overseas Land & Investment Ltd.
- Industrial & Commercial Bank of China Ltd. "H"
- Guangzhou R&F Properties Co. Ltd. "H"
- China Shenhua Energy Co. Ltd. "H"
- Ports Design Ltd.
- Zijin Mining Group Co. Ltd. "H"
- China Merchants Bank Co. Ltd. "H"
- China Oilfield Services Ltd. "H"
The Fund's investment manager is Baring Asset Management (Asia) Limited.
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