On the property side, we have a meaningful position in Hopewell Holdings (HKSE:00054, Financial), a Hong Kong-listed property and infrastructure conglomerate in which First Eagle has been invested for many years. The stock trades at what we believe is an attractive discount to its net asset value. In addition to a controlling interest in a listed toll road that connects Hong Kong to Guangzhou in the Pearl River Delta, Hopewell owns proper-ties in Hong Kong that have experienced very significant rental growth in recent years. It is also undertaking a redevelopment program of its real estate in Wan Chai (on Hong Kong Island) that we think has the potential to create substantial value.
From First Eagle Investors' Income Opportunities in Asia PM's Perspective.
