SOURCE: The Greater China Fund

May 20, 2008 12:37 ET

The Greater China Fund, Inc. Reports Earnings and Holdings

NEW YORK, NY--(Marketwire - May 20, 2008) - The Greater China Fund, Inc. (the "Fund") (NYSE: GCH), a closed-end, non-diversified management investment company seeking long-term capital appreciation, today announced its investment results for the first quarter ended March 31, 2008.

                                                At March 31,
                                                ------------
                                           2008               2007
                                      -------------       ------------
   Net Assets                          $362,925,235       $441,379,242
   Shares Outstanding                    16,828,042         16,828,042
   Net Asset Value ("NAV")                   $21.57             $26.23
   Market Price                              $18.26             $22.92
   Discount to NAV                           (15.35)%           (12.62)%


                                           Quarter Ended March 31,
                                           -----------------------
                                           2008               2007
                                      -------------       ------------
   Net Investment Loss                    ($798,796)       ($1,204,298)
   Per Share                                 ($0.05)            ($0.07)
   Net Realized and Unrealized
    Gain/Loss                         ($122,791,162)       $30,435,531
   Per Share                                 ($7.30)             $1.81


       Allocation of Net Assets             Top Ten Equity Holdings
       ------------------------             -----------------------
Equities:                                Representing 32.5% of net assets
  China                       60.5%    - China Mobile (Hong Kong) Ltd.
  Hong Kong                   23.7%    - Industrial & Commercial Bank of
  Taiwan                      11.2%       China Ltd. "H"
                             ------    - China Overseas Land & Investment
                              95.4%       Ltd.
Convertible Bond               1.1%    - Ports Design Ltd.
Short-Term Investment          2.5%    - China Shenhua Energy Co.
Investments of Cash Collateral            Ltd. "H"
 from Securities Loaned        5.0%    - MTR Corp. Ltd.
                             ------    - China Communications Construction
                             104.0%       Co. Ltd. "H"
Liabilities, in excess of              - CNOOC Ltd.
 cash and other assets       (4.0)%    - China Construction Bank "H"
                             ------    - BOC Hong Kong Holdings Ltd.
Net Assets                   100.0%
                             ======

The Fund's investment manager is Baring Asset Management (Asia) Limited.

Contact Information

  • Contact:
    Lana Lomuti
    Prudential Investments LLC
    (973) 367-7481